What is PKR?
PKR is the international currency code for the Pakistani rupee, the national currency of Pakistan.
When was the PKR introduced?
The Pakistani rupee was introduced in 1948, and the currency is controlled by the State Bank of Pakistan.
What is the currency symbol for the Pakistani rupee?
You’ll see the Pakistani rupee represented with the symbol Rs, as well as the international currency code PKR.
What is the Pakistani rupee worth?
The Pakistani rupee is a floating currency, which means its value against other currencies changes all the time. To get the current exchange rate from your currency to PKR, you’ll need to get an online currency converter, or use a Google search. This will show you the mid-market exchange rate, which is the one banks get when they buy and sell currency on the wholesale markets.
It’s worth noting, though, that the mid-market exchange rate isn’t always available to retail customers. Many banks and currency exchange services create their retail exchange rates by adding a markup to the mid-market exchange rate.
Check the rates you’re offered to make sure you don’t get any nasty surprises. And if you’re looking for currency exchange which uses the mid-market exchange rate with low, transparent fees, try TransferWise.
Best PKR exchange rate?
The best PKR exchange rate available at any given time will be the mid-market exchange rate. This is the rate used when trading currency on global markets. However, it’s often not passed on to retail customers exchanging smaller amounts of currency.
Compare both the exchange rates and fees available for a variety of exchange services before you decide which is offering the best deal. Usually you’ll find that currency exchange at locations with a captive audience - hotels and airports, for example - have the worst rates, while online services have lower overheads and may offer better rates. Some, like TransferWise, pass on the mid-market exchange rate to customers, and just charge a simple, upfront fee for their service.
Can you exchange Pakistani rupees in the UK?
Some currency exchange services and banks in the UK will be able to sell PKR. However, Pakistani rupees may be considered an exotic currency, which means it’s worth calling ahead to check availability, or ordering online for collection.
Is PKR pegged to USD?
The value of PKR is not tied to the price of US dollars. The Pakistani rupee is a floating currency, which means its value moves up and down according to dynamics of supply and demand. The Pakistani government may, however, take some steps to keep the value of PKR stable, including buying and selling currencies on international markets to influence the value of the rupee.
Is PKR pegged to GBP?
PKR was pegged to British pounds when it was first introduced. However, this peg was removed in 1983. PKR is now a floating currency, although the Pakistani government may intervene from time to time to make sure the value remains stable.