View source for Pakistani rupee

{{short description|Currency of the Islamic Republic of Pakistan}}
{{Use Pakistani English|date=March 2017}}
{{Use dmy dates|date=November 2015}}
{{Infobox currency
| local_name1 = پاکستانی روپیہ
| local_name_lang1 = ur
| image_1 = Pakistani Rupee.jpg
| image_title_1 = Rs&nbsp;20, Rs&nbsp;100, Rs&nbsp;500, Rs&nbsp;1,000 banknotes
| image_2 = 
| image_title_2 = 
| iso_code = PKR
| using_countries = {{flag|Pakistan}}
| unofficial_users = 
| inflation_rate = 0.7% (March 2025)
| inflation_source_date = 
| unit = Rupee
| subunit_ratio_1 = {{frac|1|100}}
| subunit_name_1 = [[Paisa]]
| subunit_inline_note_1 = (defunct); Paisa denominated coins ceased to be legal tender in 2013<ref name="thenews.com.pk">{{cite web|url=http://www.thenews.com.pk/Todays-News-3-206403-Inflation-makes-paisa-extinct|title=The News International: Latest News Breaking, Pakistan News|website=|access-date=28 April 2018|url-status=live|archive-url=https://web.archive.org/web/20131224102528/http://www.thenews.com.pk/Todays-News-3-206403-Inflation-makes-paisa-extinct|archive-date=24 December 2013|df=dmy-all}}</ref>
| symbol = {{lang|ur|𞱱}}
| symbol_comment = (not in common use) in [[Urdu script|Urdu]]<br />Re/Rs in [[Latin alphabet|Latin]]
| frequently_used_coins = Re&nbsp;1, Rs&nbsp;2, Rs&nbsp;5, Rs 10
| frequently_used_banknotes = Rs&nbsp;10, Rs&nbsp;20, Rs&nbsp;50, Rs&nbsp;100, Rs&nbsp;500, Rs&nbsp;1,000, Rs&nbsp;5,000
| rarely_used_banknotes = Rs&nbsp;75
| issuing_authority = [[State Bank of Pakistan]]
| issuing_authority_website = {{URL|www.sbp.org.pk}}
| printer = [[Pakistan Security Printing Corporation]]
| printer_website = 
| mint = [[Pakistan Mint]]
| mint_website = 
| replaced_currency = [[Indian rupee]]
| date_of_introduction = {{ start date and age|1948 }}
}}

The '''Pakistani rupee''' ({{langx|ur|روپیہ}}; ISO code: '''PKR'''; [[Currency symbol|symbol]]: {{lang|ur|'''𞱱'''}}; abbreviation: '''Re''' (singular) and '''Rs''' (plural)) is the official [[currency]] in the [[Islamic Republic of Pakistan]]. The issuance of the currency is controlled by the [[State Bank of Pakistan]]. It was officially adopted by the [[Government of Pakistan]] in 1949. Earlier the coins and notes were issued and controlled by the [[Reserve Bank of India]] until 1949, when it was handed over to the Government and State Bank of Pakistan, by the [[Government of India|Government]] and Reserve Bank of India.

In [[Pakistani English]], large values of rupees are [[Indian numbering system|counted]] in thousands; [[lakh|lac]] (hundred thousands); [[crore]] (ten-millions); [[Indian numbering system|arab]] (billion); [[Indian numbering system|kharab]] (hundred billion). Numbers are still grouped in thousands

==History==
[[File:Bhawalpur Silver Coin 1.jpg|thumb|right|upright=1.15|Rupee coin, struck in silver, used in the [[state of Bahawalpur]] before 1947.]]
[[File:Bahawalpur Coin Gold.jpg|thumb|right|upright=1.15|Rupee coin, struck in gold, used in the [[state of Bahawalpur]] before 1947.]]
[[File:RBI 5-rupee note, overprinted Government of Pakistan, 1947.jpg|thumb|right|upright=1.15|Indian rupees were stamped with Government of Pakistan to be used as legal tender in the new state of Pakistan in 1947.]]
{{Main|History of the rupee}}

The word ''rūpiya'' is derived from the [[Sanskrit]] word ''rūpya'', which means "wrought silver, a coin of silver",<ref name="etymonline1">{{cite web | date=20 September 2008 | url=http://www.etymonline.com/index.php?search=rupee&searchmode=none | title=Etymology of rupee | access-date=25 July 2013 | url-status=live | archive-url=https://web.archive.org/web/20131110165256/http://www.etymonline.com/index.php?search=rupee&searchmode=none | archive-date=10 November 2013 | df=dmy-all }}</ref> 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 [[Common Era|CE]].

The Pakistan (Monetary System and Reserve Bank) Order, 1947 was issued on 14 August 1947, by the Governor General of pre-partition [[British Raj|British India]], following the advice of an expert committee.<ref name="auto">{{Cite web|url=http://www.pjsymes.com.au/articles/Pakistan-47-72.htm|title=The Banknotes of Pakistan 1947-1972|website=www.pjsymes.com.au}}</ref> It designated the [[Reserve Bank of India]] (RBI) as the temporary monetary authority for both India and Pakistan until 30 September 1948.<ref name="auto"/> During this transitional period, currency notes issued by the RBI and the Government of India were to remain legal tender in Pakistan.<ref name="auto"/> The order also allowed these notes to bear inscriptions of Government of Pakistan in Urdu and English, to be circulated from 1 April 1948.<ref name="auto"/> Like the [[Indian rupee]], it was originally divided into 16 ''annas'', each of 4 ''pice'' or 12 ''pie''.

