https://sputniknews.in/20230511/pakistani-rupee-hits-historic-low-as-military-steps-in-to-squash-protests-1912333.html
Pakistani Rupee Hits Historic Low as Military Steps in to Squash Protests
Pakistani Rupee Hits Historic Low as Military Steps in to Squash Protests
Sputnik India
Pakistan has been rocked by violence with riots reported from all major cities following the arrest of former Prime Minister Imran Khan on Tuesday.
2023-05-11T19:12+0530
2023-05-11T19:12+0530
2023-05-11T20:04+0530
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Pakistan's currency crashed to a historic low of 300 against the US dollar on Thursday according to the foreign exchange desk in Lahore — this is the first time ever that the Pakistani Rupee (PKR) has breached the 300-mark against the US dollar.The 3.3 percent fall in the PKR against the greenback came amid the Pakistani government's decision to call in the powerful military to quell the unrest that has engulfed the country since the arrest of ex-PM Imran Khan.Khan's supporters and members of his Pakistan Tehreek-e-Insaf (PTI) party have been engaged in bloody clashes with law enforcement agencies after a local court placed him in the custody of the National Accountability Bureau (NAB) for eight days.The violent chaos in Pakistan has already resulted in the death of eight people while 300 have been left injured. Moreover, around 2,000 protesters have been detained by the police for damaging public property and military installations.The violent protests across Pakistan come at a time when the country is staring at a sovereign default. With only $4.46 billion in foreign reserves, Islamabad only has enough to sustain imports for about a month.To avert a default, Pakistan is in desperate need of fresh funds and has been negotiating a stalled $7 billion financial bailout package with the International Monetary Fund for months.However, economists believe that the current unrest in Pakistan would delay the IMF deal for some more days.
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https://sputniknews.in/20230511/what-is-going-on-in-pakistan-sputnik-explains-1912844.html
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Pakistani Rupee Hits Historic Low as Military Steps in to Squash Protests
19:12 11.05.2023 (Updated: 20:04 11.05.2023) Pakistan has been rocked by violence, with riots reported from all major cities following the arrest of former Prime Minister Imran Khan on Tuesday.
Pakistan's currency crashed to a historic low of 300 against the US dollar on Thursday according to the foreign exchange desk in Lahore — this is the first time ever that the Pakistani Rupee (PKR) has breached the 300-mark against the US dollar.
The 3.3 percent fall in the PKR against the greenback came amid the Pakistani government's decision to call in the powerful military to quell the unrest that has engulfed the country since the arrest of ex-PM Imran Khan.
The media wing of the army, Inter-Services Public Relations (ISPR), labeled the events of arson and vandalism following Khan's arrest a
"black chapter" in the country's history: "Soon after (Khan's arrest), there were organized attacks on army properties and installations and anti-army slogans were raised."
Khan's supporters and members of his Pakistan Tehreek-e-Insaf (PTI) party have been engaged in bloody clashes with law enforcement agencies after a local court placed him in the custody of the National Accountability Bureau (NAB) for eight days.
The violent chaos in Pakistan has already resulted in the death of eight people while 300 have been left injured. Moreover, around 2,000 protesters have been detained by the police for damaging
public property and military installations.
The violent protests across Pakistan come at a time when the country is staring at a sovereign default. With only $4.46 billion in foreign reserves, Islamabad only has enough to sustain imports for about a month.
To avert a default, Pakistan is in desperate need of fresh funds and has been negotiating a stalled $7 billion financial bailout package with the International Monetary Fund for months.
However, economists believe that the current unrest in Pakistan would delay the IMF deal for some more days.
"Pressure had built up after a few months of stability," Saleem Amjad, the chief executive officer of the Lahore-based Link International Exchange Co. told local media, on Thursday. "Sentiment turned sour given the political turmoil, the prospect of another delay in the IMF loan and a drop in remittances," he summed up.
