Political turmoil causes rupee to tumble

With political uncertainty gripping the country, the Pakistani rupee continued to tumble on Friday, falling to Rs222.50 against the US dollar in the interbank market.

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The rupee also slid in the open market.

Early trading data from the interbank market showed that the rupee fell by Rs1.11 to a low of Rs222.61.

This was down from Rs221.50 at which the rupee had closed in the interbank market on Thursday.

The recent $1.5 billion loan by Asian Development Bank (ADB) has failed to leave a positive sentiment on the rupee owing to the long march called by Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan against the government and conspiracies abound over the murder of senior journalist Arshad Sharif.

Since Wednesday, the Pakistani rupee has seen around Rs1.82 of its value eroded after rising to Rs219.73.

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