Pakistani Rupee

PKR is the currency of Pakistan. It is subdivided into 100 paise. The Pakistani rupee was put into circulation after the country gained independence from the British Raj in 1947. It replaced the Indian rupee. The initial ISO 4217 code for the Pakistani rupee was GBP (Great Britain pound). In Pakistan, the rupee is also sometimes spelled as "rouchee". The Pakistani rupee is different from the Indian rupee and from the Bangladeshi taka, although all three currencies are kept at par with each other by their respective central banks. The Pakistani rupee is pegged to the US dollar at a rate of 1 US dollar = 104.80 Pakistani rupees. The history of the Pakistani rupee can be traced back to the time when Pakistan was a part of British India. At that time, the Indian rupee was the official currency. After the partition of British India into India and Pakistan in 1947, the Pakistani rupee came into existence. It replaced the Indian rupee at par. The first Pakistani rupee coins were issued in 1948. These were made of cupro-nickel and were in denominations of 1, 2, 5 and 10 paise. In 1951, new cupro-nickel coins were introduced in denominations of 1, 2 and 5 paise. In 1961, Pakistan switched to a decimal system and new coins were introduced in denominations of 1, 2, 5, 10, 25 and 50 paise. In 1963, cupro-nickel 1 rupee coins were introduced. In 1972, Pakistan decimalized the rupee, switching to a system where 1 rupee = 100 paise. New coins were introduced in denominations of 1, 2, 5, 10 and 25 paise. In 1975, copper-plated steel coins were introduced in denominations of 5, 10, 25 and 50 paise. Cupro-nickel 1 rupee coins were reintroduced in 1986. In 1992, stainless steel 5, 10, 25 and 50 paise coins were introduced. In 1996, cupro-nickel 2 rupee coins were introduced. In 1998, stainless steel 2 and 5 rupee coins were introduced. In 2002, a new series of coins was introduced. These were made of brass-plated steel and were in denominations of 1, 2, 5, 10, 20 and 50 paise. In 2005, copper-plated steel 1 rupee coins were introduced. In 2006, cupro-nickel 5 rupee coins were reintroduced. In 2007, the State Bank of Pakistan introduced a new series of banknotes. These were in denominations of 5, 10, 20, 50, 100, 500 and 1000 rupees. In 2008, a new 20 rupee coin was introduced. In 2016, the State Bank of Pakistan introduced a new 5000 rupee banknote to try to combat counterfeiting.