The Pakistani rupee fell to an all-time low of 300 a dollar on Thursday, amid the growing violent protests in the country over the arrest of former Prime Minister Imran Khan.
Khan was arrested by the anti-corruption agency in Islamabad earlier this week.
According to the foreign-exchange desk at Arif Habib Ltd, dollar bonds due 2031 rose from the lowest since November and were indicated at 33.44 cents on the dollar.
The Karachi stock exchange index was higher today after tumbling in the previous three sessions.
Pakistan’s government called in the military to help end violent protests after a judge on May 10 ordered the 70-year-old politician to be put under the custody of the anti-graft agency for eight days.
Following the arrest, clashes erupted between Khan’s supporters and police, leaving at least seven dead and several injured.
The country’s interior ministry has suspended mobile broadband services in the country.
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.
Apart from the current political unrest, Pakistan’s economy has been in turmoil for months. Pakistan’s economy is witnessing high inflation and external balance of payments pressures, which are largely driven by adverse global shocks and domestic developments.
Higher food prices pushed Pakistan’s inflation rose to a record 36.4 percent April, the highest rate in South Asia and up from March’s 35.4 per cent.
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