What is pulling Pakistan’s currency six feet under?

Updated 24 May 2019

What is pulling Pakistan’s currency six feet under?

  • Arab News hits the money trade markets to ask what factors are pushing the rupee down
  • Traders, businessmen, and citizens in a state of panic triggered by a dollar frenzy

ISLAMABAD: Pakistan’s rupee reached a new record low this week, selling at 153 against the dollar in the interbank market on Monday, continuing a slide that saw it lose more than 5 percent last week in the wake of a $6 billion loan accord with the International Monetary Fund.
Almost ten days after the new IMF accord, money traders are still uncertain which direction Pakistan’s currency will move. Some expect it will eventually stabilze while others are pessimistic about its future. But most traders, businessmen, and citizens across the country remain in a state of panic triggered by the dollar frenzy. 
Arab News hit the money trade markets in Islamabad to gauge the gravity of the situation and explore prime factors pulling Pakistan’s currency six feet under.


Gunmen kill journalist in northwestern Pakistan

Updated 38 min ago

Gunmen kill journalist in northwestern Pakistan

  • Javedullah Khan was traveling with a police guard when two gunmen opened fire on his vehicle
  • Police says it was a targeted attack

PESHAWAR: A Pakistan journalist whose relatives were members of an anti-Taliban group has been gunned down, police confirmed Wednesday, the latest attack targeting media in the restive northwest of the country.
Javedullah Khan, 36, was shot dead late Tuesday in Matta, a former militant stronghold some 40-kilometers (24 miles) northwest of Pakistan’s picturesque Swat valley.
He worked as a bureau chief for the Urdu language newspaper Ausaf.
“Javed was traveling with a police guard when two gunmen opened fire on his vehicle. He died on the spot,” senior police official Muhammad Ijaz Khan told AFP.
Ali Muhammad a local police official, also confirmed the incident.
“It was a targeted attack,” Muhammad added.
“Many of his relatives, including a brother, uncles, and cousins were killed due to their involvement in anti-Taliban peace committees.”
For years, Pakistan has encouraged tribal vigilante forces, known locally as peace committees, to defend their villages against militants.
Most have been disbanded following a dramatic improvement in security across the country.
While militant networks have been severely disrupted in recent years, insurgents still retain the ability to launch attacks.
Amnesty International said Khan was an “exceptionally brave journalist” and called for an independent investigation into his killing.
No group has claimed responsibility for the attack, but militants have long targeted pro-government tribal elders in the past.
Pakistan routinely ranks among the world’s most dangerous countries for media workers, and reporters have frequently been detained, beaten and even killed for being critical of the powerful military or Islamist militants.