New Delhi, March 27 -- During the 1960s and early 1970s, Pakistan maintained a stable exchange rate of 4.7619 PKR per USD under the fixed or pegged exchange rate regime, ranking among the strongest currencies in South Asia. India, initially at the same rate, devalued to 7.5 by 1967 due to trade deficits. Bhutan and Maldives mirrored Pakistan's rate, while Nepal's weaker rate of 7.5 further depreciated to 10.125 by 1968. Sri Lanka devalued to 5.95 by 1968, and Afghanistan had the weakest currency, depreciating from 17.19 in 1960 to 38.69 by 1964. Pakistan's exchange rate stability stood out amid regional economic challenges.

By 1990, Pakistan's rupee ranked fourth at 21.71 PKR/USD, behind the Maldives, India, and Bhutan. Fast forward to 2...