For the first seven months following partition, currency issued by the RBI and the Government of India continued to circulate in Pakistan.<ref name="auto"/> Modified RBI notes in denominations of 2, 5, 10, and 100 rupees, and 1-rupee notes from the Government of India were later introduced.<ref name="auto"/> The modifications involved inscribing [[Government of Pakistan]] in English and "Hakumat-e-Pakistan" in Urdu on the front of the notes.<ref name="auto"/>

An early 1948 agreement between the governments of India and Pakistan resulted in an amendment to the Pakistan (Monetary System and Reserve Bank) Order, 1947, moving up the deadline for the RBI's role as Pakistan's monetary authority from 30 September 1948, to 30 June 1948.<ref name="auto"/> Concurrently, the arrangement for the RBI to supply inscribed Indian notes to Pakistan was terminated on 30 June 1948.<ref name="auto"/>

In January 1961, the currency was decimalised, 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.

In 1972, the newly independent [[Bangladesh]] introduced the  [[Bangladeshi taka|taka]] originally at parity with the Pakistani rupee. Afterwards, the Pakistani rupee ceased to be legal tender in Bangladesh.

== Coins ==
{{multiple image
 | total_width = 230
 | image1= Pakistani one rupee coin 1948.JPG | alt1=2
 | image2=  Pakistani one rupee coin,reverse.JPG | alt2=3
 | footer = First Pakistani rupee coin, made of nickel, 1948.
}}
[[File:5 paise 1965.jpg|thumb|Five paisa coin first used in 1965]]
[[File:PAK014.JPG|thumb|1 paisa coin first used in 1972]]
[[File:PAK011.JPG|thumb|5 paisa coin used in 1974]]
In 1948, coins were introduced in denominations of 1 pice, {{frac|1|2}}, 1 and 2 annas, {{frac|1|4}}, {{frac|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. Re.&nbsp;1/- coins were reintroduced in 1979, followed by Rs.&nbsp;2/- in 1998 and Rs.&nbsp;5/- 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 Rs.&nbsp;2/- coins: most have clouds above the [[Badshahi Mosque]] but many don't. The Re.&nbsp;1/- and Rs.&nbsp;2/- coins were changed to [[Aluminium]] in 2007.{{citation needed|date=October 2020}}

Paisa-denominated coins ceased to be legal tender in 2013, leaving the Re.&nbsp;1/- coin as the minimum legal tender.<ref name="thenews.com.pk"/> On 15 October 2015, the Pakistan government introduced a revised Rs.&nbsp;5/- coin with a reduced size and weight and having a golden colour, made from a composition of copper-nickel-zinc,{{citation needed|date=October 2020}} and also in 2016 a Rs.&nbsp;10/- coin was introduced into circulation.{{citation needed|date=October 2020}}

In 2019 the Pakistan government introduced a commemorative Rs.&nbsp;50/- coin to celebrate the 550th birthday of [[Guru Nanak]] and in tribute of opening of new [[Gurdwara]] of [[Kartarpur, Pakistan|Kartarpur]], Pakistan.<ref>{{cite news |title=Pakistan issues coin to mark Guru Nanak's 550th birth anniversary |url=https://www.hindustantimes.com/cities/pakistan-issues-coin-to-mark-guru-nanak-s-550th-birth-anniversary/story-2ydRfb66ej1vS0wBCha9zL.html |access-date=23 June 2020 |work=hindustantimes |date=15 June 2019}}</ref>

{| class="wikitable"
! colspan="5" | Currently circulating coins
|-
! Value
! Years in use
! Composition
! Obverse illustration
! Reverse illustration
|-
| Re.&nbsp;1/-
| 1998 – present
|[[Bronze]] (1998–2006)<br />[[Aluminium]] (2007–present)
|[[Quaid-e-Azam, Muhammad Ali Jinnah|Quaid-e-Azam,<br/>Muhammad Ali Jinnah]]
| Hazrat [[Lal Shahbaz Qalandar]] Mausoleum,<br/>Sehwan Shareef
|-
| Rs.&nbsp;2/-
| 1998 – present
|[[Brass]] (1998–1999)<br />[[Nickel silver|Nickel-brass]] (1999–2006)<br />[[Aluminium]] (2007–)
| Crescent and Star
|[[Badshahi Mosque|Badshahi Masjid]], Lahore
|-
| Rs.&nbsp;5/-
| 2002 – present
|[[Cupronickel]] (2002–2011)<br />[[Copper]]-[[Zinc]]-[[Nickel]] (2015–present)
| Crescent and Star
| Number "5"
|-
| Rs.&nbsp;10/-
| 2016 – present
|[[Nickel silver|Nickel-brass]]
| Crescent and Star
|[[Faisal Mosque]], Islamabad
|-
| colspan="5" |{{Standard coin table notice|BrE=Y}}
|}

