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 Pakistan's top court will on Thursday rule on Prime Minister Imran Khan's obstruction of an opposition bid to oust him, a manoeuvre his critics say was unconstitutional and has led to political and economic turmoil in the country.

Former cricket star Khan lost his parliamentary majority last week and was on the verge of being forced from office by a no-confidence vote tabled by the opposition on Sunday.

But the deputy speaker of parliament, a member of Khan's party, threw out the motion, ruling it was part of a foreign conspiracy and unconstitutional. Khan then dissolved parliament.

The stand-off has thrown the nuclear-armed country of 220 million people, ruled by the military for extended periods since independence in 1947, into a full-blown constitutional crisis, and sent its currency to all-time lows against the dollar on Thursday.

Pakistan's central bank on Thursday raised its benchmark policy rate by 250 basis points to 12.25% in an emergency meeting, saying that a reduction in domestic political uncertainty would be required to ensure Pakistan's economic recovery from the COVID-19 pandemic.

"This strong and proactive policy response was necessitated by a deterioration in outlook for inflation and increase in risks to external stability," the State Bank of Pakistan said in a statement posted on Twitter.

The opposition has challenged the decision to block the vote in the Supreme Court, which began deliberating the case on Monday.

The court will give a verdict in the case around 7:30pm (1430 GMT), Chief Justice Umar Ata Bandial said as the hearing concluded for the fourth day on Thursday.

Khan's supporters have argued that the opposition bid to oust him with alleged foreign support was unconstitutional. Opposition leaders have rejected that.

The court could order parliament to be reconstituted, call for new elections or bar Khan from power if he is found to have violated the constitution.

It could also decide that it cannot intervene in parliamentary affairs.

CRISIS BREWING

The ongoing crisis is a worry for economic policymakers in Pakistan, that is in the middle of an International Monetary Fund bailout.

It also threatens relationships with long-time ally the United States, who Khan says is behind the conspiracy to overthrow him. Washington denies this.

The Pakistan rupee took a battering on Thursday as the country awaited the court's judgment, hitting record lows.

Data from foreign exchange dealers and Refinitiv Eikon showed the rupee down as much as 1.5% in interbank trading, hitting 189 rupees to the U.S. dollar - the largest move in over two years.

The depreciation in the open, or unofficial, markets was even higher, dealers said.

"As (the) dollar continues to soar, a massive economic meltdown is staring the country in the face," Shehbaz Sherif, an opposition leader who is among the favourites to replace Khan as prime minister, said in a tweet on Thursday.

The military has stepped in to overthrow civilian governments and rule the country on three occasions citing the need to restore order. It has denied any involvement in the current crisis. (Reuters)