## How Pakistan's Rupee Lost Its Strength Against the Dollar: A 77-Year Journey (1947-2024)

The journey of USD to PKR exchange rates tells a compelling story of Pakistan's economic evolution since independence. When the nation was born in 1947, 1 USD equaled just 3.31 PKR. This exchange rate remained stubbornly fixed for nearly eight years, reflecting a period of relative currency stability in the post-partition era.

### The Stable Era (1947-1954)

During the first phase of Pakistan's existence, the rupee maintained remarkable consistency. From 1947 through 1954, the exchange rate never budged from 3.31 PKR per dollar. This rigidity suggested a currency pegged under strict controls, insulating the economy from external shocks.

### The First Shift (1955-1971)

Beginning in 1955, Pakistan's monetary policy loosened its grip. The rupee weakened gradually—1 USD rose to 3.91 PKR in 1955, then climbed to 4.76 PKR by 1956. This rate held steady for over a decade (1956-1971), indicating another period of relative stability, though at a weaker level than before.

### Rapid Depreciation (1972-1999)

The post-1971 period witnessed accelerated currency erosion. In 1972, 1 USD jumped to 11.01 PKR—a shock that reflected the economic turbulence following the Bangladesh separation. By 1973, the rate settled at 9.99 PKR, marking a sustained pattern of depreciation throughout the 1970s and 1980s.

The real deterioration accelerated in the 1990s. In 1989, 1 USD required 20.54 PKR. By 1995, it had risen to 31.64 PKR. The late 1990s saw dramatic losses—1999 closed with 1 USD trading at 51.90 PKR, nearly doubling from 1989.

### The 2000s: Gradual Decline Amid Global Uncertainty

The 2000s began with 1 USD at 51.90 PKR in 2000, then surged to 63.50 PKR in 2001. Pakistan's economic and geopolitical challenges pushed the rupee weaker. By 2008-2009, likely coinciding with the global financial crisis, rates jumped to 81.18 PKR and 84.10 PKR respectively.

### The Modern Era of Continuous Weakening (2010-2024)

From 2010 onward, the depreciation became relentless. By 2012, 1 USD was worth 96.50 PKR. The trend accelerated further—2013 saw 107.29 PKR per dollar, crossing the 100 mark for the first time.

The 2018-2024 period exposed Pakistan's deepest currency crisis. In 2018, 1 USD reached 139.21 PKR. By 2019, it had jumped to 163.75 PKR. The pandemic era brought further weakness: 168.88 PKR in 2020.

The most dramatic collapse occurred in 2022-2023, where 1 USD skyrocketed to 240.00 PKR in 2022 and 286.00 PKR in 2023—representing a loss of over 85% of the rupee's value since 1947. As of 2024, the rate stands at 277.00 PKR per dollar, showing marginal recovery but still reflecting severe structural challenges.

### What This Data Reveals

The transformation of USD to PKR from 1947 to 2024 reveals a nation grappling with persistent inflation, external deficits, and macroeconomic instability. What started as 3.31 PKR per dollar has become 277 PKR—a staggering 8,260% depreciation over 77 years. This is not merely a currency story; it's a mirror reflecting Pakistan's economic journey through independence, wars, political instability, and repeated IMF interventions.