==Banknotes==
On 1 April 1948, provisional notes were issued by the [[Reserve Bank of India]] and the [[Government of India]] on behalf of the [[Government of Pakistan]], for use exclusively within Pakistan, without the possibility of redemption in India. Printed by the India Security Press in Nasik, these notes consist of Indian note plates engraved (not overprinted) with the words GOVERNMENT OF PAKISTAN in English and "Hukumat-e-PAKISTAN" in Urdu added at the top and bottom, respectively, of the watermark area on the front only; the signatures on these notes remain those of Indian banking and finance officials.<ref>{{cite book | last1 = Linzmayer | first1 = Owen | title = The Banknote Book | chapter = Pakistan | publisher = www.BanknoteNews.com | year = 2012 | location = San Francisco, CA | chapter-url = http://www.banknotebook.com | url-status = live | archive-url = https://web.archive.org/web/20120829063428/http://www.banknotebook.com/ | archive-date = 29 August 2012 | df = dmy-all }}</ref> Additionally, the United Kingdom's Thomas De La Rue and Company, along with Bradbury Wilkinson and Company, manufactured various denominations for Pakistan.<ref name="auto"/>
[[File:Pakistani rupee pre-1971.jpg|thumb|Old Pakistani rupee note, with Bengali written on it, as Bengali was a state language of Pakistan.]]

After independence, the Pakistani government established a national security printing facility in 1949, named the [[Pakistan Security Printing Corporation]] (PSPC).<ref name="auto"/> This venture, a partnership between Thomas De La Rue & Co. Ltd. (holding a 40% stake) and the Pakistani Government (with a 60% stake), started with a capital of 7.5 million rupees. The foundation for the facility was laid in Karachi by the Governor General of Pakistan on 11 March 1949.<ref name="auto"/> In selecting a printing method, the PSPC chose the intaglio process over the lithographic method due to concerns about counterfeiting and regional security issues with India. This decision reflected a preference for a higher-security printing technique.<ref name="auto"/>

Regular government issues commenced in 1948 in denominations of Re.&nbsp;1/-, Rs.&nbsp;5/-, Rs.&nbsp;10/- and Rs.&nbsp;100/-. The government continued to issue Re.&nbsp;1 notes until the 1980s but another note-issuing was taken over by the [[State Bank of Pakistan]] in 1953 when Rs.&nbsp;2/-, Rs.&nbsp;5/-, Rs.&nbsp;10/- and Rs.&nbsp;100/- notes were issued. Only a few Rs.&nbsp;2/- notes were issued. Rs.&nbsp;50/- notes were added in 1957, with Rs.&nbsp;2/- notes reintroduced in 1985. In 1986, Rs.&nbsp;500/- notes were introduced, followed by Rs.&nbsp;1,000/- the next year. Rs.&nbsp;2/- and Rs.&nbsp;5/- notes were replaced by coins in 1998 and 2002. Rs.&nbsp;20/- notes were added in 2005, followed by Rs.&nbsp;5,000/- in 2006. Until 1971, Pakistan banknotes were bilingual, featuring [[Bengali language|Bengali]] translation of the Urdu text (where the currency was renamed ''[[taka]]''), since Bengali was the state language of [[East Pakistan]] (now [[Bangladesh]]).<ref name=Bengali>{{cite web|last=Roshaan|first=Hamid|title=A collection of Pakistani Currency Notes|url=http://www.theglobepress.com/pakistani-currency-notes-collection/|access-date=26 May 2014|url-status=live|archive-url=https://web.archive.org/web/20140613162523/http://www.theglobepress.com/pakistani-currency-notes-collection/|archive-date=13 June 2014|df=dmy-all}}</ref>

The PSPC began issuing its own 1- and 5-rupee notes in the fiscal year 1952-53.<ref name="auto"/> These notes resembled those previously produced by Thomas de la Rue & Company, but the 1-rupee note featured a notable change: a blue back without under-print, different from the purple back of the British versions. This new design was circulated on 31 January 1953.<ref name="auto"/>

On 14 December 1963, the State Bank of Pakistan started operating its printing press, eventually taking over all national banknote production.<ref name="auto"/> Later, the 1-rupee note was modified to include a purple back with pink and blue under-print, similar to the De La Rue design.<ref name="auto"/> Variations of the 1-rupee note are identified by differences in the serial number font and signature styles.<ref name="auto"/>

Although the PSPC had been printing lower denomination notes since July 1953, the third series of the 100-rupee note, released in September 1953, was initially produced by Thomas De La Rue in the UK.<ref name="auto"/> Subsequently, these notes were printed by the PSPC, with the change in production source identifiable by variations in the serial number font.<ref name="auto"/>

