The Pakistani rupee has continued its free fall against the US dollar and is set to cross the major interbank market barrier of 300 for the first time in history.
The arrest of former Prime Minister Imran Khan sparked widespread protests in the crisis-stricken country.
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In the midst of new protests, the rupee remained volatile, falling by Rs8.78 against the US dollar as it resumed trading around Rs290. With the most recent development, the dollar broke all previous records and reached an all-time high of Rs299 in early morning trade.
The political situation in Pakistan weighed on investors’ minds as the PKR fell to a record low of 298.91 per dollar during trading. The South Asian country has been rocked by deadly unrest, which has exacerbated instability at a time of severe economic crisis, and the government has also failed to save the International Monetary Fund (IMF) bailout package.
