In this article, we’re answering “What is the currency of Pakistan?”
This will include a breakdown of the available banknotes, coins, and information on how to send money to Pakistan from around the world.
In short, this will be of interest to anyone looking to send money orders to Pakistan, or considering various overseas fintech solutions or international digital bank account options to assist with sending online transfers.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What Is the Currency of Pakistan?
- Sending Money to Pakistan
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
What Is the Currency of Pakistan?
The Pakistan currency is the Pakistani rupee and its international symbol is Rs., it is abbreviated as PKR. The rupee has been the official currency of Pakistan since 1949, following the act establishing the State Bank of Pakistan, the issuing body of the rupee.
Banknotes are issued by the State Bank of Pakistan in Rs. 10/-, Rs. 20/-, Rs. 50/-, Rs. 75/-, Rs. 100/-, Rs. 500/-, Rs. 1,000/-, Rs. 5,000/- notes. Coins are issued by the State Bank of Pakistan in Re. 1/- Rs. 2/-, Rs. 5/-, and Rs. 10/-.
Not surprisingly, due to their close historical ties, both Pakistan and India have rupee-based economies. In fact, the State Bank of India issued the Pakistani rupee for one year, following the fall of the British Raj in 1947 and prior to the State Bank of Pakistan taking responsibility in 1949.
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Sending Money to Pakistan
Sending money to Pakistan is relatively straightforward, cost-effective, and fast, through a number of international, digital, and even traditional money transfer services. However, selecting the best transfer service to send money to Pakistan from the UK, USA, or Canada requires a close look at the fees, as transfers can be costly.
Likewise, depending on where you are trying to send money to Pakistan from, you may find that certain banks and even digital transfer options have restrictions.
How to Exchange Pakistani Currency?
In order to exchange the Pakistani rupee, you can use any number of currency exchange, forex, and money order services. However, most individuals opt for fintech and digital platforms that specialize in international transfers. This is because exchanging PKR in person at currency exchange shops often has higher fees, can be more tedious, and is not as convenient as directly sending funds.
Frequently Asked Questions
Below are four of the most common questions we receive from people looking into what the currency of Pakistan is. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Is the History of the Pakistan Currency?
The Pakistani currency was initially issued by the State Bank of Pakistan in 1949. However, the history of Pakistan’s currency starts earlier, first established in 1947 following the fall of the British Raj. During 1947, the rupee was simply British Indian notes with Pakistan written across them until 1948 when the State Bank of India printed the Pakistan rupee for a period of one year.
What’s the Best Way to Get Pakistani Rupee in Pakistan?
You can get the Pakistani rupee in Pakistan from several locations, including banks, certain hotels, and the airport. Additionally, the Pakistan rupee is often available before travel from currency exchange shops, post office brokers, and other foreign currency services.
How Much Will India’s 100 Be in Pakistan?
As of May 2023, 100 INR is equal to 347 PKR. Importantly, the PKR is losing purchasing power against the INR. At the end of 2022, the exchange rate for 100 INR was 247 PKR. At the end of 2021, the exchange rate for 100 INR was 217 PKR.
How Much is $1 US in Pakistan?
For the first 30 years of the Pakistani rupee, USD 1 was equal to less than Rs. 10/- (Pakistani rupee). This exchange rate remained reasonably stable from 1949 to 1980, between an exchange rate of 3 PKR to 10 PKR exchanged for 1 USD.
However, in the 1980s, the PKR crossed a double-digit exchange rate and by the year 2000, it reached over 50 PKR to 1 USD, losing 80% of its purchasing power against the dollar in less than 20 years.
As of the beginning of May 2023, PKR is again at the highest exchange to USD yet, a rate of over 280 PKR to 1 USD. This current exchange rate reflects a subsequent drop in purchasing power of 80% over another 20 years.
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