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Business News/ Markets / Pakistan rupee slumps 3.3% to all-time record low of 300 per dollar amid Imran Khan arrest

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Pakistan rupee slumps 3.3% to all-time record low of 300 per dollar amid Imran Khan arrest

1 min read 11 May 2023, 06:38 PM IST Join us

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According to the foreign-exchange desk at Arif Habib Ltd, dollar bonds due 2031 rose from the lowest since November and were indicated at 33.44 cents on the dollar.

Pakistan's economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels, but devastating floods and a global energy crisis have piled on further pressure (AFP) — Pakistan's economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels, but devastating floods and a global energy crisis have piled on further pressure **(AFP)**

The Pakistani rupee fell 3.3 per cent to an all-time low of 300 a dollar on May 11, following protests in the country over former prime minister Imran Khan being arrested by the anti-corruption agency in Islamabad earlier this week. According to the foreign-exchange desk at Arif Habib Ltd, dollar bonds due 2031 rose from the lowest since November and were indicated at 33.44 cents on the dollar. The Karachi stock exchange index was higher today after tumbling in the previous three sessions.

Pakistan's government called in the military to help end violent protests after a judge on May 10 ordered the 70-year-old politician to be put under the custody of the anti-graft agency for eight days while Khan was arrested on Tuesday.

Also Read: Imran Khan taken to Supreme Court by police after order

Following the arrest, clashes erupted between Khan's supporters and police, leaving at least seven dead and several injured. The country's interior ministry has suspended mobile broadband services in the country.

The unrest comes as the government negotiates with the International Monetary Fund to restart its $6.5 billion bailout program, which it needs to avoid a default. Khan was produced before the Supreme Court of Pakistan on May 11 after it ordered the anti-corruption watchdog to bring the former prime minister before it.

Apart from the current political unrest, Pakistan's economy has been in turmoil for months. Pakistan’s economy is witnessing high inflation and external balance of payments pressures, which are largely driven by adverse global shocks and domestic developments. Higher food prices pushed Pakistan's inflation rose to a record 36.4 per cent April, the highest rate in South Asia and up from March's 35.4 per cent.

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