History of Dollar to Pakistani Rupees Rate from 1947 To 2024
The exchange rate between the Pakistani Rupee (PKR) and the US Dollar (USD) has seen significant changes since Pakistan’s independence in 1947. This article provides a detailed history, discusses the reasons for rate changes, and includes information on the governing parties and Prime Ministers during different periods.
1947-1958: Early Years and Stability
Dollar to Pakistani Rupees Rate in 1947: PKR 3.31 per USD
After gaining independence in 1947, Pakistan’s currency was pegged to the British Pound Sterling, resulting in a stable exchange rate of PKR 3.31 per USD. During this period, the country experienced relative economic stability.
Government: Pakistan Muslim League (PML) led by Prime Minister Liaquat Ali Khan.
Exchange Rate in 1958: PKR 4.76 per USD
1958-1971: Martial Law and Devaluation
Dollar to Pakistani Rupees Rate in 1958: PKR 4.76 per USD
In 1958, General Ayub Khan imposed martial law and assumed control of the government. During his regime, the economy saw some industrial growth, but the PKR began to devalue.
Government: Military government under General Ayub Khan.
Exchange Rate in 1971: PKR 11.00 per USD
1971-1977: Bhutto’s Era and Further Devaluation
Dollar to Pakistani Rupees Rate in 1971: PKR 11.00 per USD
Zulfikar Ali Bhutto became Prime Minister in 1971. His socialist policies and nationalization of industries led to economic challenges and further devaluation of the PKR.
Government: Pakistan People’s Party (PPP) led by Prime Minister Zulfikar Ali Bhutto.
Dollar to Pakistani Rupees Rate in 1977: PKR 9.90 per USD
1977-1988: Zia-ul-Haq’s Military Rule
Exchange Rate in 1977: PKR 9.90 per USD
General Zia-ul-Haq overthrew Bhutto in a coup in 1977. His regime saw increased foreign aid, especially from the US, due to the Soviet-Afghan War. Despite this, the PKR continued to weaken.
Government: Military government under General Zia-ul-Haq.
Dollar to Pakistani Rupees Rate in 1988: PKR 18.00 per USD
1988-1990: PPP led by Prime Minister Benazir Bhutto.
Dollar to Pakistani Rupees Rate in 1988: PKR 18.00 per USD
After Zia’s death, Benazir Bhutto and Nawaz Sharif alternated in power. Political instability and economic challenges led to a significant depreciation of the PKR.
Benazir Bhutto, the first woman to lead a Muslim-majority country, took office in 1988. Her government focused on social reforms and attempted to address poverty and health issues. However, her tenure was marred by allegations of corruption and economic mismanagement, leading to further devaluation of the PKR.
Government: Pakistan People’s Party (PPP)
Prime Minister: Benazir Bhutto
Dollar to Pakistani Rupees Rate in 1990: PKR 21.71 per USD
1990-1993: Pakistan Muslim League-Nawaz (PML-N) led by Prime Minister Nawaz Sharif.
Dollar to Pakistani Rupees Rate in 1990: PKR 21.71 per USD
Nawaz Sharif’s first term as Prime Minister saw economic liberalization and privatization policies aimed at boosting the economy. Despite some economic progress, political instability and accusations of corruption affected investor confidence and contributed to the depreciation of the PKR.
Government: Pakistan Muslim League-Nawaz (PML-N)
Prime Minister: Nawaz Sharif
Dollar to Pakistani Rupees Rate in 1993: PKR 28.10 per USD
1993-1996: PPP led by Prime Minister Benazir Bhutto.
Dollar to Pakistani Rupees Rate in 1993: PKR 28.10 per USD
Benazir Bhutto returned to power in 1993. Her second term was again plagued by allegations of corruption and misgovernance. Economic conditions worsened, leading to further depreciation of the PKR. Her government was dismissed in 1996.
Government: Pakistan People’s Party (PPP)
Prime Minister: Benazir Bhutto
Dollar to Pakistani Rupees Rate in 1996: PKR 38.50 per USD
1997-1999: PML-N led by Prime Minister Nawaz Sharif.
