In Pakistan, the rupee is also spelled as «rupees», «rupaya» or «rupaye». Rupee coin, made of silver, used in forex rates pakistan 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.
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». 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.
First Pakistani Rupee coin, made of nickel, 1948. Commemorative 20 rupees coin on the 150th year of Lawrence College Ghora Gali in 2011. 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. 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 color, being made from a composition of copper-nickel-zinc, and also in 2016 a Rs. For table standards, see the coin specification table. Regular government issues commenced in 1948 in denominations of 1, 5, 10 and 100 rupees. The government continued to issue 1 rupee notes until the 1980s but other note issuing was taken over by the State Bank of Pakistan in 1953, when 2, 5, 10 and 100 rupees notes were issued. Only a few 2 rupees notes were issued. 50 rupees notes were added in 1957, with 2 rupees notes reintroduced in 1985. All banknotes other than the 1 and 2 rupees feature a portrait of Muhammad Ali Jinnah on the obverse along with writing in Urdu.
The reverses of the banknotes vary in design and have English text. The only Urdu text found on the reverse is the Urdu translation of the Prophetic Hadith, «Seeking honest livelihood is worship of God. The banknotes vary in size and colour, with larger denominations being longer than smaller ones. However, each denomination does have one colour which predominates. All banknotes feature a watermark for security purposes.
On the larger denomination notes, the watermark is a picture of Jinnah, while on smaller notes, it is a crescent and star. Different types of security threads are also present in each banknote. These images are to scale at 0. For table standards, see the banknote specification table. The State Bank has started a new series of banknotes, phasing out the older designs for new, more secure ones. Due to the large number of pilgrims to the Kingdom of Saudi Arabia during the 1950s, the State Bank of Pakistan provided simple exchange facilities for Hajj pilgrims. The issue of special notes for the express use of the pilgrims was introduced.
The use of Hajj notes continued until 1978. Until this date, stocks of notes were used without the necessity of printing new notes with the signatures of the later Governors. It is believed that, once the use of Hajj Notes was discontinued, most of the remaining stock of notes was destroyed. The rupee was pegged to the British pound until 1982, when the government of General Zia-ul-Haq changed it to managed float. As a result, the rupee devalued by 38. The major reasons for this depreciation were huge current and trade accounts deficits that had built up since the credit boom in Pakistan post 2002. Connecting Histories in Afghanistan: Market Relations and State Formation on a Colonial Frontier.
Military Information Operations in Afghanistan: Effectiveness of Psychological Operations 2001-2010. A collection of Pakistani Currency Notes». Pakistan rupee falls to new low». Pakistan Depreciates its Currency, Adjusting to Economic Pressures». This page was last edited on 19 March 2018, at 13:21. Please forward this error screen to sharedip-1921862344.
Please forward this error screen to 198. It is neither a foreign exchange company nor its is affiliated with any currency dealer. The Pakistani Rupee is the currency of Pakistan. Our currency rankings show that the most popular Pakistan Rupee exchange rate is the GBP to PKR rate. Click on a currency code to learn about it.
Have more info about the Pakistani Rupee? Why are you interested in the PKR? Much of the monetary history of Pakistan is shared with that of India, as Pakistan was part of India up until 1947. In 1825, British India adopted a silver standard system based on the Rupee and was used until the late 20th century. Although India was a colony of Britain, it never accepted the Sterling Pound. When Pakistan became independent in 1947, Indian Rupees with a Pakistan stamp were used as a temporary currency.