Political uncertainty hits Pak rupee

KARACHI: Current political turmoil is taking its toll on the economy as the rupee fell Wednesday to hit the psychological 100-to-a-dollar level in the currency markets.

Following a free fall at the Karachi Stock Exchange the other day, the rupee has also come under severe pressure due to uncertain political situation ahead of planned ‘Azadi’ and ‘Inqilab’ marches on the capital scheduled for tomorrow.

Currency market dealers said that there is some heavy dollar buying from importers in the interbank market forcing the rupee to lose 70 paisas to hit 100-rupee level against the greenback. At the kerb market, the rupee lost 30 paisas to close at 99.80 to a dollar. Political developments will continue to weigh on the rupee in coming days.