In 2024 was released that Pakistan plans to roll out new banknotes of all denominations, the new currency notes would be of different colors, distinct serial numbers, design and include "high security features." the transition to new banknotes would not be abrupt.<ref>{{cite web|title=Pakistan plans to roll out new banknotes of all denominations — central bank chief|date=30 January 2024 |url=https://www.arabnews.com/node/2450576/pakistan|access-date=30 Jan 2024|publisher=ArabNews}}</ref> Pakistan's central bank will introduce a new polymer plastic currency banknote later this year while also redesigning all existing banknotes to enhance security and incorporate hologram features.In addition to the redesign, the State Bank plans to introduce a new polymer plastic banknote in one denomination later this year. "If it is received well by the public, plastic currency will be introduced in other denominations," Ahmed stated (The denominations to be redesigned include Rs 10, 50, 100, 500, 1000, and 5000).Governor Ahmed also confirmed that there are no plans to cancel the Rs 5,000 note, despite suggestions from some members of the Senate committee, including Mohsin Aziz, who argued that the high-denomination note facilitates corruption.<ref>{{cite web |url=https://www.newindianexpress.com/world/2024/Aug/24/pakistan-to-introduce-polymer-plastic-currency-redesign-banknotes-by-year-end |title=Pakistan to introduce polymer plastic currency, redesign banknotes by year-end |date=24 August 2024 }}</ref>

===Banknote features===
All banknotes other than the Re.&nbsp;1/- and Rs.&nbsp;2/- 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 an honest livelihood is an act of worship." which is {{Nastaliq|حصول رزق حلال عبادت ہے}} (Hasool-e-Rizq-e-Halal Ibaadat hai).

The banknotes vary in size and colour, with larger denominations being longer than smaller ones. All contain multiple colours. 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.

===List of banknotes===
{| class="wikitable"
! colspan="5" | Banknotes before the 2005 series<ref>{{cite news |title=Banknotes and Coins Under Circulation |work=[[State Bank of Pakistan]] |url=http://www.sbp.org.pk/BankNotes/BankNotes_Features.pdf |access-date=17 September 2008 |url-status=live |archive-url=https://web.archive.org/web/20080909223400/http://www.sbp.org.pk/BankNotes/BankNotes_Features.pdf |archive-date=9 September 2008 |df=dmy-all }}</ref>
|-
! Value !! Dimensions !! Main color !! Description – Reverse !! Status
|-
| Re.&nbsp;1/- || 95 × 66&nbsp;mm || Brown || [[Tomb of Muhammad Iqbal]] in [[Lahore]] || rowspan="8" | No longer in circulation
|-
| Rs.&nbsp;2/- || 109 × 66&nbsp;mm || Purple || [[Badshahi Mosque|Badshahi Masjid]] in Lahore
|-
| Rs.&nbsp;5/- || 127 × 73&nbsp;mm || Burgundy || [[Khojak Tunnel]] in [[Balochistan (Pakistan)|Balochistan]]
|-
| Rs.&nbsp;10/- || 141 × 73&nbsp;mm || Green || [[Mohenjo-daro]] in [[Larkana District]]
|-
| Rs.&nbsp;50/- || 154 × 73&nbsp;mm || Purple and red || [[Alamgiri Gate]] of the [[Lahore Fort]] in Lahore
|-
| Rs.&nbsp;100/- || 165 × 73&nbsp;mm || Red and orange || [[Islamia College (Peshawar)|Islamia College in Peshawar]]
|-
| Rs.&nbsp;500/- || 175 × 73&nbsp;mm || Green, tan, red, and orange || The [[State Bank of Pakistan]] in [[Islamabad]]
|-
| Rs.&nbsp;1,000/- || 175 × 73&nbsp;mm || Blue || [[Tomb of Jahangir]] in Lahore
|}

The State Bank has started a new series of banknotes, phasing out the older designs for new, more secure ones.

