US senators move Bill for sanctions on Pakistan

Its rupee hits all-time low

Twenty-two Republican senators have introduced a legislation in the Senate to impose sanctions on the Taliban in Afghanistan and on all the foreign governments that support the hardline Islamic group that seized power in Kabul. The ‘Afghanistan Counterterrorism, Oversight and Accountability Act’ was introduced by Senator Jim Risch, a ranking member of the Senate Foreign Relations Committee, on Tuesday.

The legislation also seeks a report from the

Secretary of State about his assessment of the role of Pakistan in supporting the

Taliban from 20012020; in the offensive that led to the toppling of the Government of Afghanistan and the looking into the

Pakistan support for

Taliban offensive against Panjshir Valley and Afghan resistance.

Following the move, Pakistan stocks fell nearly 3 per cent on Wednesday while the rupee dropped to a record low. The benchmark Karachi Stock Exchange index was last down 1.5 per cent at 44,594 after declining as much as 2.9 per cent earlier in the session.

The rupee reached a historic low of 170.27 (intraday) against the dollar, also weighed down by high demand for the greenback and the situation in Afghanistan, analysts said.