KARACHI – Pakistani rupee continued its free fall against the US dollar and is set to cross the major barrier of the 300 mark in the interbank market for the first time in history.
The crisis-hit country faced another blow as the arrest of former prime minister Imran Khan triggered widespread protests.
Amid the fresh protests, the local currency remained on a slippery path with a big decline of Rs8.78, against the greenback as it resumed trading around Rs290. With the latest development, the greenback busted all previous records and reached an all-time high of Rs299 in the early morning trade.
The political situation in Pakistan played on investors’ minds as the PKR declined further to a record low of 298.91 against the greenback during trading. The South Asian nation has been rocked by deadly unrest which aggravated instability at a time of severe economic crunch while the government also failed to salvage the International Monetary Fund (IMF) bailout package.
This is a developing story and will be updated later…
