Pakistan rupee nosedives against dollar

KARACHI, Apr 07 (AFP): The Pakistan rupee dropped to a historic low of 191 rupees to the dollar Thursday as an ongoing political crisis rocked confidence in the currency.
The rupee has been declining for months, but the fall became precipitous in March when opposition parties tabled a no-confidence motion against Prime Minister Imran Khan that led to the dissolution of the national assembly last week.
The rupee has lost over six per cent in a month, and on the open market Thursday was at 191 -- and 189 at the interbank rate.
"The political mess has ensued from uncertainty and this badly reflects on the rupee," said Mohammad Sohail, chief of Topline Securities, a Karachi based brokerage and economic research house.
Pakistan's supreme court was sitting Thursday to rule on the legality of political manoeuvres that led Khan to dissolve the national assembly.