The PKR enjoys a unique relationship with the Australian dollar/ AUD. With a huge number of expats currently living in Australia and earning AUD as well as remitting the same to PKR has made AUD one of the top most demanded currency in Pakistan. It enjoys an excellent forex rate of AUD to PKR and currently its free floating at 1AUD=150PKR.
Before the great depreciation if the PKR, the relationship of PKR and AUD was largely stable, with only Australia’s growth contributing to the growing value of the AUD over the past 5 years. What started off at 1AUD=85PKR in 2017 grew to 97PKR for 1 AUD and 108 PKR=1AUD in 2018 and 2019 respectively. It remained strong even against COVID and due to depreciating PKR the forex was 1UAD=121PKR in 2020. Currently with PKR at its worst in the past many years, the AUD is at PKR 150 for 1 AUD with no foreseeable appreciations in favor of the PKR.