The Evolution of USD to PKR Exchange Rates: 77 Years of Currency History (1947-2024)

The Stability Era (1947-1971): Foundation Years of Pakistani Rupee

In 1947, when Pakistan gained independence, 1 USD was equivalent to 3.31 PKR. This exchange rate remained remarkably stable for the first decade of the nation's existence:

| Year | Exchange Rate | |------|---------------| | 1947 | 1 USD = 3.31 PKR | | 1948 | 1 USD = 3.31 PKR | | 1949 | 1 USD = 3.31 PKR | | 1950 | 1 USD = 3.31 PKR | | 1951 | 1 USD = 3.31 PKR | | 1952 | 1 USD = 3.31 PKR | | 1953 | 1 USD = 3.31 PKR | | 1954 | 1 USD = 3.31 PKR |

The first shift came in 1955, when the rate moved to 3.91 PKR against the dollar. By 1956, it reached 4.76 PKR, where it stabilized again for nearly 15 years:

| Year | Exchange Rate | |------|---------------| | 1955 | 1 USD = 3.91 PKR | | 1956 | 1 USD = 4.76 PKR | | 1957 | 1 USD = 4.76 PKR | | 1958 | 1 USD = 4.76 PKR | | 1959 | 1 USD = 4.76 PKR | | 1960 | 1 USD = 4.76 PKR | | 1970 | 1 USD = 4.76 PKR | | 1971 | 1 USD = 4.76 PKR |

This 24-year period represented the most stable era for the Pakistani Rupee, with only a 44% cumulative depreciation over nearly two and a half decades.

The First Major Devaluation (1972-1988): Changing Economic Landscape

1972 marked the first significant devaluation in PKR's history, with the exchange rate jumping to 11.01 PKR per USD – representing a 131% decline in a single year:

| Year | Exchange Rate | |------|---------------| | 1972 | 1 USD = 11.01 PKR | | 1973 | 1 USD = 09.99 PKR | | 1974 | 1 USD = 09.99 PKR | | 1977 | 1 USD = 09.99 PKR | | 1978 | 1 USD = 09.99 PKR | | 1979 | 1 USD = 09.99 PKR | | 1980 | 1 USD = 09.99 PKR | | 1981 | 1 USD = 09.99 PKR |

Following this major shift, a period of relative stabilization occurred at approximately 10 PKR per USD throughout most of the 1970s and early 1980s. However, by the late 1980s, depreciation accelerated again:

| Year | Exchange Rate | |------|---------------| | 1989 | 1 USD = 20.54 PKR |

Accelerating Depreciation (1989-2007): Gradual Decline

The 1990s and early 2000s witnessed a steady and persistent depreciation of the Pakistani Rupee:

| Year | Exchange Rate | Year | Exchange Rate | |------|---------------|------|---------------| | 1990 | 1 USD = 21.71 PKR | 2000 | 1 USD = 51.90 PKR | | 1991 | 1 USD = 23.80 PKR | 2001 | 1 USD = 63.50 PKR | | 1992 | 1 USD = 25.08 PKR | 2002 | 1 USD = 60.58 PKR | | 1993 | 1 USD = 28.11 PKR | 2003 | 1 USD = 57.75 PKR | | 1994 | 1 USD = 30.57 PKR | 2004 | 1 USD = 57.80 PKR | | 1995 | 1 USD = 31.64 PKR | 2005 | 1 USD = 59.79 PKR | | 1996 | 1 USD = 36.08 PKR | 2006 | 1 USD = 60.43 PKR | | 1997 | 1 USD = 41.11 PKR | 2007 | 1 USD = 60.83 PKR | | 1998 | 1 USD = 45.05 PKR | | 1999 | 1 USD = 51.90 PKR |

This period saw the rupee decline from approximately 21 PKR per USD to over 60 PKR – a 190% depreciation over 18 years. Notably, 2001-2003 showed brief fluctuations with some recovery before resuming the downward trend.

Rapid Depreciation Era (2008-2024): Currency Under Pressure

From 2008 onward, the Pakistani Rupee entered a phase of increasingly rapid depreciation:

| Year | Exchange Rate | Year | Exchange Rate | |------|---------------|------|---------------| | 2008 | 1 USD = 81.18 PKR | 2017 | 1 USD = 110.01 PKR | | 2009 | 1 USD = 84.10 PKR | 2018 | 1 USD = 139.21 PKR | | 2010 | 1 USD = 85.75 PKR | 2019 | 1 USD = 163.75 PKR | | 2011 | 1 USD = 88.60 PKR | 2020 | 1 USD = 168.88 PKR | | 2012 | 1 USD = 96.50 PKR | 2022 | 1 USD = 240.00 PKR | | 2013 | 1 USD = 107.29 PKR | 2023 | 1 USD = 286.00 PKR | | 2014 | 1 USD = 103.13 PKR | 2024 | 1 USD = 277.00 PKR | | 2015 | 1 USD = 105.20 PKR | | 2016 | 1 USD = 104.60 PKR |

The most dramatic depreciation occurred between 2017 and 2023, with the exchange rate deteriorating from 110.01 to 286.00 PKR per USD – a 160% decline in just six years. The data shows a slight recovery in 2024, with the rate improving to 277.00 PKR.

Historical Perspective: Seven Decades of Currency Evolution

When viewed across the entire 77-year period from 1947 to 2024, the Pakistani Rupee has experienced a total depreciation of approximately 8,267% against the US Dollar. The currency's journey can be quantified through key milestones:

• 1947-1971: Relatively stable period with minor depreciation (44%)
• 1972: First major devaluation, more than doubling the exchange rate
• 1972-1988: Period of relative stability around 10 PKR
• 1989-2007: Steady depreciation phase (190%)
• 2008-2024: Rapid depreciation phase (241%)

This historical data illustrates not just numbers, but the economic journey of a nation through periods of stability and volatility, reflecting broader economic conditions and policy decisions throughout Pakistan's history.