{|class="wikitable" style="font-size:90%"
|+2005 series
! rowspan="2" |Value
! rowspan=2|Dimensions
! rowspan=2 colspan=2|Main colour
! colspan=3|Description
! colspan=3|Date of
! rowspan=2|{{abbr|Ref.|References}}
|-
!Obverse
!Reverse
! Watermark
! issue
! withdrawal
! lapse
|-
| Rs.&nbsp;5/-
| 115 × 65&nbsp;mm
| style="background:#80A0C0;width:0"| ||Greenish grey
| rowspan="9" | [[Muhammad Ali Jinnah]]
| [[Gwadar Port]]
| Muhammad Ali Jinnah and "5"
| 8 July 2008
| 31 December 2011
| 31 December 2012
| <ref name="2005-Rs5">{{cite web|title=Banknotes - Rupees 5|url=http://www.sbp.org.pk/BankNotes/5/5-rupees.asp|website=State Bank of Pakistan|access-date=3 July 2023|archive-url=https://web.archive.org/web/20080820082516/http://www.sbp.org.pk/BankNotes/5/5-rupees.asp|archive-date=20 August 2008|location=Karachi|language=en-gb}}</ref><ref name="2005-Rs5-end">{{cite web|last1=Maqbool|first1=Imran|title=Demonetization of Rs 500 Old-Design and Rs 5 Banknotes|url=http://www.sbp.org.pk/press/2011/Demon-Rs%20500-Old-Design-Rs5-09-Jul-11.pdf|website=State Bank of Pakistan|access-date=3 July 2023|archive-url=https://web.archive.org/web/20110725035730/http://www.sbp.org.pk/press/2011/Demon-Rs%20500-Old-Design-Rs5-09-Jul-11.pdf|archive-date=25 July 2011|location=Karachi|language=en-gb|date=8 July 2011}}</ref>
|-
| Rs.&nbsp;10/-
| 115 × 65&nbsp;mm
| style="background:#C0C080"| ||Green
| [[Bab-e-Khyber]] (entrance to the [[Khyber Pass]])
| Muhammad Ali Jinnah and "10"
| 27 May 2006
| colspan=2|''Current''
| <ref name="2005-Rs10">{{cite web|title=Banknotes - Rupees 10|url=http://www.sbp.org.pk/Notes/10-rupees.asp|website=State Bank of Pakistan|access-date=3 July 2023|archive-url=https://web.archive.org/web/20080808115819/http://www.sbp.org.pk/Notes/10-rupees.asp|archive-date=8 August 2008|location=Karachi|language=en-gb}}</ref>
|-
| rowspan="2" |Rs.&nbsp;20/-
| rowspan=2|123 × 65&nbsp;mm
| style="background:#C08080"| ||Burgundy
| rowspan=2|[[Mohenjo-daro]]
| rowspan=2| Muhammad Ali Jinnah and "20"
| 13 August 2005
| colspan=2|''Current''
| <ref name="2005-Rs20">{{cite web|title=Pakistan Bank Note (Rupees 20)|url=http://www.sbp.org.pk/banknotes/20rupees.htm|website=State Bank of Pakistan|access-date=3 July 2023|archive-url=https://web.archive.org/web/20080905182741/http://www.sbp.org.pk/banknotes/20rupees.htm|archive-date=5 September 2008|location=Karachi|language=en-gb}}</ref>
|-
| style="background:#FFC080" | ||Orange
| 22 March 2008
| colspan=2|''Current''
| <ref name="2008-Rs20">{{cite web|title=Banknotes - Rupees 20|url=http://www.sbp.org.pk/banknotes/20/20-rupees.asp|website=State Bank of Pakistan|access-date=3 July 2023|archive-url=https://web.archive.org/web/20080904224829/http://www.sbp.org.pk/banknotes/20/20-rupees.asp|archive-date=4 September 2008|location=Karachi|language=en-gb}}</ref>
|-
| Rs.&nbsp;50/-
| 131 × 65&nbsp;mm
| style="background:#C080FF"| ||Purple
| [[K2]]
| Muhammad Ali Jinnah and "50"
| 8 July 2008
| colspan=2|''Current''
| <ref name="2005-Rs50">{{cite web|title=Banknotes - Rupees 50|url=http://www.sbp.org.pk/BankNotes/50/50-rupees.asp|website=State Bank of Pakistan|access-date=3 July 2023|archive-url=https://web.archive.org/web/20080904223536/http://www.sbp.org.pk/BankNotes/50/50-rupees.asp|archive-date=4 September 2008|location=Karachi|language=en-gb}}</ref>
|-
| Rs.&nbsp;100/-
| 139 × 65&nbsp;mm
| style="background:#FF8080"| ||Red
| [[Quaid-e-Azam Residency]]
| Muhammad Ali Jinnah and "100"
| 11 November 2006
| colspan=2|''Current''
| <ref name="2005-Rs100">{{cite web|title=Banknotes - Rupees 100|url=http://www.sbp.org.pk/Notes/100-rs-new.asp|website=State Bank of Pakistan|access-date=3 July 2023|archive-url=https://web.archive.org/web/20080917182825/http://www.sbp.org.pk/Notes/100-rs-new.asp|archive-date=17 September 2008|location=Karachi|language=en-gb}}</ref>
|-
| Rs.&nbsp;500/-
| 147 × 65&nbsp;mm
| style="background:#80C080"| ||Deep Green
| [[Badshahi Mosque]]
| Muhammad Ali Jinnah and "500"
| 11 November 2006
| colspan=2|''Current''
| <ref name="2005-Rs500">{{cite web|title=Banknotes - Rupees 500|url=http://www.sbp.org.pk/Notes/500-rs-new.asp|website=State Bank of Pakistan|access-date=3 July 2023|archive-url=https://web.archive.org/web/20080917182454/http://www.sbp.org.pk/Notes/500-rs-new.asp|archive-date=17 September 2008|location=Karachi|language=en-gb}}</ref>
|-
| Rs.&nbsp;1,000/-
| 155 × 65&nbsp;mm
| style="background:#80C0FF"| ||Blue
| [[Islamia College University|Islamia College in Peshawar]]
| Muhammad Ali Jinnah and "1000"
| 26 February 2007
| colspan=2|''Current''
| <ref name="2005-Rs1000">{{cite web|title=Banknotes - Rupees 1000|url=http://www.sbp.org.pk/Notes/1000-rs-new.asp|website=State Bank of Pakistan|access-date=3 July 2023|archive-url=https://web.archive.org/web/20080919171029/http://www.sbp.org.pk/Notes/1000-rs-new.asp|archive-date=19 September 2008|location=Karachi|language=en-gb}}</ref>
|-
| Rs.&nbsp;5,000/-
| 163 × 65&nbsp;mm
| style="background:#C0A080"| ||Brown
| [[Faisal Mosque]]
| Muhammad Ali Jinnah and "5000"
| 27 May 2006
| colspan=2|''Current''
| <ref name="2005-Rs5000">{{cite web|title=Banknotes - Rupees 5000|url=http://www.sbp.org.pk/Notes/5000-rupees.asp|website=State Bank of Pakistan|access-date=3 July 2023|archive-url=https://web.archive.org/web/20080915193342/http://www.sbp.org.pk/Notes/5000-rupees.asp|archive-date=15 September 2008|location=Karachi|language=en-gb}}</ref>
|-
| colspan="11" |{{Standard banknote table notice|BrE=Y}}
|}

