Pakistan rupee plunges to record low after Imran’s arrest

Imran Khan’s arrest triggered violence in most of the country. The military has taken a tough stance to crush protest, and in due course, Pakistan’s rupee plunged to a record low.

The rupee went down 3.3 percent, so now 300 Pakistani rupees are equal to a dollar on Tuesday, as per the foreign-exchange desk at Arif Habib Ltd. Dollar bonds due 2031 rose from their lowest since November on Thursday and were indicated at 33.44 cents on the dollar.

The Pakistani government has urged the military to come forward to squash the ongoing violent protests. The upheaval in the country erupted after a judge issued an order to put the veteran politician under the custody of the anti-graft agency for eight days.

Imran Khan was arrested on Tuesday. The turmoil in the country occurred when the government negotiated with the International Monetary Fund to begin a $6.5 billion rescue programme.

Chief executive officer at Link International Exchange Co Saleem Amjad, said that pressure had once again started after a few months of stability, and another delay in the IMF loan would mean a drop in payment.

The top court of Pakistan is ready to hear Imran’s plea against his arrest later today. In the current, violence, at least seven people have died and many have been injured in the last two days.