Pakistani Rupee (PKR)
The Pakistani rupee is the currency of Pakistan. The currency code for the rupee is PKR, and it’s written as ‘Rs’ or روپیہ in Urdu. In Pakistan, the rupee is also sometimes spelled ‘rupees’, ‘rupaya’, ‘rupaye’, or ‘rupiyah’. The modern Pakistani rupee was put into circulation following the dissolution of the British Raj in 1947. It is a fiat currency.
Currency name
Pakistani Rupee
Currency symbol
₨
PKR exchange rates
| USD | EUR | INR | GBP | AED | CAD | SAR | TRY | |
|---|---|---|---|---|---|---|---|---|
| From PKR | 0.00360 | 0.00341 | 0.30396 | 0.00283 | 0.01321 | 0.00505 | 0.01351 | 0.12355 |
| To PKR | 277.95000 | 293.52900 | 3.28989 | 353.09400 | 75.67380 | 198.06900 | 74.00260 | 8.09364 |
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| Name | Pakistani rupee (PKR) |
|---|---|
| Symbol | ₨ |
| Minor Unit | Paisa |
| Minor Unit Symbol | - |
| Notes Freq Used | 10, 50, 100, 500, 1000 rupees |
| Coins Freq Used | 1, 2, 5 rupees |
| Central Bank | State Bank of Pakistan |
| Users | Pakistan |
Facts Table for Pakistani rupee (PKR)
The Pakistani Rupee serves as the official currency of Pakistan, with PKR as its currency code and ₨ as its symbol. Among the prevalent exchange rates, the PKR to USD rate stands as the most widely used.
The historical context of Pakistan's currency intertwines with India's monetary evolution, given their shared past until 1947. In 1825, British India established a silver standard centred on the Rupee, maintaining its prominence until the latter part of the 20th century. Despite being a British colony, India did not adopt the Sterling Pound. By 1866, financial institutions collapsed, prompting the British government to assume control of paper money, replacing the presidency banks. Subsequently, the issuance of the Victoria Portrait series of notes, dedicated to Queen Victoria, persisted for about five decades.
Following Pakistan's independence in 1947, Indian Rupees marked with a Pakistan stamp circulated as a provisional currency. In 1948, the Pakistani Rupee was formally introduced, maintaining its linkage to the British Pound. In 1961, a decimalization process ensued, replacing annas subunits with paise. The currency transitioned to a managed float regime in 1982.
Modern History
2008 proved catastrophic for the rupee post-elections, experiencing a drastic 23% depreciation between December 2007 and August 2008, plummeting to a historic low of Rs.79/20 against the US dollar. This devaluation was primarily fueled by sizable current and trade account deficits stemming from Pakistan's credit expansion since 2002. Heightened militancy in the Khyber Pakhtunkhwa province and the tribal areas led to a decline in foreign direct investment, laying bare structural balance-of-payment issues, resulting in a drastic plunge in foreign exchange reserves.
The rupee's decline persisted gradually until the beginning of 2018, followed by a rapid devaluation. The situation worsened in mid-2021, witnessing an almost 50% devaluation between May 2021 and May 2023. This steep depreciation is largely attributed to political instability, devastating natural phenomena, and a looming debt crisis.
