Glossary: rupee (R or Re; pl., Rs)
DEFINITION:
The national currency, consisting of 100 paisa. From 1947 to 1972, Pakistan was a member of the sterling area, but in 1971, when the United States dollar was devalued, the rupee was unpegged from sterling and pegged to the dollar at the rate of Rs4.76 per US$1. On May 12, 1972, the rupee was devalued from Rs4.76 to Rs11 per US$1. In February 1973, when the dollar was again devalued, the rupee maintained its value in terms of gold, and its value in relation to the dollar rose to Rs9.90 per US$1, where it remained until January 1982. After January 1982, the rupee was pegged to a market basket of currencies important to Pakistan’s trade. The rupee subsequently depreciated steadily against the dollar, reaching Rs30.30 to US$1 at the end of February 1994. Notes are printed in denominations of Rs 1000, 500, 100, 50, 10, 5, 2, and 1. Coins are minted in denominations of Rs1, as well as 50, 10, 5, 2, and 1 paisa.