(Though I do remember it at around 20)
Anyway, here’s a chart showing PKR / USD rates since 1982:
So yes. It was PKR 10 / USD once a long time ago: in 1982.
Let’s look at the same period (1982 – 2012 ) in terms of yearly devaluation percentage:
It’s interesting that the period of 2002 – 2007 looks like a complete outlier. If you ignore this period, the average annual depreciation is about 9%; if you include this period it is about 7%.
Why do these graphs look like this ? What happened from 2002-2007 ? What happened over the long term ? why do we keep on slipping at about 9% per year ? Is there any way to reverse this ? does this even matter ? Interesting questions for another time !
[All historical PKR to USD rates taken from State Bank of Pakistan website: www.sbp.org.pk]