Currency is a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Used as a mode of exchange for goods and services, currency is the basis for trade.
In addition to the metal coins and paper bank notes, modern currency also includes checks drawn on bank accounts, money orders, travelers checks, and will soon include electronic money or digital cash.
Currency of Pakistan:
The Pakistani rupee is the currency of Pakistan. The issuance of the currency is controlled by the State Bank of Pakistan, the central bank of the country. The most commonly used symbol for the rupee is Rs, used on receipts when purchasing stuff, things and services.
In Pakistan, the rupee is also spelled as “rupees”, “rupaya” or “rupaye”. As standard in Pakistani English, large values of rupees are counted in terms of thousands, lakh (100 thousand) and crore (10 million), 1 Arab (1 billion), 1 Kharab (100 billion).
The word rūpiya is derived from the Sanskrit word rūpya, which means “wrought silver, a coin of silver”,in origin an adjective meaning “shapely”, with a more specific meaning of “stamped, impressed”, whence “coin”. It is` derived from the noun rūpa “shape, likeness, image”.
Rūpaya was used to denote the coin introduced by Sher Shah Suri during his reign from 1540 to 1545 CE.
The Pakistani rupee was put into circulation in Pakistan after the dissolution of the British Raj in 1947. Initially, Pakistan used British Indian coins and notes simply over-stamped with “Pakistan”. New coins and banknotes were issued in 1948.
Like the Indian rupee, it was originally divided into 16 annas, each of 4 pice or 12 pie. The currency was decimalised on 1 January 1961, with the rupee subdivided into 100 pice, renamed (in English) paise (singular paisa) later the same year. However, coins denominated in paise have not been issued since 1994.
Rupee coin, made of silver, used in the state of Bahawalpur before 1947.
Rupee coin, made of gold, used in the state of Bahawalpur before 1947.
Indian rupees were stamped with Government of Pakistan to be used as legal tenders in the new state of Pakistan in 1947.
In 1948, coins were introduced in denominations of 1 pice, 1⁄2, 1 and 2 annas, 1⁄4, 1⁄2 and 1 rupee. 1 pie coins were added in 1951. In 1961, coins for 1, 5 and 10 pice were issued, followed later the same year by 1 paisa, 5 and 10 paise coins.
In 1963, 10 and 25 paise coins were introduced, followed by 2 paise the next year. 1 rupee coins were reintroduced in 1979, followed by 2 rupees in 1998 and 5 rupees in 2002. 2 paise coins were last minted in 1976, with 1 paisa coins ceasing production in 1979.
The 5, 10, 25 and 50 paise all ceased production in 1996. There are two variations of 2 rupee coins; most have clouds above the Badshahi Masjid but many don’t. The one and two rupee coins were changed to aluminium in 2007.
First Pakistani Rupee coin, made of nickel, 1948.
Commemorative 20 rupees coin on the 150th year of Lawrence College Ghora Gali in 2011.
Paisa denominated coins ceased to be legal tender in 2013, leaving the 1 Rupee coin as the minimum legal tender On 15 October 2015, the Pakistani government introduced a revised 5 rupee coin with a reduced size and weight and having a golden colour, being made from a composition of copper-nickel-zinc, and also in 2016 a Rs.10 coin was introduced in circulation.
Currency Rate in Pakistan:
16 Oct, 2017 Currency Rate in Pakistan – The total liquid foreign reserves held by the country stood at $21,744.1 million on April 7, 2017. The break-up of the foreign reserves position released on Thursday showed that foreign reserves held by the State Bank of Pakistan (SBP) stood at $16,688.2 million, net foreign reserves held by commercial banks are $5,055.9 million, thus total liquid foreign reserves reached at $21,744.1 million.
During the week ending April 7, 2017, the SBP’s reserves increased by $222 million to $16,688 million. During the week, SBP received multilateral inflows of $317 million and made payments of $118 million on account of external debt servicing and other official payments.
The currency page is keep displaying current time exchange rates of all major currencies in Pakistani rupees with currency symbols and currency real time buying and selling price such as; US$ dollar Open Market Rates, €-Euro (EU) Rates in Pakistan, £-British Pound (GBP) Rates, AED-UAE Dirham Rates in Pakistan, SAR-Saudi Arabian Riyal Rates in Pakistan, and CAD$-Canadian Dollar.
For the easiness of users of this website, the currency converter is also available on this page for converting or calculating different countries currencies. PakBiz.com is also provides free SMS alerts services of currency rates in Pakistan for all mobile phone users in Pakistan.