1 USD To PKR In 1947 Till 2023: Historical Analysis of Pakistani Rupee Against Dollar

The economic challenges faced by Pakistan have sparked widespread attention and discourse among policymakers, economists, and the general public. One significant aspect indicating the country’s economic struggles is the devaluation of the Pakistani Rupee (PKR), which is reflective of high inflation, a sizable current account deficit, and mounting public debt.

Following Pakistan’s independence from British colonial rule in 1947, the Pakistani Rupee (PKR) came into existence, with an initial exchange rate of 1 USD to 3.31 PKR. Since then, the PKR has witnessed significant fluctuations against the US dollar. Initially, during the early years of independence, the exchange rate remained relatively stable, experiencing minor fluctuations.

However, in the 1950s and 1960s, the PKR started to depreciate against the US dollar due to economic instability and political turmoil. Over the past three decades, the PKR has experienced a sharp devaluation in its value against the USD.

 The question arises: Will this trend persist, or can Pakistan overcome these economic hurdles?

In this detailed analysis on the historical USD to PKR history of exchange rate from 1947 to 2023, we provide a comprehensive report examining the fluctuation of the exchange rate over the years.

1 USD TO PKR HISTORY FROM 1947 TO 2023

1 USD TO PKR FROM 1947 TO 1960

1 USD TO PKR FROM 1961 TO 1975

1 USD TO PKR FROM 1976 TO 1990

1 USD TO PKR FROM 1991 TO 2005

1 USD TO PKR FROM 2006 TO 2023

Factors That Influenced the USD to PKR Exchange Rate in 1947

After independence, as a newly-formed nation, Pakistan had a lot to do with its economy. In its early years, the country faced several challenges, including shortage of foreign exchange reserves, high levels of inflation, and a weak agricultural sector. 

These factors made it even more challenging for the Pakistani government to stabilise the economy, and the country struggled to establish a strong economic foundation.

Most significantly, the country is still tackling these challenges, alongside some serious issues like debt-repayment pressure from the IMF and the World Bank. 

Apart from this, the USD to PKR exchange rate in 1947 was also influenced by several economic and political factors.  As a part of British India until 1947, Pakistan’s economy was closely tied to that of India. 

The British government controlled the currency exchange rates and other economic policies in the region, which had a significant impact on Pakistan’s economy in its early years.

Another significant factor that influenced the exchange rate was the partition of India and Pakistan. The partition led to the mass migration of millions of people, and it had a significant impact on the economies of both India and Pakistan.

The uncertainty and instability created by the partition made it difficult for the Pakistani government to establish economic stability.

Read also:- Top 15 Highest Currency In The World 2023

World Currencies vs Pakistani Rupees (PKR)

The Pakistani Rupee (PKR) has been subject to fluctuations against major world currencies, such as the US Dollar (USD), British Pound (GBP), and Euro (EUR) due to various social and political turmoil in the country.

However, in recent times, the PKR has stabilised to some extent, thanks to a number of measures taken by the government and the central bank of Pakistan. 

Despite these efforts, the Pakistani economy still faces various challenges, including a high debt burden, a low level of foreign investment, and political instability. These factors can continue to impact the PKR’s performance against major world currencies in the future.

INR To PKR

The current exchange rate of the Indian Rupee (INR) to the Pakistani Rupee (PKR) is approximately 2.12 PKR. The exchange rate history between the two currencies is closely tied, as both nations were once part of the same country until they gained independence from British rule in 1947.

Initially, both countries used the same currency, until Pakistan introduced its own currency – the Pakistani Rupee.

In the early years, the exchange rate between the two currencies remained relatively stable, with 1 INR equaling 1 PKR. However, in recent years, the PKR devalued against INR due to various economic and political factors.

AUD To PKR

The current exchange rate of the Australian Dollar (AUD) to the Pakistani Rupee (PKR) is approximately 122.86 PKR for 1 AUD. The history of the exchange rate between the two currencies has been relatively volatile. 

In the early years of Pakistan’s independence, the exchange rate was relatively stable, with 1 AUD equaling around 20 PKR.

CAD To PKR

The current exchange rate of the Canadian Dollar (CAD) to the Pakistani Rupee (PKR) is approximately 114.63 PKR for 1 CAD. The history of the exchange rate between the two currencies has been relatively stable, with minor fluctuations. 

In the early years, the exchange rate was around 4 PKR for 1 CAD. 

JPY To PKR

The current exchange rate of Japanese Yen (JPY) to Pakistani Rupee (PKR) is approximately 0.89 PKR for 1 JPY. The history of the exchange rate between the two currencies has been relatively volatile. In the early years, the exchange rate was around 0.01 PKR for 1 JPY. 

AED To PKR

The current exchange rate of United Arab Emirates Dirham (AED) to Pakistani Rupee (PKR) is approximately 43.97 PKR for 1 AED. The history of the exchange rate between the two currencies has been relatively stable, with minor fluctuations. In the early years, the exchange rate was around 1 PKR for 1 AED. 

QAR To PKR

The current exchange rate of the Qatari Riyal (QAR) to the Pakistani Rupee (PKR) is approximately 24.70 PKR for 1 QAR. The exchange rate history between the two currencies has been relatively stable, with minor fluctuations. 

In the early years, after the introduction of the Qatari Riyal in 1966, the exchange rate was around 0.76 PKR for 1 QAR.

Conclusion

The 1 USD to PKR analysis presents a comprehensive overview of the historical exchange rate between the US dollar (USD) and the Pakistani Rupee (PKR) from 1947 to 2023. It sheds light on the fluctuations in the PKR’s value against the USD, emphasising the importance of strategic economic planning and policy measures to overcome economic obstacles.

The volatility of the Pakistani Rupee against the US dollar has been a significant concern for the country’s economy since its inception. The current exchange rate between the USD and PKR reflects the economic challenges confronting Pakistan, including high inflation, a substantial current account deficit, and a growing public debt.

However, it is worth acknowledging that currency fluctuations are not unique to Pakistan and are influenced by various factors such as global economic conditions, trade relations, and political stability.

To stabilise the PKR and bolster Pakistan’s economy, policymakers must address these challenges and strive for sustainable economic growth. Implementing effective measures and strategies is crucial for ensuring the long-term stability and prosperity of the Pakistani economy.

FAQ’s