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Pakistani Rupee (PKR): Definition, History, Currency Values

Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

What Is the Pakistani Rupee (PKR)?

The Pakistani rupee, abbreviated PKR, is the national currency of Pakistan. The Pakistani rupee is made up of 100 paise and is represented locally by the symbol Rp or Rs . The PKR is often referred to as rupees, rupaya , or rupaye . The word “Rupee” originates from the Sanskrit word rup or rupa , which means “silver” in many Indo-Aryan dialects.

As of Jan. 25, 2023, $1 U.S. is worth roughly 231 PKR.

Key Takeaways

• The Pakistani rupee (PKR) is the official currency of Pakistan.
• The PKR was introduced in 1947 after Pakistan gained independence from the British and autonomy from India.
• The rupee was initially pegged to the British pound but moved to a managed float policy in 1982. Its value has seen a steady decline in the years since, as Pakistan’s economy has stagnated.
• In January 2023, Pakistan commenced negotiations to revive a $6 billion economic bailout program from the International Monetary Fund (IMF) to shore up its financial position.

Understanding the Pakistani Rupee (PKR)

When Pakistan became independent from Britain in 1947, the Pakistani rupee replaced the Indian rupee. Initially, they continued using the British notes and simply stamped “Pakistan” over them until they began printing their own notes the following year.

The rupee was decimalized in 1961, replacing the 16 annas that the rupee was originally divided into with 100 paise ( paisa singular).

Coins denominated in paisa were no longer legal tender after 2013. The 1-rupee coin is the minimum legal tender. A 5-rupee coin was introduced on Oct. 15, 2015, and a 10-rupee coin was introduced in 2016.

There are a number of banknotes in circulation today: Rs 10 (10 rupees), Rs 20, Rs 50, Rs 100, Rs 500, Rs 1,000, and Rs 5,000. Additionally, there is a 50th anniversary Rs 5 banknote. It commemorates the 50th anniversary of the independence of Pakistan.

Initially, the rupee was pegged to the British pound . However, in 1982, the government adopted a managed float policy—meaning that the nation’s central bank routinely intervenes to keep the currency in a specific price range. However, this caused financial mayhem.

For the next five years, the rupee fell nearly 40% against the British pound, and the cost of imports surged, crippling the already fragile economy. The currency remained under pressure until the turn of the century, when the State Bank of Pakistan finally lowered interest rates and purchased U.S. dollars to curb the falling value of the currency.

Pakistan’s Economic Prospects

Like most emerging market currencies, the Pakistani rupee plunged during the global financial crisis , losing more than 20% against the U.S. dollar in 2008. Since that time, the rupee has continued to depreciate against the greenback, exasperated by the country’s large current account deficit .

Because of the fragility and volatility of its economy, the Pakistani rupee does not have any strong correlations with other currencies, financials, or commodities. However, in June 2022, investment research firm MSCI upgraded Pakistan to “Emerging Markets” status due to the country’s favorable demographics and increased economic ties with China.

The South Asian nation sits poised to benefit from increased investment from Bejing’s One Belt One Road (OBOR) initiative and the China-Pakistan Economic Corridor (CPEC)—a 1,864-mile (3,000-kilometer) network of roads, railways, and oil and gas pipelines between the two countries that is expected to bolster the Pakistani economy through 2030.

IMF to the Rescue

While growth in Pakistan at the end of 2019 was less than projected, the country shored up a conditional multiyear $6 billion bailout program from the International Monetary Fund (IMF) to deliver structural reform and address critical macroeconomic issues. However, the most recent bailout tranche stalled in November 2022 amid differences over a program review.

In January 2023, Pakistan’s government indicated its readiness to revive negotiations with the Washington-based lender as its foreign exchange reserves slumped to an all-time low of $11.7 billion in December 2022—around half the amount it held at the start of last year. To resume the economic rescue program, the South Asian nation must meet stringent conditions imposed by the IMF, which include a market-based exchange rate , increased energy pricing, and the imposition of new taxes to account for revenue slippage. A successful revival of the bailout could potentially lend support to the embattled rupee.

With mounting debts of more than $8 billion in the coming months and the country’s aging energy infrastructure needing urgent upgrades, it’s becoming increasingly likely that the Pakistani government will agree to the IMF’s demands. In January 2023, a nationwide power outage left more than 200,000 without electricity, highlighting the urgency of securing financial assistance.

What is the history of the Pakistani rupee?

The Pakistani rupee replaced the Indian rupee in 1947 when the country gained independence from Britain. The currency remained pegged to the British pound until 1982 before adopting a managed float policy. As part of its conditions for providing bailout loans to Pakistan, the International Monetary Fund (IMF) has requested that the rupee shift to a market-based exchange rate.

