USD/PKR refers to the US Dollar/ Pakistani rupee currency pair. PKR is the national currency of Pakistan....
In 1947, when Pakistan gained independence from Britain and separated from India, the PKR was introduced. To begin with, it was pegged to the British pound, though in 1982 it transitioned to a managed float policy, enabling the central bank of Pakistan to intervene to keep the price within set parameters. Ever since the 2008 financial crisis, the Pakistani rupee has depreciated against the US dollar. This has been worsened by Pakistan’s sizable current account deficit, crumbling energy infrastructure and its low foreign exchange reserves. Moreover, it has no strong correlations with other currency or commodity markets. Due to the fragility of the Pakistani economy, USD/PKR is an exotic currency pair that is not used for many global transactions and has a low trading volume. However, the PKR has been upgraded to emerging market currency status, due to its growing working population and strengthening economic ties with China. This has borne fruit with CPEC, the China-Pakistan Economic Corridor of oil and gas pipelines, rail, and road infrastructure as well as with the One Belt One Road initiative, focused on economic development and connectivity across Asia, Africa, and Europe.
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Like a steady heartbeat the USD/PKR traverses a known technical range which delivers a rather consistent range for speculators.
It’s obvious that the market has nowhere to be.
The price range of the USD/PKR exchange rate remains a bit like a rubber-band.
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The USD/PKR remains unimpressed by dynamics in the global Forex market.
This is a trade or a market I should say that is very difficult to trade. This is because it is heavily influenced by the Pakistani central bank.
In my analysis of the US dollar against the Pakistani rupee, you can see that the central bank of Pakistan has kept a tight lid on this pair.
Intriguingly the currency pair has touched a high around 278.7755 mark earlier today, which is a value that had last been seen since the 12th of July.
While the highs and lows technically of the USD/PKR can certainly deliver trading perspectives, the interpretations of the currency pair’s gyrations can also be debated.
The rate is certainly within the middle ground of its known path over the past month.
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This price level is within the middle of the one and three month value realm for the USD/PKR.
Traders of the USD/PKR need to understand the costs of speculating on a brokers platform is going to have a lot of effect on the potential of the wager being profitable or not.
As of this writing the USD/PKR is near the 278.3250 mark which is slightly above its middle ground technically taking into consideration the past handful of days.
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Tuesday’s trading in the USD/PKR produced a low around the 277.9000 ratio briefly.
The USD/PKR has traded lower in the past week and is maintaining value within the midst of a range band that is testing mid-term depths.