The Pakistani rupee (; ISO code: PKR; symbol: ; abbreviation: Re (singular) and Rs (plural)) is the official currency of the Islamic Republic of Pakistan. It was formerly divided into one hundred paisa (); however, paisa-denominated coins have not been legal tender since 2013. 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 the State Bank of Pakistan, by the Government and the Reserve Bank of India.

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

History

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 used to denote the coin introduced by Sher Shah Suri during his reign from 1540 to 1545 CE.

The Pakistan (Monetary System and Reserve Bank) Order, 1947 was issued on 14 August 1947, by the Governor General of pre-partition British India, following the advice of an expert committee. It designated the Reserve Bank of India (RBI) as the temporary monetary authority for both India and Pakistan until 30 September 1948. During this transitional period, currency notes issued by the RBI and the Government of India were to remain legal tender in Pakistan. The order also allowed these notes to bear inscriptions of Government of Pakistan in Urdu and English, to be circulated from 1 April 1948. 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. Modified RBI notes in denominations of 2, 5, 10, and 100 rupees, and 1-rupee notes from the Government of India were later introduced. The modifications involved inscribing Government of Pakistan in English and "Hakumat-e-Pakistan" in Urdu on the front of the notes.

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. Concurrently, the arrangement for the RBI to supply inscribed Indian notes to Pakistan was terminated on 30 June 1948.

In January 1961, the currency was decimalised, with the rupee subdivided into 100 pice, renamed (in English) paisa (singular paisa) later the same year. However, coins denominated in paisa have not been issued since 1996.

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

Coins

In 1948, coins were introduced in denominations of 1 pice, , 1 and 2 annas, , 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 paisa the next year. Re. 1/- coins were reintroduced in 1979, followed by Rs. 2/- in 1998 and Rs. 5/- in 2002. 2 paisa 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. 2/- coins: most have clouds above the Badshahi Mosque but many don't. The Re. 1/- and Rs. 2/- coins were changed to Aluminium in 2007.

Paisa-denominated coins ceased to be legal tender in 2013, leaving the Re. 1/- coin as the minimum legal tender. On 15 October 2015, the Pakistan government introduced a revised Rs. 5/- coin with a reduced size and weight and having a golden colour, made from a composition of copper-nickel-zinc, and also in 2016 a Rs. 10/- coin was introduced into circulation.

In 2019, the Pakistani government introduced a commemorative Rs. 50/- coin to celebrate the 550th birthday of Guru Nanak and in tribute of opening of new Gurdwara of Kartarpur, Pakistan.

Currently circulating coins Value Years in use Composition Obverse illustration Reverse illustration Re. 1/- 1998 – presentBronze (1998–2006)Aluminium (2007–present)Quaid-e-Azam,Muhammad Ali Jinnah Hazrat Lal Shahbaz Qalandar Mausoleum,Sehwan Shareef Rs. 2/- 1998 – presentBrass (1998–1999)Nickel-brass (1999–2006)Aluminium (2007–) Crescent and StarBadshahi Masjid, Lahore Rs. 5/- 2002 – presentCupronickel (2002–2011)Copper-Zinc-Nickel (2015–present) Number "5" Rs. 10/- 2016 – presentNickel-brassFaisal Mosque, Islamabad

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. Additionally, the United Kingdom's Thomas De La Rue and Company, along with Bradbury Wilkinson and Company, manufactured various denominations for Pakistan.

After independence, the Pakistani government established a national security printing facility in 1949, named the Pakistan Security Printing Corporation (PSPC). 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. 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.

Regular government issues commenced in 1948 in denominations of Re. 1/-, Rs. 5/-, Rs. 10/- and Rs. 100/-. The government continued to issue Re. 1 notes until the 1980s but another note-issuing was taken over by the State Bank of Pakistan in 1953 when Rs. 2/-, Rs. 5/-, Rs. 10/- and Rs. 100/- notes were issued. Only a few Rs. 2/- notes were issued. Rs. 50/- notes were added in 1957, with Rs. 2/- notes reintroduced in 1985. In 1986, Rs. 500/- notes were introduced, followed by Rs. 1,000/- the next year. Rs. 2/- and Rs. 5/- notes were replaced by coins in 1998 and 2002. Rs. 20/- notes were added in 2005, followed by Rs. 5,000/- in 2006. Until 1971, Pakistan banknotes were bilingual, featuring Bengali translation of the Urdu text (where the currency was renamed taka), since Bengali was the state language of East Pakistan (now Bangladesh).

The PSPC began issuing its own 1- and 5-rupee notes in the fiscal year 1952-53. 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.

On 14 December 1963, the State Bank of Pakistan started operating its printing press, eventually taking over all national banknote production. 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. Variations of the 1-rupee note are identified by differences in the serial number font and signature styles.

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. Subsequently, these notes were printed by the PSPC, with the change in production source identifiable by variations in the serial number font.

Banknote features

All banknotes other than the Re. 1/- and Rs. 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 (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

Banknotes before the 2005 series Value Dimensions Main color Description – Reverse Status Rs. 1/- 95 × 66 mm Brown Tomb of Muhammad Iqbal in Lahore No longer in circulation Rs. 2/- 109 × 66 mm Purple Badshahi Masjid in Lahore Rs. 5/- 127 × 73 mm Burgundy Khojak Tunnel in Balochistan Rs. 10/- 141 × 73 mm Green Mohenjo-daro in Larkana District Rs. 50/- 154 × 73 mm Purple and red Alamgiri Gate of the Lahore Fort in Lahore Rs. 100/- 165 × 73 mm Red and orange Islamia College in Peshawar Rs. 500/- 175 × 73 mm Green, tan, red, and orange The State Bank of Pakistan in Islamabad Rs. 1,000/- 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.

+2005 seriesValueDimensionsMain colourDescriptionDate ofObverseReverse Watermark issue withdrawal lapse Rs. 5/- 115 × 65 mm Greenish grey Muhammad Ali Jinnah Gwadar Port Muhammad Ali Jinnah and "5" 8 July 2008 31 December 2011 31 December 2012 Rs. 10/- Green Bab-e-Khyber (entrance to the Khyber Pass) Muhammad Ali Jinnah and "10" 27 May 2006Current Rs. 20/-123 × 65 mm BurgundyMohenjo-daro Muhammad Ali Jinnah and "20" 13 August 2005 Orange 22 March 2008 Rs. 50/- 131 × 65 mm Purple K2 Muhammad Ali Jinnah and "50" 8 July 2008 Rs. 100/- 139 × 65 mm Red Quaid-e-Azam Residency Muhammad Ali Jinnah and "100" 11 November 2006 Rs. 500/- 147 × 65 mm Deep Green Badshahi Mosque Muhammad Ali Jinnah and "500" 11 November 2006 Rs. 1,000/- 155 × 65 mm Blue Islamia College in Peshawar Muhammad Ali Jinnah and "1000" 26 February 2007 Rs. 5,000/- 163 × 65 mm Brown Faisal Mosque Muhammad Ali Jinnah and "5000" 27 May 2006

Special Banknotes

Haj Pilgrim Banknotes

Pakistan put foreign exchange controls in place in 1949, restricting the export and import of currency except for when needed for the Haj in Saudi Arabia. This created an opportunity for smuggling, leading Pakistan to issue special Haj pilgrim notes for use by pilgrims. These were differentiated by an overprint in English "For pilgrims from Pakistan for use in Saudi Arabia and Iraq".

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.