Pakistani Rupee hits all-time low against USD amid political unrest

KARACHI: The Pakistani rupee hit a new record low against the US dollar on Wednesday with the local unit losing Rs5.16 in interbank trade.

Following the arrest of former Prime Minister Imran Khan, clashes erupted between Imran’s supporters and police. The interior ministry has suspended mobile broadband services in the country.

The PKR was being traded at Rs290 per dollar in the interbank market, a decline of Rs 5.16 from yesterday’s close of Rs284.84.

In the open market, it was being traded at Rs295, falling Rs5 from yesterday’s close of Rs290.

Imran Khan arrest

Former prime minister and Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan was arrested by National Accountability Bureau (NAB) in the Al-Qadir Trust case on Tuesday.

The PTI chief was taken into custody by Rangers personnel, who were acting on the National Accountability Bureau’s (NAB) warrant, from the premises of Islamabad High Court where the former premier had gone to seek bail in multiple cases registered against him.

Later on, the Islamabad High Court (IHC) termed the arrest of former premier and Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan ‘legal.’

Chief Justice of the Islamabad High Court (IHC) Justice Aamer Farooq heard the petition challenging Imran Khan’s arrest. The court also issued contempt court notices to Interior Secretary and IG Islamabad.