The Pakistani rupee (PKR) is the official currency of Pakistan since 1949. It is divided into 100 paisa and has the symbol ₨. The rupee was originally based on the Indian rupee, but has since undergone several devaluations and reforms. The rupee is issued and controlled by the State Bank of Pakistan, which is the central bank of the country.
The exchange rate of the Pakistani rupee fluctuates according to the market forces of supply and demand, as well as the monetary policy of the government. As of May 9, 2023, one US dollar (USD) was equivalent to 284.467 Pakistani rupees, according to Xe.com. This means that one Pakistani rupee was worth 0.00351534 US dollars.
The Pakistani rupee is used for all domestic transactions in Pakistan, as well as for some international trade with neighboring countries such as Afghanistan, Iran and China. The rupee is also accepted in some parts of India and Bangladesh that border Pakistan. However, for most foreign transactions, Pakistanis use other currencies such as US dollars, euros or pounds sterling.
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