The rupee slid 3.3% to an all-time low of 300 a dollar on Thursday, according to the foreign-exchange desk at Arif Habib Ltd.
Pakistan’s Rupee slumped to a new low after the military stepped in to control the violence erupting in the country.
The rupee slid 3.3% to an all-time low of 300 a dollar on Thursday, according to the foreign-exchange desk at Arif Habib Ltd. Dollar bonds due 2031 rose from the lowest since November on Thursday and were indicated at 33.44 cents on the dollar.
The military had to be called to ensure peace after the arrest of Irfan Khan and his custody of 8 days by the anti-graft agency
He was arrested on Tuesday. 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.
“Pressure had built up after a few months of stability,” said Saleem Amjad, chief executive officer at Link International Exchange Co. in Lahore. “Sentiment turned sour given the political turmoil, the prospect of another delay in the IMF loan and a drop in remittances.”
The supreme court of Pakistan will hear his appeal on next Thursday.
Seven people have been killed in the violence in these past few days
