Pakistani Rupee (PKR)

Pakistani Rupee

The rupee (sign: Rs; code: PKR) is the currency of Pakistan. The issuance of the currency is controlled by the State Bank of Pakistan, the central bank of the country. The most commonly used symbol for the rupee is Rs, used on receipts when purchasing goods and services. In Pakistan, the rupee is referred to as the “rupees”, “rupaya” or “rupaye”. As standard in Indian English, large values of rupees are counted in terms of thousands, lakh (100 thousand, in digits 1,00,000) and crore (10 million, in digits 1,00,00,000).

History

The origin of the word “rupee” is found in the Sanskrit word rūp or rūpā, which means “silver” in many Indo-Aryan languages. The Sanskrit word rūpyakam  means coin of silver. The derivative word Rūpaya was used to denote the coin introduced by Sher Shah Suri during his reign from 1540 to 1545 CE.

The Pakistani rupee was put into circulation after the country became independent from the British Rule in 1947. For the first few months of independence, Pakistan used Indian coins and notes with “Pakistan” stamped on them. New coins and banknotes were issued in 1948. Like the Indian rupee, it was originally divided into 16 annas (آن), each of 4 pice (پيس) or 12 pie (پاى). The currency was decimalised on 1 January 1961, 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.

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