Pakistan Rupee Tumbles to Record as Military to Quell Unrest

A vegetable vendor hands the Pakistani banknotes to a customer in Karachi, Pakistan.Photographer: Asim Hafeez/Bloomberg

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By Karl Lester Yap

May 11, 2023 at 8:41 AM UTC

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Pakistan’s rupee slumped to a new record low as the military stepped in to squash violent protests that erupted after former premier Imran Khan was arrested this week.

The rupee slid 3.3% to an all-time low of 300 a dollar on Thursday, according to the foreign-exchange desk at Arif Habib Ltd. Dollar bonds due 2031 rose from the lowest since November on Thursday and were indicated at 33.44 cents on the dollar.