The Currency of Pakistan is known as rupee. It is issued by the state bank of Pakistan . In Pakistan the rupee is called the rupaiya, or rupayee or rupees. The most commonly used symbol is Rs. I00,000 is counted in Pakistan as 1 lakh rupees and 10 million is equivalent to 1 crore rupees.
The Pakistani rupee came into circulation after it attained independence in 1947. Indian coins with the word “ Pakistan ” stamped on it were used for the first few months after independence. The first official Pakistani notes were issued in the year 1948. In 1961 the rupee was decimalized with rupees sub divided into 100 paisa. Since 1994 Coins of paisa are no longer issued.
Since 1953 the state bank of Pakistan began issuing 2, 5, 10 and 100 rupee notes. 50 rupee notes were issued from 1957. In 1986 and 1987 500 and 1000 rupee notes were issued respectively. 20 rupee notes were issued in 2005. The denomination took a major leap when 5000 rupee notes were introduced in 2006.
All bank notes issued in Pakistan have inscriptions in Urdu with a picture of the father of the nation alongside. The other side carries an English text
Each rupee of a particular denomination has a predominant color with a particular size. For security purposes all bank notes bear a water mark. The water picture of Jinnah is found in notes of larger denominations and a crescent and star mark is found on smaller notes. The notes also have a security thread running along its breath.
The Exchange value of Pakistani Rupee against some major foreign currency are
- 1 PKR = 0.060 UAE Dirham.
- 1 PKR = 0.019 Australian $
- 1 PKR = 0.127 Chinese Yuan
- 1 PKR = 0.70 Indian Rupee
- 1 PKR = 0.004 Kuwaiti Dinar
- 1 PKR = 0.016 US $
