The Canadian Dollar is trading against the Pakistani Rupee at an exchange rate of 120.46 today, down -1.54 (-1.27%). The open rate is set at 120.76 with a daily high of 120.93 and a low of 120.76. The previous close was 122.00.
CAN/PKR 52-week range be settled between 109.26 and 127.73 with a YTD return of 1.07%. The pair has changed 1.50% within a year, pair can expect a declining pattern moving into the end of November.
Compared to last month CAD/PKR fell -4.19% and three months prior dropped -1.63%. Mid-October the exchange rate was sitting at 124.00 but since then has fluctuated in favor of PKR due to the impact the American economy had on the Canadian dollar.
Canada’s interest rate at the end of October was 0.25% and the inflation rate at the end of September was 0.5%. While Pakistan’s interest rate at the end of September was 7% and the inflation rate at the end of October was 8.91%.
CAD/PKR is forecasted to have a long-term increase within the next five years, traders can expect their revenue to go up 61.93%; by 2025 a $100 investment could grow to $161.93.
The Canadian market has been suffering based on plummeting oil prices and as the Bank of Canada continues to cut interest rates and analysts don’t see CAD having a strong performance moving into next week.
By 2021 there are hopes that the market will tip in the favor of CAD as the market rebounds based on the COVID-19 vaccine release.
By Surina Nath