Currency in Pakistan
A practical currency and money guide to travel, living and doing business in Pakistan and the Pakistani rupee (PKR).
What's in this Pakistan currency guide:
What currency is used in Pakistan?
The official currency of Pakistan (country code: PK) is the Pakistani rupee, with symbol ₨ and currency code PKR.
Things to know about the Pakistani rupee
The Pakistani rupee (PKR) is the official currency of Pakistan, a country located in South Asia. Here are a few things to know about the Pakistani rupee:
- The Pakistani rupee is abbreviated as PKR and is divided into 100 paisa.
- The State Bank of Pakistan is responsible for issuing and regulating the Pakistani rupee.
- The exchange rate for the Pakistani rupee is determined by supply and demand in the foreign exchange market.
- Pakistan has a mixed economy, with a significant public sector and a large agricultural sector. The country is also a major producer of textiles, and has a growing service sector.
- The Pakistani rupee has experienced significant depreciation in recent years due to economic challenges such as high inflation and a large trade deficit. In addition, Pakistan has faced political instability and conflict, which have also had an impact on the value of the Pakistani rupee.
Travel Ideas and Money Tips for Pakistan
For travelers, Pakistan is a land of contrasts. The country is home to some of the world’s tallest mountains, as well as the Thar Desert. It is also a place with a rich history and culture, having been home to the Indus Valley Civilization and being the birthplace of the Mughal Empire.
Pakistan is a diverse country, with different ethnic and linguistic groups. The major languages spoken in Pakistan are Urdu, Punjabi, Sindhi, Pashto, and Balochi. The country is also home to a number of different religions, including Islam, Christianity, Hinduism, and Sikhism.
The capital of Pakistan is Islamabad, and the country’s largest city is Karachi. Other major cities include Lahore, Faisalabad, Rawalpindi, and Peshawar.
Pakistan is a country with a lot to offer travelers. From its stunning landscapes to its rich history and culture, there is something for everyone in Pakistan.
Best things to do and see in Pakistan
1. Visit the Badshahi Mosque and Lahore Fort in Lahore.
2. Take a trip to the Khyber Pass.
3. Explore the ruins of the ancient city of Mohenjo-Daro.
4. Go on a safari in the Chitral District.
5. Trek to the base camp of K2, the second highest mountain in the world.
6. Visit the Fairy Meadows, a naturally beautiful meadow located in the Hunza Valley.
7. Take a jeep tour of the upper Hunza Valley.
8. Go white water rafting in the Indus River.
9. camping and fishing in one of the many alpine lakes in Pakistan.
10. visiting the Hunza Valley in the springtime to see the spectacular blooming of the apricot trees.
Top Travel tips for Pakistan
1. When traveling to Pakistan, it is important to dress conservatively and respect local customs and traditions.
2. Travelers should be aware of their surroundings at all times and take precautions against possible terrorist attacks.
3. It is also advisable to register with your embassy or consulate before traveling to Pakistan.
4. Pakistan is a cash-based society, so it is important to have plenty of local currency on hand.
5. Finally, travelers should always purchase travel insurance before visiting Pakistan.
What currency to use in Pakistan?
The official currency of Pakistan is the Pakistani Rupee (PKR). If you want to exchange currency within Pakistan US Dollars and Euros are usually mostly accepted. Airports have 24 hour exchange bureaus, and hotels will often exchange cash, both however will usually charge a 3% charge. Banks also offer rather poor rates, making using an ATM the quickest, cheapest and most convenient way to get hold of cash. ATMs will only accept chip enabled cards, not ones with only a magnetic strip on the back. Always make sure you have the newer, undamaged notes, as otherwise they won't be accepted.
ATMs are usually easily available all through Pakistan, however in country areas they are not always reliable. So if you intend to leave the cities be sure to have some cash in hand. In Pakistan, it is mostly expected to use cash so cards are widely unaccepted. Make a point of letting your bank know you are going to be travelling in Pakistan to avoid your card being blocked by your bank, due to card fraud being high in this region.
Is it safe in Pakistan?
Pakistan is a safe country to live in. The crime rate is low, and the people are friendly and hospitable. There is no need to worry about safety in Pakistan.
Expat Money & Business Guide to Pakistan
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Pakistan.
What is the cost of living in Pakistan?
There is no definitive answer to this question as the cost of living in Pakistan can vary greatly depending on the individual's lifestyle and location. However, according to The Economist's Worldwide Cost of Living Survey, Pakistan is the 47th most expensive country in which to live.
How is the expat life in Pakistan?
Expat life in Pakistan can be incredible rewarding. The country has a rich culture and history, and the people are warm and welcoming. There are many opportunities to get involved in the community, and the cost of living is relatively low. However, there are also some challenges that come with living in Pakistan. The infrastructure can be challenging, and the political situation is unstable. There is also a high risk of crime and terrorism.
Any laws in Pakistan that foreigners should be aware of?
The legal system in Pakistan is based on English common law, with some influences from Sharia law. Sharia law is used in personal law cases relating to marriage, divorce, inheritance, and custody. There are some restrictions on freedom of speech and the press. Blasphemy is a criminal offense, and there have been instances of mob violence against those accused of blasphemy. There have also been reports of forced conversion to Islam, especially of Hindu and Christian girls. Foreign nationals should be aware of these laws and respected them.
What is doing business like in Pakistan?
Doing business in Pakistan can be a challenge. Despite recent reforms, the business environment remains difficult, with corruption, red tape, and weak rule of law posing significant hurdles. Businesses also report power shortages and difficulty accessing financing.
How is the economy in Pakistan?
The economy in Pakistan is developing. The country has a young population and unemployment is a major challenge. The GDP per capita is growing, but is still low compared to other countries in the region. The government is working to improve infrastructure and attract foreign investment.
Managing your finances in Pakistan
Here we list some key points for expats and businesses to consider when managing financial dealings in Pakistan:
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Understand Pakistani rupee currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the PKR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local Pakistani rupee bank account: A local PKR bank account can make it easier for you to manage your finances and pay bills while you are in Pakistan. It may also be more convenient to use a local PKR bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Pakistan. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Pakistan. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Pakistan, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
USD/PKR – Market Data
The exchange rate of Pakistani rupee (PKR), or the amount of PKR that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/PKR rate plus recent trend, chart, forecasts and historic rates.
Migrant workers from Asia’s developing countries, such as Pakistan, have been sending home record amounts of money in recent months, defying pandemic expectations and propping up home economies at a critical time.
However, it appears workers are just sending money home in advance of their own return due to a bleak job market, particularly in the Middle East.
| Date | USD/PKR | Change | Period |
|---|---|---|---|
15 Mar 2023 | 282.88 | 0.2% ▲ | 2 Week |
29 Dec 2022 | 226.60 | 25.1% ▲ | 3 Month |
29 Mar 2022 | 182.44 | 55.3% ▲ | 1 Year |
30 Mar 2018 | 115.71 | 144.9% ▲ | 5 Year |
31 Mar 2013 | 98.39 | 188.1% ▲ | 10 Year |
03 Apr 2003 | 58.78 | 382.2% ▲ | 20 Year |
Compare Pakistani rupee Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Pakistan or planning a trip or maybe living there, so will need to exchange and spend Pakistani rupee.
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It is important to note that the exchange rate of the Pakistani rupee can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect PKR exchange rates before making any financial decisions.
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