Pakistani Rupee (PKR)

The Pakistani Rupee (PKR) is the official currency of Pakistan. It is denoted by the symbol “₨” and has the ISO code PKR. The State Bank of Pakistan is responsible for the issuance and regulation of the Pakistani Rupee.

The Pakistani Rupee was introduced in 1947 when Pakistan gained independence from British rule. It replaced the Indian Rupee as the official currency. The Rupee is subdivided into 100 paise, but due to inflation and low value, paise coins are no longer in circulation.

The Pakistani Rupee is available in both banknotes and coins. Banknotes are issued in denominations of 10, 20, 50, 100, 500, 1000, and 5000 PKR. Coins are available in denominations of 1, 2, 5, and 10 PKR.

The value of the Pakistani Rupee fluctuates in the foreign exchange market. Its exchange rate is determined by supply and demand dynamics. Factors such as economic conditions, trade balance, interest rates, and political stability can influence the value of the Rupee against other currencies.

The Pakistani Rupee is widely used for trade, commerce, and daily transactions within Pakistan. It is also accepted by foreign investors and tourists in the country. However, it is important to note that the Rupee is not a freely convertible currency, and there are certain restrictions on its exchange and convertibility.

The State Bank of Pakistan plays a crucial role in managing the exchange rate and stability of the Rupee. It intervenes in the foreign exchange market to control excessive volatility and maintain a certain range for the Rupee’s value.

In conclusion, the Pakistani Rupee is the official currency of Pakistan and is widely used for domestic transactions. Its value fluctuates in the foreign exchange market and is influenced by various economic and political factors. The State Bank of Pakistan regulates the Rupee’s issuance and manages its exchange rate.