Pakistan rupee, bonds fall to new low after Imran Khan arrest
Reuters
May 10, 2023 18:45 MYT
May 10, 2023 18:45 MYT
A boy rides past a paramilitary check post, that was set afire by the supporters of Pakistan's former Prime Minister Imran Khan, during a protest against his arrest, in Karachi, Pakistan May 9, 2023. REUTERS/Akhtar Soomro
KARACHI: The Pakistani rupee fell 1.3% to a record low of 288.5 against the U.S. dollar on Wednesday, a day after former prime minister Imran Khan was arrested by the anti-corruption agency in Islamabad.
Pakistan's international bonds nudged lower with the 2024 issue down 0.4 cents on the dollar, according to Tradeweb data.
The bonds trade at deeply distressed levels between 49 cents on the dollar for shorter-dated maturities while longer-dated ones changed hand at around 33 cents.
Following the arrest, clashes erupted between Khan's supporters and police, leaving at least one protester dead. The interior ministry has suspended mobile broadband services in the country.