Devaluation tracker
What did holding rupees cost you?
Pick any amount since 2010 and see what holding it in rupees did to its dollar value.
102.77 PKR per dollar in 2015, 277.87 in July 2026, a 170.4% move in the rate.
Dollar value lost
$6,132
PKR 1,000,000 bought $9,730 in 2015. The same rupees buy $3,599 today: 63.0% less.
Rate then
102.8 PKR/$
Rate today
277.9 PKR/$
Share of value lost
USD/PKR
277.9 PKR
July 2026
A rising line means the rupee buys fewer dollars. 2026 is the July spot rate; earlier years are World Bank annual averages.
Milestones
The rupee, year by year
PKR 1,000,000 at each year's average rate, and how much dollar value the rupee had shed since 2010.
| Year | PKR per USD | PKR 1,000,000 in USD | Dollar value vs 2010 |
|---|---|---|---|
| 2010 | 85.19 | $11,738 | n/a |
| 2011 | 86.34 | $11,582 | −1.3% |
| 2012 | 93.40 | $10,707 | −8.8% |
| 2013 | 101.63 | $9,840 | −16.2% |
| 2014 | 101.10 | $9,891 | −15.7% |
| 2015 | 102.77 | $9,730 | −17.1% |
| 2016 | 104.77 | $9,545 | −18.7% |
| 2017 | 105.46 | $9,482 | −19.2% |
| 2018 | 121.82 | $8,209 | −30.1% |
| 2019 | 150.04 | $6,665 | −43.2% |
| 2020 | 161.84 | $6,179 | −47.4% |
| 2021 | 162.91 | $6,138 | −47.7% |
| 2022 | 204.87 | $4,881 | −58.4% |
| 2023 | 280.36 | $3,567 | −69.6% |
| 2024 | 278.58 | $3,590 | −69.4% |
| 2025 | 281.14 | $3,557 | −69.7% |
| 2026July spot | 277.87 | $3,599 | −69.3% |
World Bank, official exchange rate (PA.NUS.FCRF), period averages; July 2026 spot from open exchange-rate feeds.
What happened
How 85 became 278
For most of the 2010s the rupee moved slowly. Between 2010 and 2017 the average rate drifted from 85 to 105 per dollar (about 2.5% a year), the kind of decline a savings account could plausibly outrun. Rupee holders lost ground, but gradually enough that few noticed.
The gradual phase ended in 2018. A widening current-account deficit forced a series of step devaluations, taking the average rate from 105 in 2017 to 150 by 2019. Then came the sharpest stretch: between 2021 and 2023 the rate went from 163 to 280 as foreign reserves thinned to a few weeks of import cover, the government imposed import controls, and the exchange rate moved to a market-determined level under an IMF program. A rupee balance held through those two years lost roughly 42% of its dollar value.
Since 2023 the rate has held between roughly 278 and 281: a plateau, not a recovery. The dollar value lost in 2018–2023 has not come back; it has been locked in at the new level. The taka tells a slower version of the same story.
World Bank, official exchange rate (PA.NUS.FCRF), period averages; July 2026 spot from open exchange-rate feeds.
Questions
The rupee and the dollar, briefly
How much has the rupee fallen against the dollar?
The rupee went from 102.77 per dollar in 2015 to 277.87 in July 2026, so one rupee buys about 63% fewer dollars than it did in 2015. Measured from 2010, when the average rate was 85.19, the loss is about 69% of dollar value.
Why did the rupee fall so fast in 2022–23?
A balance-of-payments squeeze. Foreign reserves fell to a few weeks of import cover, the government tightened import controls, and the exchange rate moved to a market-determined level as part of an IMF program. The average rate went from about 163 per dollar in 2021 to 280 by 2023.
Is the rupee stable now?
The rate has been roughly flat since 2023, moving between about 278 and 281 per dollar. But flat after a 63% fall is not a recovery: it means the loss is locked in at the new level, not reversed.
How do freelancers protect earnings from rupee depreciation?
Invoice in US dollars, keep working balances in dollar-denominated form, and convert to rupees when you spend rather than when you get paid. Every month earnings sit in rupees is a month exposed to the next adjustment.
If you price your work in rupees, the same logic applies to your rates: the rate calculator works from your target income in dollars.
Where does this data come from?
Yearly figures are World Bank official exchange rates (PA.NUS.FCRF), period averages. The 2026 figure is the July 2026 spot rate from open exchange-rate feeds and is labeled as such.
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