NEW DELHI (The Thursday Times) — The Indian rupee has fallen nearly thirteen per cent against the Pakistani rupee since Operation Sindoor, according to exchange-rate data reviewed by The Thursday Times.
On 7 May 2025, when Operation Sindoor began, one Indian rupee was trading at approximately 3.3236 Pakistani rupees. By 21 May 2026, the rate had declined to around 2.897 Pakistani rupees per Indian rupee. That represents a fall of roughly 12.8 per cent over the period.
The decline shows a clear downward movement in the Indian rupee’s value against the Pakistani rupee across the year following the India-Pakistan war. While daily exchange rates fluctuate, the overall trend from May 2025 to May 2026 shows sustained weakening.
The movement is significant because the Indian rupee has not only weakened against major global currencies, but also against the Pakistani rupee, a currency that has itself faced pressure in recent years.
Currency values are influenced by several factors, including inflation, interest rates, oil prices, dollar strength, investor sentiment, external financing conditions and geopolitical risk. The INR/PKR rate therefore should not be read as the result of one event alone.
However, the timing makes the decline notable. Since Operation Sindoor, the exchange rate has moved from above 3.32 PKR per INR to below 2.90 PKR per INR, showing a visible shift in the bilateral currency position.
The fall is also useful as a simple market indicator. A lower INR/PKR rate means one Indian rupee buys fewer Pakistani rupees than it did a year earlier. In practical terms, the Indian rupee has lost purchasing value against the Pakistani rupee during this period.
The exchange-rate chart shows a steady slide rather than a single-day fall. The Indian rupee weakened across multiple points during the year, with the rate moving gradually lower before reaching around 2.90 PKR per INR in May 2026.
The nearly thirteen per cent decline adds a financial dimension to the broader post-Sindoor period, showing that the currency movement between the two neighbours has shifted noticeably since May 2025.
For markets, the key point is the direction of travel. The Indian rupee started the period at around 3.32 against the Pakistani rupee. One year later, it was closer to 2.90.
