Name: Pakistani Rupee

Symbol: ₨

Minor Unit:
1/100 = Paisa

Inflation: 7.7%

Coins:
Freq Used: ₨1, ₨2, ₨5

Banknotes:
Freq Used: ₨10, ₨50, ₨100, ₨500, ₨1000

Central Bank:
State Bank of Pakistan
Website: http://www.sbp.org.pk/

Users: Pakistan

Currency in British India
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. In 1866, financial establishments collapsed and control of paper money was shifted to the British government, with the presidency banks being dismantled a year later. That same year, the Victoria Portrait series of notes was issued in honor of Queen Victoria, and remained in use for approximately 50 years.

The Pakistani Rupee Post-Independence
When Pakistan became independent in 1947, Indian Rupees with a Pakistan stamp were used as a temporary currency. One year later, in1948, the Pakistani Rupee was introduced keeping its peg to the British Pound. In 1961, the Pakistani Rupee was decimalized, and the annas subunits were replaced with the paise. The Pakistani Rupee changed to a managed float regime in 1982.