November 22, 2024 20:25 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma | Baba Siddique murder case: Arrested Akashdeep Gill used a labourer's hotspot to evade tracking, say police | Donald Trump picks 'smart and tough' Pam Bondi as new US Attorney General after Matt Gaetz withdraws | Canadian government denies media report that claims PM Modi knew of Khalistani leader Nijjar's killing | PM Modi bestowed Dominica's highest award at India-CARICOM Summit
Pakistani rupee tumbles to record low amid widespread unrest after Imran Khan's arrest
Pakistani Rupee
Image: Wikimedia Commons

Pakistani rupee tumbles to record low amid widespread unrest after Imran Khan's arrest

| @indiablooms | 11 May 2023, 06:42 pm

Amid widespread unrest in Pakistan following former prime minister Imran Khan’s arrest on Tuesday, its currency tumbled to a new record low as the country’s army stepped in to quell violent protests, Bloomberg reported.

The rupee slipped 3.3% to an unprecedented low of 300 a dollar on Thursday, according to the foreign-exchange desk at Arif Habib Ltd, according to the report.

On Thursday, the dollar bonds maturing in 2031 experienced a rise in value, rebounding from their lowest level since November. They were indicated at 33.44 cents on the dollar.

Following a court order on Wednesday, Pakistan's government has sought assistance from the military to quell the ongoing violent protests. The order placed the 70-year-old politician in the custody of the anti-corruption agency for a duration of eight days.

The development comes at a time when the Pakistani government is trying to pursue the International Monetary Fund to restart its $6.5 billion bailout program amid a tough financial crisis.

"Pressure had built up after a few months of stability," Saleem Amjad, chief executive officer at Link International Exchange Co. in Lahore was quoted as saying by Bloomberg. "Sentiment turned sour given the political turmoil, the prospect of another delay in the IMF loan and a drop in remittances."

Pakistan’s Supreme Court will hear Imran Khan's appeal against his arrest later Thursday.

So far, at least seven people lost their lives in the protest violence and dozens more injured.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.