=== Special Banknotes ===

=== Haj ===
Pakistan put [[foreign exchange controls]] in place in 1949, restricting the export and import of currency except for when needed for [[Hajj]] in [[Saudi Arabia]]. This created an opportunity for smuggling, leading Pakistan to issue special Haj notes<ref>{{Cite web |title=HAJ NOTES |url=https://www.sbp.org.pk/museum/haj_notes.htm |url-status=live |access-date=2025-02-16 |website=[[State Bank of Pakistan Museum]]}}</ref> for use by pilgrims. These were differentiated by an overprint in English "For pilgrims from Pakistan for use in Saudi Arabia and Iraq".<ref name="SBPHajj">{{cite web |url=https://www.sbp.org.pk/museum/haj_notes.htm |title=Haj Notes |publisher=State Bank of Pakistan Museum |access-date=20 February 2023}}</ref>

Although other [[means of exchange]] were considered, the high level of [[illiteracy]] amongst the Pakistani pilgrims and the additional costs that would be incurred through the need to purchase such means prevented the government from these methods of exchange. The State Bank Order to allow the issue of these Haj notes was made in May 1950.

A new series of notes was released in 1972, under the name of the [[State Bank of Pakistan]] rather than the Government of Pakistan. These had an Urdu overprint as well as an English one, saying "For Hajj [sic] pilgrims from Pakistan for use in Saudi Arabia only". New notes were printed in 1975 and 1978, reflecting changes in the standard notes.<ref name="SBPHajj"/> The use of Haj 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 Haj Notes was discontinued, most of the remaining stock of notes was destroyed. However, many notes entered the collector market following their sale to a banknote dealer by the [[State Bank of Pakistan]].

=== Pakistan's 75th Independence Commemorative Bank Note ===
On 14 August 2022, [[State Bank of Pakistan]] released the design of the commemorative [[Pakistani 75-rupee note|75 Rupees note]] marking the  75th anniversary of [[Independence Day (Pakistan)|Independence day of Pakistan]]. The note was signed by the former governor of State Bank of Pakistan [[Reza Baqir|Raza Baqir]] and was made available to the public from September 30, 2022.<ref>{{Cite web |last=Correspondent |first=Our |date=2022-08-14 |title=SBP reveals Rs75 commemorative banknote |url=https://tribune.com.pk/story/2371137/sbp-reveals-rs75-commemorative-banknote |access-date=2024-11-08 |website=The Express Tribune |language=en}}</ref><ref>{{Cite web |title=State Bank Officially Unveils Rs. 75 Commemorative Note |url=https://propakistani.pk/2022/08/14/state-bank-officially-unveils-rs-75-commemorative-note/ |website=Propakistani}}</ref>

=== State Banks 75th Anniversary Banknote ===
On July 4, 2023, State Bank of Pakistan (SBP) Governor [[Jameel Ahmed|Jameel Ahmad]] introduced a commemorative Rs. 75 banknote to celebrate the central bank's 75th anniversary.<ref name=":0">{{Cite web |last=Alam |first=Kazim |date=2023-07-05 |title=New note marks 75 years of SBP's founding |url=https://www.dawn.com/news/1763079 |access-date=2024-11-08 |website=DAWN.COM |language=en}}</ref>

==== Security Features ====
The Rs75 commemorative note is equipped with security features as with the other currency notes. These include the [[Hindustani numerals|Urdu numeral]] '75' which appears complete when the note is held in the light, Pure Image [[security thread]] with pulsing holographic rainbow effect and micro-lettering of 'SBP' and '75', among others.

Moreover, the portraits and numbers on the note have raised printing, allowing identification of the banknote by the visually impaired.

==== Controversies Regarding Legal Status ====
During [[Eid al-Fitr]], shopkeepers across Pakistan refused to accept Rs. 75 notes, sparking rumors about the note’s possible demonetization.

In response, SBP spokesperson Abid Qamar posted a video on the central bank’s official [[Twitter]] account, reassuring the public that the Rs. 75 commemorative note is fully valid for transactions. He explained that the SBP issues all currency under Section 25 of its Act, and the Rs. 75 note has no expiration date.

