Pakistani Rupee (PKR)

The Pakistani rupee has been issued by the State Bank of Pakistan since 1948, shortly after independence. It has depreciated substantially against the US dollar over time, including several sharp moves in recent years as Pakistan worked with the IMF on balance-of-payments support.

Remittances from Pakistanis working in the Gulf states, the UK, and the US are a major source of foreign currency, and the government encourages sending money through formal banking channels rather than the informal hawala system. For senders, the fee and the rate a service applies usually matter more than small market moves.