|- left||Ushiri Khwar, Niag Khwar|
|- right||Baraul Khwar, Jandol Khwar|
|Source||Hindu Kush Mountains|
|- elevation||3,600 m (11,811 ft)|
|Length||220 km (137 mi)|
The Panjkora River is a river in northern Khyber Pakhtunkhwa, northwestern Pakistan. It rises high in the glaciers of Hindu Kush Mountains and flows downstream south through Upper Dir and Lower Dir Districts and joins the Swat River near Chakdara, Malakand District, Khyber Pakhtunkhwa. It is in the Indus River watershed basin.
The Panjkora Valley contains important sites of the Gandhara grave culture.
Timergara, 40 kilometres (25 mi) from Chakdara, is the site of excavated ancient graves, dating from 1500 to 600 BC.
On the west side of the Panjkora River is the excavated site of Balambat. The site has been occupied continuously since 1500 BC. Houses dating from 500 BC have been discovered here. Fire altars were also discovered, evidence of Yajna, a ritual practice which is part of Hinduism. The Gandhara grave culture is the earliest phase of Indo-Aryan migrations into the Indian subcontinent. It was part of the Early Vedic culture.
The Talash Valley, 13 kilometres (8.1 mi) from Chakdara, is full of Buddhist remains. Buddhist stupas and monasteries which have not been excavated are on both sides of the road towards Dir. At the west end of the valley is the Kat Kala Pass. Olaf Caroe identified this place with Massaga which was captured by Alexander the Great in 327BC. There are also crumbling remains of a massive Parthian fort of the 8th to 10th centuries. Coordinates:
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