Pakistan, officially the Islamic Republic of Pakistan, is a South Asian country and the fifth-most populous country in the world. Pakistan's official currency is the Pakistani Rupee (PKR). It is made up of 100 paise and is depicted with the symbol Rp. Often, the PKR is referred to as rupaye, rupees, or rupaya. In 1947, when Pakistan gained independence from Britain, the Indian rupee was replaced by the Pakistani rupee. They initially continued using the British notes, simply stamping "Pakistan" over them until the following year when they were printing their own notes. In 1961 the rupee was decimalized and replaced the 16 annas with 100 paise (paisa singular).
After 2013, coins denominated in paisa were stopped being legal tender. The minimum legal tender is the 1 Rupee coin. Later, a smaller 5 rupee coin was introduced on October 15, 2015, and in 2016, a Rs. 10 coins. Several banknotes in circulation today are as follows: Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1000, and Rs 5000. The rupee was initially pegged to the British pound but the government adopted a managed float policy in 1982 that prompted financial mayhem. For the next five years, Pakistan's already fragile economy was even more crippled, and the currency continued under pressure till the State bank of Pakistan finally decreased interest rates and obtained U.S. dollars to restrain the falling value of the rupee.