Qamar also dismissed rumors that the government had withdrawn or discontinued the banknote.<ref>{{Cite web |title=The Rs. 75 Bank Note is Still Fully Legal: State Bank |url=https://propakistani.pk/2023/04/29/the-rs-75-bank-note-is-still-fully-legal-state-bank/ |website=Propakistani}}</ref><ref>{{Cite web |date=2023-04-28 |title=Rs75 note like other currency notes is acceptable: SBP |url=https://www.pakistantoday.com.pk/2023/04/28/rs75-note-like-other-currency-notes-is-acceptable-sbp/ |access-date=2024-11-08 |language=en-US}}</ref>

The commemorative note issued in 2022 for Pakistan’s 75th independence anniversary featured Quaid-e-Azam, Fatima Jinnah, Allama Iqbal, and Sir Syed Ahmad Khan. This selection stirred some debate, as certain individuals felt the omission of figures like Pakistan’s first Prime Minister, [[Liaquat Ali Khan]], was significant.<ref name=":0" />

==== Supply ====
He explained that the commemorative Rs. 75 banknote, a legal tender, will not impact the overall money supply. Of the 4.3 billion notes being circulated this year, only 65 million will be the Rs. 75 denomination, making it a limited, one-time release.<ref name=":0" />
{| class="wikitable" 
!colspan="6"| Haj banknotes 
|-
!colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Main colour !!rowspan="2"| Description – Reverse !!rowspan="2"| Date of usage
|-
! Obverse !! Reverse
|-
| align="center" bgcolor="#ffffff" |
| align="center" bgcolor="#ffffff" |
| Rs.&nbsp;10/-
| Dark purple
| [[Shalimar Gardens (Lahore)|Shalimar Gardens]] in Lahore
| 1960–1969
|-
|
|
| Rs.&nbsp;10/-
| Dark blue
| [[Mohenjo-daro]] in Larkana
| 1970–1976
|-
| align="center" bgcolor="#ffffff" |
| align="center" bgcolor="#ffffff" |
| Rs.&nbsp;100/-
| Dark orange
| [[Islamia College (Peshawar)]]
| 1970–1976
|-
|colspan="6"|{{Standard banknote table notice|BrE=Y}}
|}

{| class="wikitable"
! colspan="7" | Special banknotes for the 50th and 75th anniversary of the Independence of Pakistan
|-
!colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Main colour 
! rowspan="2" |Description – Front!! rowspan="2" | Description – Reverse !!rowspan="2"| Date of usage
|-
! Obverse !! Reverse
|-
| align="center" bgcolor="#ffffff" |
| align="center" bgcolor="#ffffff" |
| Rs.&nbsp;5/-
| Dark purple
|[[Muhammad Ali Jinnah|Quaid-e-Azam Muhammad Ali Jinnah]]
| [[Baha-ud-din Zakariya]] Tomb [[Multan]]
| 1997
|-
| colspan="7" |{{Standard banknote table notice|BrE=Y}}
|}

{|class="wikitable" style="font-size:90%"
|+Commemorative issues
! rowspan=2|Value
! rowspan=2|Dimensions
! rowspan=2 colspan=2|Main colour
! colspan=3|Description
! rowspan=2|Date of issue
! rowspan=2|{{abbr|Ref.|References}}
|-
! Obverse
! Reverse
! Watermark
|-
| Rs.&nbsp;75/-
| 147 × 65&nbsp;mm
| style="background:#80C080;width:0"| ||Green
| [[Muhammad Ali Jinnah]], [[Muhammad Iqbal]], [[Fatima Jinnah]], [[Syed Ahmad Khan]]
| [[Markhor]], [[Cedrus deodara|Deodar tree]]
| Muhammad Ali Jinnah and "75"
| 30 September 2022
| <ref name="2022-Rs75">{{cite web|title=Commemorative Banknotes|url=https://www.sbp.org.pk/finance/Pak-75Rupees.asp|website=State Bank of Pakistan|access-date=3 July 2023|archive-url=https://web.archive.org/web/20230703113500/https://www.sbp.org.pk/finance/Pak-75Rupees.asp|archive-date=3 July 2023|location=Karachi|language=en-gb}}</ref>
|-
| Rs.&nbsp;75/-
| 139 × 65&nbsp;mm
| style="background:#80C0FF"| ||Blue
| Muhammad Ali Jinnah, Building of the [[State Bank of Pakistan]]
| Fatima Jinnah
| Muhammad Ali Jinnah and "75"
| July 2023
| <ref name="2023-Rs75">{{cite web|title=Commemorative Banknotes|url=https://www.sbp.org.pk/finance/SBP-75Rupees.asp|website=State Bank of Pakistan|access-date=5 July 2023|archive-url=https://web.archive.org/web/20230705040232/https://www.sbp.org.pk/finance/SBP-75Rupees.asp|archive-date=5 July 2023|location=Karachi|language=en-gb}}</ref>
|-
|colspan="9"|{{Standard banknote table notice|BrE=Y}}
|}

== Exchange rate ==
[[File:USD-PKR, 2000-2023.png|thumb|US dollar-Pakistani rupee exchange rate]]
Between 1948 and July 1955, the Pakistani rupee was effectively pegged to the U.S. dollar at approximately Rs.3/<small>31</small> per U.S. dollar. Afterwards, this was changed to approximately Rs.4/<small>76</small> per U.S. dollar, a devaluation of 30%, to match the Indian rupee's value.<ref>{{Cite web |last=Tirmizi |first=Farooq |date=2018-12-31 |title=The rupee is falling. Let it crash |url=https://profit.pakistantoday.com.pk/2018/12/31/the-rupee-is-falling-let-it-crash/ |access-date=2024-06-17 |website=Profit by Pakistan Today |language=en-US}}</ref> This fixed exchange rate was maintained until 11 May 1972, in which the rupee was devalued to Rs.11/- per dollar.<ref>{{Cite web  |date=2022-05-12 |title=From The Past Pages Of Dawn: 1972: Fifty Years Ago: Rupee devalued |url=https://www.dawn.com/news/1689281 |access-date=2024-06-17 |website=DAWN.COM |language=en}}</ref>

