Rupee Time Machine
What Rs 1 lakh from 2017 is worth today
Put Rs 1 lakh in US stocks at the end of 2017, and by 29 Sep 2026 it was worth Rs 8.3 lakh. Over the same years prices rose ×2.78: anything that ended below Rs 2.8 lakh lost buying power.
Prices rose ×2.78 since 2017. Bars left of the dashed line fell behind prices.
- US stocks (S&P 500), in rupeesRs 8.3 lakh ×8.30stocks ×3.31 in dollars, then the dollar ×2.51 in rupees
- GoldRs 8.2 lakh ×8.16
- PSX (KSE-100)Rs 4.2 lakh ×4.19
- Savings (policy rate, before tax)Rs 2.8 lakh ×2.76
- US dollars, as cashRs 2.5 lakh ×2.51
- Plot, Lahore (asking prices)Rs 2.1 lakh ×2.07
- Cash at homeRs 1 lakh ×1.00
PSX, SBP, PBS via IMF, sarafa association, LBMA, S&P Dow Jones Indices, Zameen. Markets to 29 Sep 2026; CPI to Aug 2026. KSE-100 includes dividends before tax. Past returns don’t predict future ones.
| Where it went | Worth now | Growth | After inflation, in 2017 rupees |
|---|---|---|---|
| US stocks (S&P 500), in rupees | Rs 8.3 lakh | ×8.30 | Rs 3 lakh |
| Gold | Rs 8.2 lakh | ×8.16 | Rs 2.9 lakh |
| PSX (KSE-100) | Rs 4.2 lakh | ×4.19 | Rs 1.5 lakh |
| Savings (policy rate, before tax) | Rs 2.8 lakh | ×2.76 | Rs 99,210 |
| US dollars, as cash | Rs 2.5 lakh | ×2.51 | Rs 90,215 |
| Plot, Lahore (asking prices) | Rs 2.1 lakh | ×2.07 | Rs 74,251 |
| Cash at home | Rs 1 lakh | ×1.00 | Rs 35,950 |
Rs 1 lakh from other years
How we got these numbers
- PSX: the KSE-100, a total-return index (cash dividends added back, before tax).
- Gold: the Karachi sarafa rate per tola where one is recorded, otherwise the London (LBMA) price × the dollar rate.
- Savings: the State Bank policy rate, averaged over each year and compounded, before tax.
- US stocks: the S&P 500 with dividends, converted at the interbank dollar rate. Pakistanis couldn't freely buy these, so treat it as a benchmark.
- Plot: Zameen's Lahore index of asking prices. Not sale prices, and no rent included.
- Prices: the consumer price index from PBS via the IMF, to Aug 2026.
Full series, sources and caveats: data and methods.
Questions
- Which did better in Pakistan since 2017: gold, the PSX or the dollar?
- From the end of 2017 to 29 Sep 2026, gold grew ×8.16, the PSX (KSE-100, with dividends) ×4.19 and the US dollar ×2.51 in rupees, while prices rose ×2.78. The ranking depends on the start year: from 2010 the PSX beat gold; from 2015 gold beat the PSX.
- Does the KSE-100 figure include dividends?
- Yes. The KSE-100 is a total-return index: PSX adds cash dividends back into it, before withholding tax. A real investor received slightly less after tax, roughly one percentage point a year.
- What does "savings" mean here?
- The State Bank policy rate, averaged over each calendar year and compounded, before tax. It is a proxy for T-bills and money-market funds. Most bank savings accounts paid less.
- Is this investment advice?
- No. stox is an education service. These are historical numbers with their sources. Past returns do not predict future ones.