The Pakistani Rupee (Urdu: روپیه / ALA-LC: Rūpiyah; sign: ₨; code: abbreviated as PKR, is the official currency of Pakistan since 1948.
The coins and notes are issued and controlled by the central bank, namely State Bank of Pakistan. Prior to partition, the coins and notes were controlled by the British Indian central bank, namely Reserve Bank of India.
Since the United States dollar suspension in 1971 of convertibility of paper currency into any precious metal, Pakistani rupee is, de facto, fiat money. Before collapse of Bretton Woods system, currency was pegged at fixed exchange rate to the United States dollar for international trade and was backed by the US gold. The currency was convertible to gold on demand.
In Pakistani English, large values of rupees are counted in terms of thousands; lakh (100,000); crore (10 million); arab (1 billion); kharab (100 billion).