A look at Rupee's fall against US Dollar since 1947
Here is a look at ups and downs of the local currency against the greenback.
LAHORE (Dunya News) – Depreciation of rupee against US Dollar is worrying every Pakistani as local currency continues to touch historic lows every passing day.
Here is a look at ups and downs of the local currency against the greenback since inception of Pakistan:
In 1947, USD was being traded at Rs3.31 and despite problems at home, first depreciation was recorded in 1955 as the local currency fell by 60 paisa to Rs3.91.
After 1955, several government came into power but exchange rate of the dollar remained stable; however, in 1971, when Zulfiqar Ali Bhutto took office of the president, greenback saw a huge jump and rose to Rs10.16 from Rs6.25.
After that, local currency saw steady decline and even when General Zia-ul-Haq came into power by removing PPP founder, the fall continued. During Haq’s tenure, the greenback rose by Rs8.
During first term of Benazir Bhutto from 1988-1990, rupee continued to lose ground and dollar reached Rs21.71 after gaining Rs3.71 in the period.
Nawaz Sharif, in his first term, also failed to control the fall as greenback reached Rs28.11 after gaining nearly Rs6. In second term of Benazir, dollar rose to Rs36.08 as it gained Rs5.5.
Second term of Nawaz Sharif, record the biggest fall of local currency by 15 rupees as the USD crossed the Rs50 mark.
During almost 10 year rule of Pervez Musharraf, greenback gained Rs9.46 and reached Rs62.22. Last PPP government (2009-2013) saw a drop of Rs36 in value of local currency as the dollar reached Rs98.
PML-N government from 2013-2018, also failed to stop the fall as at the end of its term, the greenback was at Rs115.68 after gaining Rs17.17.
When Imran Khan led government came into power, US dollar was being traded Rs124.04 but when he was removed from office after no-confidence motion, the greenback was at Rs184.68 after Rs60.64 depreciation of the local currency, highest ever fall since country was founded.
Now, as the coalition government, struggles to put the economy back on track, the dollar has crossed Rs200 mark.
The look at history of US Dollar against Pakistani Rupee (PKR) shows that no matter which party was in power the local currency continued its downward trajectory.
