Unrest ensues in Pakistan as the government negotiates with the International Monetary Fund.
Pakistan’s rupee hit a new record low this week as the military stepped in to quell violent protests following the arrest of former prime minister Imran Khan.
According to the forex desk at Arif Habib Ltd, the rupee fell 3.3% to an all-time low of Rs 300 per dollar on Thursday. Dollar.
Pakistan’s government called on the army on Wednesday to help quell violent protests after a judge ordered the 70-year-old politician into the custody of the anti-corruption agency for eight days.
He was arrested on Tuesday. The unrest comes as the government talks with the International Monetary Fund over resuming its $6.5 billion bailout program it needs to avoid default.
“After a few months of stability, the pressure had increased,” said Salim Amjad, chief executive officer of Link International Exchange Company in Lahore. “Sentiment worsened given the political turmoil, the prospect of another delay in the IMF loan and the decline in remittances.”
The Supreme Court will hear the appeal against Khan’s arrest later on Thursday. At least seven people have been killed and hundreds of others injured in the past two days.
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