Pakistani rupee crashes 9.6% to all-time low of 255.4 against US dollar after devaluation

The Pakistani rupee hit an all-time low of 255.4 against the US dollar after crashing 9.6% due to its devaluation in the open and interbank markets. This is the biggest one-day drop in Pakistan's currency in over two decades. The drop comes a day after foreign exchange companies removed a cap on the exchange rate, a key demand of the IMF as part of a programme of economic reforms it has agreed on with the cash-strapped South Asian nation.