Pakistani rupee was born on 1947 with the foundation of Islamic Republic Of Pakistan. Initialy, Indian currency notes were used by Pakistan with stamps “Government of Pakistan”. In July 1948, the State Bank of Pakistan was setup.
Initial bank notes were printed by Thomas De La Rue & Company of Great Britain. The foundation for first printing press for printng currency notes were laid in Karachi on March 1949.
In 1960, Pakistan currency adopted the metric system in which each Pakistani rupee was divided into 100 paisas. Originally, Pakistani rupee was divided in 16 anas and each ana had 4 paisas. Thus each Pakistani rupee was divided in 64 paisas.
In 1947, the trade rate with USD was 3.3:1. In 1955, first devaluation of Pakistani rupee took place when Pakistani rupee was devalued to rupee 4.76 to 1 USD. In 1972, Pakistani rupee was further devalued to 10 rupees per USD. In 1974, there was a minor appreciation of Pakistani rupee, 9.9 rupees per USD. In 1980s, there was constant rise in the trade rate with price reaching upto Rs 20 per USD in 1990. In 2000, the price has rise upto 55 Rupees per USD. At the end of 2000s, the price had stayed at 60 Rupees per USD but afterward there was sharp increase. With price reaching 100 Rupees per USD and in 2018 it reached the 115 Rupees to USD.