The Indian rupee (INR) has declined significantly against the Pakistani rupee (PKR), particularly more so if compared to closing interbank rates during the 2025 Marka-e-Haq.
On May 15, 2025, one Indian rupee was equal to 3.2913 PKR. By May 18, 2026, this had fallen to 2.901 PKR, down 11.86 percent.
The decline also includes a 6.8 percent depreciation recorded during 2026 to date.
So PKR has strengthened and retained higher ground relative to INR over the period in question, despite both economies facing external pressures such as global inflation trends and economic shocks due to the Gulf War.
The comparison becomes more relevant in the context of Pakistan entering another International Monetary Fund (IMF) program last year. Since then, the Indian rupee has remained among the weaker-performing Asian currencies.
INR has also depreciated against other regional currencies, including the Bangladeshi taka.
While global factors such as the US dollar’s strength and war shocks have influenced currency markets, the consistent decline of the INR against multiple currencies shows there’s more dirt than water in the pond.
The Indian rupee could remain under downward pressure for the foreseeable future regardless of war shocks and related economic pressure.
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