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The lowdown on the Pakistani rupee

Translated as ‘’wrought silver, a coin of silver’’, the rupee was first introduced in India during Sher Shah Suri’s reign between 1540 and 1545, including in the regions that now make up modern-day Pakistan.

The Pakistani rupee is still a relatively young currency and only began circulating in 1948 after the dissolution of the British Raj in 1947 saw India gain independence and simultaneously split into India and Pakistan. Much like the Indian rupee, the currency was initially divided into 16 annas, before being decimalised and subdivided into 100 pice in 1961.

The pice was quickly renamed to the English version of paise the same year, however, they have not been issued since 1994. Today, you will find the Pakistani rupee available in various coins, and in note format in denominations of 10, 20, 50, 100, 500 and 1,000, as well as the rarer 5,000 note, which debuted in 2006.

To this day, each banknote bears the image of the Muhammad Ali Jinnah, who was an influential politician, lawyer, and of the founder of Pakistan.

Historic Australian dollar to Pakistani rupee rates

The decade since 2007 has seen highs and lows as far as the Australian dollar exchange rate against the Pakistani rupee is concerned. While the rate remained relatively stable between 2016 and 2017, rolling between 78.82 and 74.97, this plateau is a large drop since hitting a peak of 103.71 in April 2013.

Unsurprisingly, the all-time low hit in 2008, when implications of the global economic crisis saw the exchange rate dip down to 47.46 in April.

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