June 5, 2026
USD to PKR: A Decade of the Rupee's Fall
The Pakistani rupee was Rs 102 to a dollar in 2015. Today it trades near Rs 280. We chart the moves and break down the four crises that shaped where the rupee is now.
The rupee's losing decade
Over the last ten years the Pakistani rupee has lost roughly 60–65% of its value against the US dollar. That's not a smooth slide — it's four discrete crises, each followed by a brief period of stability.
Crisis 1: The 2018 IMF entry (Rs 105 → Rs 140)
After years of an artificially pegged rate that prioritised stability over fundamentals, the rupee was effectively allowed to find its market price in 2018. Within months it slid from ~Rs 105 to over Rs 140. This was the political price of re-entering an IMF programme.
Crisis 2: The 2019 IMF EFF (Rs 140 → Rs 160)
The Extended Fund Facility programme of 2019 brought the official commitment to a "market-determined exchange rate." Translation: no more SBP intervention to defend a number. The currency drifted toward Rs 160 over the next year.
Crisis 3: The 2022 collapse (Rs 170 → Rs 285)
The biggest single year of damage. A combination of:
- Global energy shock from the Russia–Ukraine war
- Foreign exchange reserves dropping below one month of imports
- Political turmoil interrupting the IMF programme
…sent the rupee from Rs 170 to over Rs 280 in a matter of months. Imported inflation followed almost mechanically.
Crisis 4: The 2024 stabilisation (Rs 280–290)
The current programme has held the rupee in a relatively narrow band. The trade-off is high real interest rates and tight import controls — neither popular, both necessary if reserves are to stay rebuilt.
What it means for everyday prices
Every Pakistani household pays the rupee's depreciation through:
- Imported food (palm oil, pulses, edible oil) — directly indexed to USD
- Fuel — international crude is priced in USD; the rupee multiplies that cost at the pump
- Electronics, medicine, machinery — anything not produced locally
This is why "the dollar rate" is the most-asked economic question in the country. It's not abstract — it shows up in your monthly grocery bill within weeks.
Track the rupee live
Current USD/PKR rate with 30-day, 90-day, and 1-year charts.