Google once again made headlines on Friday by displaying the wrong conversion rate between the US dollar and Pakistani rupee, indicating that $1 was equal to Rs207.10 instead of the actual rate of Rs239.20. Google’s currency converter has not been entirely reliable since it was updated in June last year, but this latest glitch seems to be the most drastic yet.
In what might be described as a technical glitch, Google Currency Converter displayed the incorrect Pakistani rupee exchange rate on July 29, 2022.
On Friday, Pakistan’s currency closed near 242, another record low in the interbank market, due to concerns over the country’s fragile economic situation.
According to the State Bank of Pakistan (SBP), the rupee closed at 239.94 against the US dollar, a loss of Rs3.92 or 1.63%.
Despite this, PKR was calculated to be Rs207.10 per US dollar by the Google Converter, leaving people in disbelief.
The USD-PKR exchange rate peaked earlier this month at around 207. Since then, the local currency has depreciated by nearly 14%.
Less than a week ago, the rupee depreciated by 8% against the dollar within five days. Until this week is over, the rupee has lost nearly 5% of its value with one session left.
Due to the low SBP’s foreign exchange reserves, the pressure on the rupee has continued to be heavy.
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Dollar Rate in Pakistan
The dollar rate in Pakistan has been on a roller coaster ride lately. First, it was reported that the dollar had reached an all-time high of Rs.207.10 Then, just a few hours later, it was revealed that there was a Google glitch that had caused the wrong exchange rate to be displayed. Now, the Rupee has once again dropped to its original value of around Rs.242 against 1 US dollar. This fluctuation can be attributed to several factors, including political instability and the current state of the economy. In addition, the demand for the foreign currency may also have something to do with it. People need to take these developments into account when they are planning their next big purchase or investment.
History of the exchange rate
The Pakistani rupee was introduced on 1 January 1948, replacing the British Indian rupee. The first Pakistani rupees were minted in 1949. In 1961, the Pakistani rupee was pegged to the IMF’s special drawing rights (SDRs), and in 1972 it was switched to a managed float against a basket of currencies. The Pakistani rupee was devalued in 1982 and floated in 1991. Since then, it has been subject to periods of high inflation and depreciation. Pakistani authorities have taken measures to reduce government expenditure and increase revenue collection by various means including imposing import tariffs, creating new taxes, and raising the prices of gas cylinders and electricity while reducing their subsidies.
The currency is vulnerable to shifts in economic policies as seen with Greece’s recent economic crisis. Furthermore, with $50 billion worth of external debt repayments due within the next few years and Pakistan’s ability to generate exports being one-third below its import levels, Pakistan may face difficult times ahead.
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How it affects Pakistanis worldwide
Google has been having a lot of trouble lately, and it’s really starting to affect people’s lives. This latest glitch has caused a lot of confusion for Pakistanis who use Google to check the exchange rate between their currency and the US dollar. The current exchange rate is actually around Rs. 242, so you can imagine how confusing it must be to see Google show the rate as Rs. 207.10.
Fluctuation of the Dollar rate in Pakistan
Fluctuation of the Dollar rate in Pakistan from 1947 to 2022 which is given as follows:
- In 1947 1 USD = 3.31 PKR
- In 1948 1 USD = 3.31 PKR
- In 1949 1 USD = 3.31 PKR
- In 1950 1 USD = 3.31 PKR
- In 1951 1 USD = 3.31 PKR
- In 1952 1 USD = 3.31 PKR
- In 1953 1 USD = 3.31 PKR
- In 1954 1 USD = 3.31 PKR
- In 1955 1 USD = 3.91 PKR
- In 1956 1 USD = 4.76 PKR
- In 1957 1 USD = 4.76 PKR
- In 1958 1 USD = 4.76 PKR
- In 1959 1 USD = 4.76 PKR
- In 1960 1 USD = 4.76 PKR
- In 1961 1 USD = 4.76 PKR
- In 1962 1 USD = 4.76 PKR
- In 1961 1 USD = 4.76 PKR
- In 1962 1 USD = 4.76 PKR
- In 1963 1 USD = 4.76 PKR
- In 1964 1 USD = 4.76 PKR
- In 1965 1 USD = 4.76 PKR
- In 1966 1 USD = 4.76 PKR
- In 1967 1 USD = 4.76 PKR
- In 1968 1 USD = 4.76 PKR
- In 1969 1 USD = 4.76 PKR
- In 1970 1 USD = 4.76 PKR
- In 1971 1 USD = 4.76 PKR
- In 1972 1 USD = 11.01 PKR
- In 1973 1 USD = 9.99 PKR
- In 1974 1 USD = 9.99 PKR
- In 1975 1 USD = 9.99 PKR
- In 1976 1 USD = 9.99 PKR
- In 1977 1 USD = 9.99 PKR
- In 1978 1 USD = 9.99 PKR
- In 1979 1 USD = 9.99 PKR
- In 1980 1 USD = 9.99 PKR
- In 1981 1 USD = 9.99 PKR
- In 1982 1 USD = 11.85 PKR
- In 1983 1 USD = 13.12 PKR
- In 1984 1 USD = 14.05 PKR
- In 1985 1 USD = 15.93 PKR
- In 1986 1 USD = 16.65 PKR
- In 1987 1 USD = 17.4 PKR
- In 1988 1 USD = 18 PKR
- In 1989 1 USD = 20.54PKR
- In 1990 1 USD = 21.71 PKR
- In 1991 1 USD = 23.8 PKR
- In 1992 1 USD = 25.08 PKR
- In 1993 1 USD = 28.11 PKR
- In 1994 1 USD = 30.57 PKR
- In 1995 1 USD = 31.64 PKR
- In 1996 1 USD = 36.08 PKR
- In 1997 1 USD = 41.11PKR
- In 1998 1 USD = 45.05 PKR
- In 1999 1 USD = 51.90 PKR
- In 2000 1 USD = 51.90 PKR
- In 2001 1 USD = 63.5 PKR
- In 2002 1 USD = 60.5PKR
- In 2003 1 USD = 57.75 PKR
- In 2004 1 USD = 57.8 PKR
- In 2005 1 USD = 59.7 PKR
- In 2006 1 USD = 60.4 PKR
- In 2007 1 USD = 60.83 PKR
- In 2008 1 USD = 81.1 PKR
- In 2009 1 USD = 84.1 PKR
- In 2010 1 USD = 85.75 PKR
- In 2011 1 USD = 88.6 PKR
- In 2012 1 USD = 96.5 PKR
- In 2013 1 USD = 107.2PKR
- In 2014 1 USD = 103 PKR
- In 2015 1 USD = 105.20 PKR
- In 2016 1 USD = 104.6 PKR
- In 2017 1 USD = 110.01 PKR
- In 2018 1 USD = 139 PKR
- In 2019 1 USD = 163.75 PKR
- In 2020 1 USD = 168.88 PKR
- In 2021 1 USD = 179.16 PKR
- In 2022 1 USD = 239.00 PKR ( July 29)
Also Read: 1 USD To PKR in 1947
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