Pakistani rupee

Pakistani rupee

Introduction:

The Pakistani rupee (Urdu: روپیہ‎ / ALA-LC: Rūpiyah; sign: ₨; code: PKR; is that the official currency of Pakistan. The supplying of the currency is controlled by the bank of Pakistan, the financial organization of the country. The most usually used image for the rupee is Rs, used on receipts when purchasing goods and services.

In Pakistan, the rupee is also spelled as "rupees", "rupaya" or "rupaye". As customary in Pakistani English, large values of rupees are counted in terms of thousands; lakh (100,000); crore or karoṛ (10 million); arab (1 billion); kharab (100 billion)

· History

Rupee coin, made from silver, used in the state of Bahawalpur before 1947.

Rupee coin, made from gold, used in the state of Bahawalpur before 1947.

· History of the rupee

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". Rūpaya was accustomed denote the coin introduced by Sher sovereign Suri throughout his reign from 1540 to 1545 atomic number 58.

The Pakistani rupee was place into circulation in Pakistan when the dissolution of British dominion in 1947. Initially, Pakistan used British Indian coins and notes merely 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. The currency was decimalised on one January 1961, with the rupee subdivided into 100 pice, renamed (in English) paise (singular paisa) later the same year. However, coins denominated in paise haven't been issued since 1994.

· Coins

First Pakistani Rupee coin, made of nickel, 1948.

Commemorative twenty rupees coin on the a hundred and fiftieth year of Lawrence faculty Ghora Gali in 2011.

In 1948, coins were introduced in denominations of 1 pice, 1⁄2, 1 and 2 annas, 1⁄4, 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, ten and twenty five paise coins were introduced, followed by 2 paise the next year. 1 rupee coins were reintroduced in one979, followed by a pair of rupees in 1998 and five rupees in 2002. 2 paise coins were last minted in 1976, with 1 paisa coins ceasing production in 1979. The 5, 10, twenty five and fifty paise all ceased production in 1996. There are two variations of 2 rupee coins: most have clouds above the Badshahi Masjid but many do not. The one and 2 rupee coins were modified to aluminum in

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 Pakistan government introduced a revised 5 rupee coin with a reduced size and weight and having a golden color, made from a composition of copper-nickel-zinc, and also in 2016 a Rs.10 coin was introduced into circulation.

· Banknotes

On one Apr 1948, tentative notes were issued by the banking concern of India|Bharat|Asian country|Asian nation} and also the Government of India on behalf of the govt of Pakistan, for use exclusively within Pakistan , while not the chance of redemption in Bharat. 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 additional at the highest and bottom, respectively, of the watermark area on the front only; the signatures on these notes remain those of Indian banking and finance

Regular government problems commenced in one948 in denominations of 1, 5, ten and a hundred 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 additional in 1957, with 2 rupees notes reintroduced in 1985. In 1986, five hundred rupees notes were introduced, followed by a thousand rupees following year. 2 and five rupees notes were replaced by coins in 1998 and a pair of002. 20 rupee notes were additional in twenty05, followed by 5000 rupees in 2006. Until 1971, Pakistan banknotes were bilingual, featuring Bengali translation of the Urdu text (where the currency was called taka instead of rupee), since Bengali was the state language of East Pakistan (now Bangladesh).

· Hajj and special anniversary banknotes

Due to the massive variety of pilgrims to the dominion of Saudi Arabia throughout the Fifties, the State Bank of Pakistan provided simple exchange facilities for Hajj pilgrims. The issue of special notes for the specific use of the pilgrims was introduced. Although different means that of exchange were thought-about, the high level of illiteracy amongst the Pakistani pilgrims and the additional costs that would be incurred through the need to purchase such means that prevented the govt. from these ways of exchange. The bank Order to permit the problem of those "Hajj notes" was created in could 1950.

· Exchange rate

US Dollar-Pakistani rupee exchange rate

The rupee was pegged to the 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.

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