Pak rupee at 6-month low against dollar amid political crisis

The Pakistani rupee has come under pressure due to the ongoing political crisis in the country and the currency hit its lowest point in the last six months, media reported today.
The US dollar rose 63 paisa in the inter-bank market after which it touched the Rs 103.30 mark, the Dawn reported.
The national currency had appreciated by over 10 per cent and dollar was steady at around Rs 99 but it started gaining ground due to political instability caused by protests in the capital demanding removal of Prime Minister Nawaz Sharif.
It is hard to calculate the tangible economic losses caused by the protests, which saw the government lock down the entire Punjab province earlier this month to prevent the protesters from reaching Lahore from the rest of the province and then march on to the capital Islamabad.

The Karachi Stock Exchange (KSE) 100-index today staggered to the level of 28,650 after a decline of 220 points in the morning trading session, according to the KSE website.
Finance Minister Ishaq Dar claimed on Friday that the economy had lost Rs 450 billion because of volatility in the capital markets and pressure on the exchange rate owing to the political turmoil.
Businessmen and analysts say the intangible losses to the economy are much higher than tangible losses.
The IMF left the fourth review of its USD 6.7 billion loan programme incomplete, perhaps to buy time to see how the political situation unfolds in the country in the coming days and weeks.