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  The rupee continued to depreciate steeply in the interbank market on Friday, trading at Rs266.6 per dollar at 10:32am, down Rs11.17 or 4.58 per cent from yesterday’s close, according to data shared by the Exchange Companies Association of Pakistan (Ecap). The local currency’s value  declined  Rs24.54 to a record low of Rs255.43 in the interbank yesterday, the largest single-day depreciation in both absolute and percentage terms since the new exchange rate system was introduced in 1999. Separately, the PKR was changing hands at Rs265 per dollar in the open market at the same time. This equates to a depreciation of Rs3, or 1.15pc, over yesterday’s rate of Rs262. The steep devaluation occurred after the government removed an unofficial cap on the USD-PKR exchange rate to revive the stalled International Monetary Fund (IMF) loan programme. It came a day after exchange companies announced the removal of a self-imposed rate cap in the open market. The move, as expected, shot ...

The history of Pakistan dates back to the ancient Indus Valley Civilization, which was one of the earliest civilizations in the world. The region that is now Pakistan was ruled by various empires and dynasties, including the Persian Achaemenid Empire, the Alexander the Great, the Mauryan Empire, the Arab Umayyad Caliphate, the Turkic Ghaznavid Empire, and the Mughal Empire. In the 19th century, the British Empire conquered and ruled over the Indian subcontinent, which included present-day Pakistan. The British ruled until 1947, when India was granted independence, and Pakistan was formed as a separate country for Muslims. The partition of India was accompanied by communal violence and mass migration, with millions of Muslims and Hindus moving across the newly drawn borders. Since its formation, Pakistan has faced many challenges, including political turmoil, economic difficulties, and conflicts with its neighbors, particularly India. In 1971, East Pakistan (present-day Bangladesh) decl...

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