![]() While Pakistan is still a fairly new country, the rupee has a long and colorful history in the region. 5 Facts You Might Not Know About Pakistan’s Money Increased militancy, trade deficits, a lack of foreign investment, and economic instability continues to keep the Pakistani rupee at a low value.Īs of July 2021, 1 USD is equal to 161.45 PKR. The general financial crisis further stressed the economy in the 1980s, but depreciation continued well into 2008. Once it was removed from the pound, inflation sharply increased, and the Pakistani rupee was devalued. ![]() Until 1982, the Pakistani rupee was pegged to the British pound to manage inflation. You can find current foreign exchange rates online via various free currency converter tools, or check the daily rate with your money transfer app or bank of choice. The Currency Exchange Rate in Pakistan Explained ![]() Those who are interested in learning more about the history of Pakistani currency can visit the Money Museum of Pakistan in Karachi. However, the State Bank of Pakistan will accept older designs of 10, 50, 100, and 1,000 rupee notes until December 31, 2021. Currently, each banknote has a different color and size, as well as watermarks and security threads to prevent counterfeiting. As of November 30, 2016, old design banknotes are not accepted by any bank. The design of the rupee has changed over time. In 1961, the anna was discontinued, and Pakistan has not minted a single paisa since 1994. Four annas would equal one paisa, and 96 paise (the plural form of paisa) would equal one rupee. These would have made excellent collector items. While no smaller denominations are used today, there used to be two subdivisions of the rupee: the anna and the paise. The State Bank of Pakistan issued the first banknotes on October 1, 1948, in the denominations of 5, 10, and 100 rupee notes - the 1- and 2-rupee notes were released approximately six months later. Until the Government of Pakistan could set up a banking system and printing press, the currency of Pakistan was supplied by the Reserve Bank of India. Since Pakistan was a newly independent nation, it did not yet have a central banking system. The introduction of the rupee followed the end of the British Raj - which was the rule of the British Crown in India from 1858 to 1947. Large values of rupee are counted in terms of thousands, including:Ī Short History of the Modern Pakistani RupeeĪfter the partition of India in 1947, Pakistan began using the Pakistani rupee. That bank note has since been replaced by a 5-rupee coin instead. ![]() New designs for the above denominations were issued in 2008, as well as a 5-rupee banknote. Rupees are currently minted or printed by the central bank, the State Bank of Pakistan. It’s also important to note that the Pakistani rupee is not interchangeable with the Indian rupee. Unlike many other currencies, there is no smaller currency in regular use. Some relief for the battered currency is on the way, however, after the International Monetary Fund (IMF) agreed to a deal that will see Pakistan receive $1.7 billion in tranches in the coming weeks to shore up the country's finances.Whether you get coins or banknotes in Pakistan, it will be in rupees. Zalakat Khan, who teaches at the Economic Department of Peshawar University, said the current situation with the rupee will spark another wave of inflation in Pakistan, with food and utility prices hitting workers hard. The ruling Pakistan Muslim League says the existing assembly will complete its constitutional term of five years before a vote is held on time in mid-2023. Khan's victory has breathed new life into his campaign to oust the current government, with the former cricket star once again repeating his demand for early elections after he was sacked in a no-confidence vote. The rupee's current downturn was sparked by domestic political instability, and the pace of its decline increased with the results of by-elections in Punjab Province, where the opposition Pakistan Tehrik-e Insaf party of former premier Imran Khan unexpectedly won 15 out of 20 seats, thus paving way for a change of government in the key province. currency on the interbank market during the day, after closing on July 18 at 215.2. The Pakistani rupee slumped to record lows against the dollar on July 19 as domestic political and economic factors weigh on the currency.
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