Nawaz Sharif’s second term focused on economic reforms and infrastructure projects. However, political unrest and conflict with the judiciary and military destabilized his government. In 1999, General Pervez Musharraf led a military coup, deposing Nawaz Sharif and further impacting the PKR.
Government: Pakistan Muslim League-Nawaz (PML-N)
Prime Minister: Nawaz Sharif
Dollar to Pakistani Rupees Rate in 1999: PKR 52.00 per USD
1999-2008: Musharraf’s Military Rule
Exchange Rate in 1999: PKR 52.00 per USD
General Pervez Musharraf took power in a coup in 1999. His era saw economic reforms and growth, but also a significant depreciation of the PKR.
Government: Military government under General Pervez Musharraf.
Dollar to Pakistani Rupees Rate in 2008: PKR 70.00 per USD
2008-2013: PPP’s Return and Economic Challenges
Exchange Rate in 2008: PKR 70.00 per USD
The PPP returned to power with Asif Ali Zardari as President and Yousaf Raza Gillani as Prime Minister. Economic issues, including energy crises and inflation, led to further devaluation.
Government: PPP led by Prime Minister Yousaf Raza Gillani and later Raja Pervaiz Ashraf.
Dollar to Pakistani Rupees Rate in 2013: PKR 101.00 per USD
2013-2018: PML-N’s Third Term and CPEC
Dollar to Pakistani Rupees Rate in 2013: PKR 101.00 per USD
Nawaz Sharif’s PML-N returned to power in 2013. The China-Pakistan Economic Corridor (CPEC) brought investments, but the PKR still depreciated due to political instability and economic challenges.
Government: PML-N led by Prime Minister Nawaz Sharif and later Shahid Khaqan Abbasi.
Dollar to Pakistani Rupees Rate in 2018: PKR 138.00 per USD
2018-2022: PTI Government and Economic Turmoil
Exchange Rate in 2018: PKR 138.00 per USD
Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) took office in 2018. Economic challenges, including the balance of payments crisis and IMF loans, led to a sharp devaluation of the PKR.
Government: PTI led by Prime Minister Imran Khan.
Dollar to Pakistani Rupees Rate in 2022: PKR 177.50 per USD
2022-2024: Political Instability and Continued Depreciation
April 2022 – August 2023: Shehbaz Sharif’s Government
Exchange Rate in 2022: PKR 177.50 per USD
During 2022-2023, Pakistan experienced significant political changes and instability:
April 2022: Imran Khan was ousted as Prime Minister through a vote of no confidence.
April 2022 – August 2023: Shehbaz Sharif, leader of the Pakistan Muslim League-Nawaz (PML-N), became Prime Minister. His tenure focused on addressing economic challenges, securing IMF loans, and managing political instability.
Economic Context: During Shehbaz Sharif’s government, Pakistan faced severe economic challenges, including high inflation, a depreciating currency, and the need for financial assistance from the IMF.
Government: Pakistan Muslim League-Nawaz (PML-N) led coalition
Prime Minister: Shehbaz Sharif
Dollar to Pakistani Rupees Rate in August 2023: Approximate range PKR 230-250 per USD
In August 2023, the government transitioned to a caretaker administration to oversee the upcoming general elections.
August 2023 – February 2024: Caretaker Government
Exchange Rate in August 2023: Approximate range PKR 230-287 per USD
August 2023 onwards: Anwaar-ul-Haq Kakar was appointed as the Caretaker Prime Minister to manage the country until the general elections.
Economic Context: The caretaker government focused on maintaining stability and preparing for elections amidst ongoing economic issues.
Government: Caretaker administration
Prime Minister: Anwaar-ul-Haq Kakar (Caretaker Prime Minister)
Dollar to Pakistani Rupees Rate in February 2024: Approximate range PKR 278-280 per USD
Conclusion
The exchange rate of the PKR against the USD has been influenced by various factors, including political stability, economic policies, global economic conditions, and external financial assistance. Understanding these historical trends helps in comprehending the economic challenges and opportunities faced by Pakistan over the decades.
