Today, the Pakistani people also refer to rupees as “rupaya” or “rupaye.” 2. While the rupee as we know it didn’t exist until the 1500s, references to silver coins as “rūpyakam” extend as far back as the mid-300s BCE. The modern word “rupee” comes from the Sanskrit word “rūpyakam,” meaning “coin of silver.” The rupee blends ancient and modern civilizations in both design and function. While Pakistan is still a fairly new country, the rupee has a long and colorful history in the region. Pakistan’s currency: 5 interesting historical facts You can also consult money transfer apps like Remitly for their latest Pakistani rupee exchange rates.
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You can find real-time foreign exchange rates online via various free currency converter tools. The amount of rupees you receive will depend on the current exchange rate. Visit a currency exchange counter or a bank to convert any of the following to PKR: If you have currency from another country, you can convert it into Pakistani rupees before a trip to Pakistan. Its six galleries display the history of the Pakistani rupee, including the history of the State Bank of Pakistan and a currency gallery. Those who want to learn more about the history of Pakistani currency can visit the Money Museum of Pakistan in Karachi. Increased militancy, trade deficits, a lack of foreign investment, and economic instability continue to keep the Pakistani rupee at a low value. But when Pakistan separated from the pound in 1981, inflation increased, and the rupee lost value.ĭepreciation continued well into 2008. The national bank pegged the value of Pakistan’s currency to the British pound (GBP) as a way to manage inflation. However, the State Bank of Pakistan accepted older designs of 10, 50, 100, and 1,000 rupee notes through December 31, 2021. Currently, each banknote has a different color and size, as well as watermarks and security threads to prevent counterfeiting.Īs of November 30, 2016, Pakistani banks no longer accept any banknotes using old designs. The State Bank of Pakistan changed the rupee’s design over time. In 1961, Pakistan discontinued the anna, and it stopped minting paise in 1994. Four annas equaled one paisa, and 96 paise equaled one rupee. While smaller denominations are no longer in use, Pakistan once subdivided the rupee into the anna and the paisa (paise is the plural form). The bank released 1- and 2-rupee notes approximately six months later. The State Bank of Pakistan issued the first banknotes on October 1, 1948, in the denominations of 5, 10, and 100 rupee notes. The Reserve Bank of India temporarily provided Pakistani currency as the Government of Pakistan set up its own banking system and printing press. Pakistan gained its independence in 1947, but it did not yet have a central banking system. For example:īritain ruled Pakistan from 1857 to 1947 under the British raj. Pakistan counts large values of rupees by the thousands.
In 2008, the State Bank of Pakistan unveiled new designs for its banknotes, as well as the addition of a 5-rupee coin to replace the 5-rupee banknote. Here are some quick facts about Pakistan’s currency: Rupees are currently minted by Pakistan’s central bank, the State Bank of Pakistan. It’s also important to note that the Pakistani rupee is not interchangeable with the Indian rupee. This means the smallest denomination is 1 rupee. Unlike other currencies, Pakistan doesn’t break its banknotes into smaller units, like cents. The rupee is the official currency of Pakistan.
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