Which currency does Pakistan use?
Pakistan uses the Pakistani Rupee (PKR) as its official currency. The State Bank of Pakistan is responsible for the issuance and regulation of currency in the country.
The Pakistani Rupee is denoted by the symbol “₨” or “Rs”. It is further divided into smaller units called paisa, where 1 Rupee equals 100 paisa. However, due to inflation and the devaluation of currency, paisa are rarely used in daily transactions nowadays.
The history of the Pakistani Rupee dates back to Pakistan’s independence from British India in 1947. Initially, the Pakistani Rupee was valued equal to the Indian Rupee, but the two currencies diverged in value over time, with the Pakistani Rupee currently being weaker than the Indian Rupee.
The Pakistani Rupee comes in the form of both banknotes and coins. Banknotes are available in denominations of 10, 20, 50, 100, 500, 1000, and 5000 Rupees. Coins are available in denominations of 1, 2, 5, and 10 Rupees. However, smaller denominations like 1 and 2 Rupee coins are hardly used in day-to-day transactions.
FAQs about the Pakistani Rupee:
1. Can I use US Dollars or other foreign currencies in Pakistan?
While some larger hotels, restaurants, and international shops may accept US Dollars or other major foreign currencies, it’s generally advisable to exchange your currency for Pakistani Rupees.
2. Are there any restrictions on bringing Pakistani Rupees into or out of Pakistan?
There are limits on the amount of Pakistani Rupees you can bring into or take out of Pakistan. It’s always best to check with the relevant authorities or your local embassy for the latest regulations.
3. Can I exchange my home country’s currency for Pakistani Rupees at airports in Pakistan?
Yes, you can exchange your home currency for Pakistani Rupees at major airports in Pakistan. However, the exchange rates may not be as favorable as in local banks or exchange offices.
4. Is it possible to use credit cards or debit cards in Pakistan?
Yes, credit cards and debit cards are widely accepted in major cities and tourist areas in Pakistan. However, it’s always advisable to carry sufficient cash, as smaller towns and rural areas may have limited card acceptance.
5. Is it easy to find ATMs in Pakistan?
ATMs can be found in major cities, commercial centers, and tourist areas in Pakistan. However, in remote areas, ATMs might be scarce, so it’s important to plan your cash needs accordingly.
6. Can I exchange Pakistani Rupees back into my home currency?
Yes, you can exchange any remaining Pakistani Rupees back into your home currency at authorized exchange centers before leaving Pakistan.
7. Are there any counterfeit currency concerns in Pakistan?
While counterfeit currency exists in almost every country, it’s always advisable to be cautious. Ensure that you exchange money at reputable sources such as banks or authorized exchange offices to minimize the risk of receiving counterfeit notes.
8. Can I use traveler’s checks in Pakistan?
Traveler’s checks are not widely accepted in Pakistan. It’s better to carry cash or use debit/credit cards for convenience.
9. Where can I exchange foreign currency for Pakistani Rupees?
Foreign currency can be exchanged for Pakistani Rupees at authorized banks, exchange offices, or currency exchange counters in major shopping centers.
10. Can I use the old Pakistani Rupee notes?
As of July 1, 2021, the State Bank of Pakistan has withdrawn all old-design banknotes from circulation. Therefore, it’s important to ensure you have the new-design notes for transactions.
11. Where can I find information on the latest exchange rates?
You can check the latest exchange rates for Pakistani Rupees against multiple currencies on the State Bank of Pakistan’s official website or at authorized exchange offices.
12. Should I tip in Pakistani Rupees?
It is customary to tip in Pakistani Rupees when in Pakistan. Tipping is generally appreciated for good service at restaurants, hotels, and for other services rendered.