Initially, the Indian and Pakistani rupees were at parity until [[1949 sterling devaluation|sterling was devalued in 1949]], in which India followed suit but Pakistan did not. This caused the Pakistani rupee to be valued at a 44% premium to the Indian rupee until the Pakistani rupee was devalued in 1955, returning to parity with the Indian rupee. This parity lasted until India devalued their currency in 1966.

Since the [[United States dollar]] [[Nixon shock|suspension in 1971]] of convertibility of paper currency into any precious metal, the Pakistani rupee has been [[fiat money]]. Before the collapse of [[Bretton Woods system]], the currency was pegged at a fixed exchange rate to the United States dollar for international trade, with the dollar convertible to gold for foreign governments only.

The rupee was pegged to British Pound until 1982 when the government of [[General Zia-ul-Haq]] changed to a [[managed float]]. As a result, the rupee devalued by 38.5% between 1982–83 and 1987–88 and the cost of importing raw materials increased rapidly, causing pressure on Pakistani finances and damaging much of the industrial base. The Pakistani rupee depreciated against the [[United States dollar]] until the turn of the century when Pakistan's large [[current account surplus]] pushed the value of the rupee up against the dollar. The [[State Bank of Pakistan]] then stabilized the exchange rate by lowering interest rates and buying dollars, to preserve the country's export competitiveness.

2008 was termed a disastrous year for the rupee after the elections: between December 2007 and August 2008, it lost 23% of its value, falling to a record low of Rs.79/<small>20</small> against the US dollar.<ref>{{cite news |title=Pakistan rupee falls to new low |work=BBC News |date=15 August 2008 |url=http://news.bbc.co.uk/2/hi/business/7563443.stm |access-date=17 September 2008 |url-status=live |archive-url=https://web.archive.org/web/20080830043527/http://news.bbc.co.uk/2/hi/business/7563443.stm |archive-date=30 August 2008 |df=dmy-all }}</ref> The major reasons for this depreciation were huge current and trade accounts deficits that had built up since the credit boom in Pakistan after 2002. Due to rising militancy in the [[Khyber Pakhtunkhwa]] province and its [[Federally Administered Tribal Areas|tribal areas]], foreign direct investment began to fall, and the structural problems of the balance of payment were exposed; foreign exchange reserves fell disastrously to as low as [[United States dollar|US$]]2 billion.{{citation needed|date=December 2019}}

The rupee continued to slowly decline until the start of 2018 when it began to rapidly devalue. The crash worsened midway through 2021, with the Pakistani rupee losing almost half its value between May 2021 and May 2023. This is largely attributed to political instability, devastating flooding, and a debt crisis.{{citation needed|date=July 2024}}

The Pakistani rupee gained value from the end of September until mid-October 2023, when Pakistan's Federal Investigation Agency embarked on a country-wide raid on exchange companies involved in illegal dollar transactions, which involved the buying and selling of dollars through informal channels without documentation.<ref>{{Cite web |last=Shan |first=Lee Ying |date=2023-10-18 |title=This currency is now the world's top performer, after rebounding from record lows |url=https://www.cnbc.com/2023/10/18/pakistani-rupee-jumps-from-record-lows-to-worlds-top-performing-fx.html |access-date=2023-11-24 |website=CNBC |language=en}}</ref> Since then, the Pakistani rupee became the best-performing currency of September 2023 against the US dollar.{{citation needed|date=July 2024}}

{{Exchange rate|PKR}}

== See also ==
* [[Currency]]
* [[Rupee]]
* [[History of the rupee]]
* [[Economy of Pakistan]]
* [[List of countries by leading trade partners]]

== Notes ==

{{reflist}}

== External links ==
* [http://www.sbp.org.pk/BankNotes/banknotes.htm SBP's webpage on the newnotes]
* [http://www.brecorder.com Business Recorder: Pakistan's first financial newspaper]
* [http://www.sbp.org.pk/press/2006/New-Banknotes-26-May-06.pdf State Bank to issue Rs.5000/- and New Rs.10/- Banknotes from 27 May 2006: Governor]
* [https://goldprices.pk Current gold rates in Pakistani currency]

{{Pakistani rupee coins and banknotes}}
{{State Bank of Pakistan}}
{{Rupee}}
{{Currencies of Asia}}
{{Symbols of Pakistan}}
{{Economy of Pakistan}}
{{European presence in Ceylon}}
{{Portal bar|Asia|Pakistan|Money|Numismatics}}

[[Category:Economy of Pakistan|Rupee, Pakistani]]
[[Category:Currencies of Pakistan]]
[[Category:Currencies of Asia]]
[[Category:Currencies introduced in 1948]]
[[Category:Circulating currencies]]
[[Category:Currencies of the British Empire]]
[[Category:Rupee]]