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Pakistan's Rupee Hits Record Low Following Arrest of Former PM Imran Khan

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Nitish Verma
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JUST IN: #BNNPakistan Reports.

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Pakistan's currency, the rupee, has hit a new record low against the US dollar, falling 1.3% to 288.5 on Wednesday. The drop came after the country's former prime minister, Imran Khan, was arrested by the National Accountability Bureau (NAB) for alleged corruption. The arrest has led to clashes between Khan's supporters and the police, with one protester reportedly killed. Mobile broadband services have been suspended in the country following the arrest.

Khan's Arrest and Clashes

Khan was arrested at Islamabad High Court on Tuesday, which has led to concerns of fresh turmoil in Pakistan. Dozens of paramilitary troops in riot control gear surrounded him and led him to a black van by his arm. Khan is Pakistan's most popular leader, according to opinion polls.

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After the arrest, Khan's supporters clashed with police, blocked major roads in various cities, and stormed military buildings in Lahore and Rawalpindi. The military's public relations wing did not immediately respond to requests for comment on the situation.

The clashes resulted in the death of one protester and the injury of 12 people, including six police officers in the southern city of Quetta, according to provincial home minister Ziaullah Langove. In response to the situation, authorities in three of Pakistan's four provinces have imposed an emergency order banning all gatherings.

Khan, a former cricket hero turned politician, has shown no signs of slowing down since being ousted in April 2022 as prime minister in a parliamentary no-confidence vote, even after being wounded in a November attack on his convoy. He was leading a protest march to Islamabad calling for snap general elections at the time.

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Economic Crisis and Political Turmoil in Pakistan

The arrest comes at a time when Pakistan is experiencing the worst economic crisis in decades, with record high inflation and anaemic growth. An International Monetary Fund bailout package has been delayed for months, and foreign exchange reserves are barely enough to cover a month's imports.

According to Interior Minister Rana Sanaullah, Khan had been arrested by the NAB after he ignored notices to turn himself in. He said that Khan and his wife were accused of receiving land worth up to 7 billion rupees ($24.7 million) from a property developer who had been charged with money laundering in the UK.

Sanaullah also stated that British authorities had returned 190 million pounds ($240 million) to Pakistan in connection with money laundering, but Khan had returned the money to the developer instead of keeping it in the national exchequer. The NAB said in a statement that Khan is accused of commission of the offence of corruption and corrupt practices, to which Khan has denied any wrongdoing.

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