What are the Pakistani rupee’s coin and banknote denominations?

Pakistani rupee coin denominations are 1, 5, and 10, while rupee banknotes consist of 10, 20, 50, 100, 500, 1,000, and 5,000. Additionally, a commemorative 5-rupee banknote released in 1997 marks the country’s 50th anniversary of independence.

What is the Pakistani rupee’s value relative to the U.S. dollar?

The Pakistani rupee has fallen by more than half against the greenback since 2017, with $1 U.S. buying around 230 rupees as of January 2023.

What are the current challenges facing the Pakistani rupee?

The Pakistani rupee has come under pressure against other currencies in recent months as the country faces significant fiscal and current account deficits , with default looming if the government fails to revive an IMF bailout.

The Bottom Line

The Pakistani rupee, which comes in various coin and banknote denominations, has been Pakistan’s national currency since the country’s independence in 1947. Since 1982, the rupee has remained under a managed float policy. However, the Pakistan central bank ’s routine intervention to keep the currency in a specific price range has caused financial mayhem.

As a condition to revive a multiyear, $6 billion bailout program in 2023, the IMF has requested that the rupee move to a market-based exchange rate, among other economic stipulations. The rupee has consistently depreciated against the U.S. dollar since the global financial crisis due to Pakistan’s increasing national debt and political instability.

ExchangeRates.org. “ US Dollar to Pakistani Rupee (USD to PKR) Exchange Rates .”

OANDA. “ Pakistan Rupee .”

State Bank of Pakistan. “ Pakistan’s Banknotes .”

Profit by Pakistan Today. “ How Pakistan Dealt with the 2008 Financial Crisis .”

Globalx. “ MSCI Upgrades Pakistan, to Review Argentina .”

The New Indian Express. “ Pakistan Signs New Pact with China to Kick Off 2nd Phase of CPEC .”

International Monetary Fund. “ IMF Reaches Staff-Level Agreement on Economic Policies with Pakistan for a Three-Year Extended Fund Facility .”

CNN. “ Nearly 220 Million People in Pakistan without Power After Countrywide Outage .”

Outlook India. “ Pakistan Government Ready to Meet All IMF Demands to Revive Bailout Programme: Report .”

India Narrative. “ Is Ishaq Dar Driving Pakistan the Sri Lanka Way to Bankruptcy? ”

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The Currency Of Pakistan

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The History and Specifications of Pakistani Currency

Home » Lifestyle » The History and Specifications of Pakistani Currency

Updated (Oct 07, 2022): 

SBP’s Tweet about the Issuance of the All-new 75 Rupees Note

According to the SBP’s official tweet, the PKR 75 note is finally available for public use at all of its Banking Services Corporation (BSC) offices across the country. In its history, the central bank has issued the second commemorative currency note after the first 50-rupee commemorative note that was introduced in 1997 to celebrate the country’s 50 years of independence.

New Commemorative banknote of Rs75 is now available for general public at all SBP BSC offices and branches of commercial banks. This banknote is legal tender and can be used as medium of exchange for all transactions across Pakistan. pic.twitter.com/EFuU1rHtr1 — SBP (@StateBank_Pak) September 30, 2022

Pakistan Gets 75 Rupees Currency Note on Its 75th Birthday

In a bid to mark Pakistan’s 75 Independence day with a commemorative development, the State Bank of Pakistan (SBP) officially revealed the brand-new PKR 75 banknote. According to the central bank’s Twitter handle, the public issuance of the PKR 75 note will start on September 30, 2022. 

1/2 #SBP unveils the design of Rs.75 commemorative banknote being issued on 75th anniversary of the country’s independence. The note will be available for public issuance from 30th September 2022. For details: https://t.co/ZvCNGKxSjV pic.twitter.com/qweDbs28g7 — SBP (@StateBank_Pak) August 14, 2022

As you can see in the video above, the colour of the currency note is mainly emerald green while some of its parts have light green, white and grey colours. On the front side of the note, are the portraits of Sir Syed Ahmad Khan, Mohtarma Fatima Jinnah, Quaid-e-Azam Muhammad Ali Jinnah, and Allama Muhammad Iqbal (from left to right). 

Meanwhile, the backside of the note has a picture of Markhor, emphasizing the importance of environmental conservation. Unveiled on August 14, 2022, the commemorative currency note is still making the rounds on the internet, receiving mixed reactions from the netizens.

As Pakistanis, we seldom ever wonder about the history of Pakistani currency or even notice the various depictions on the currency notes that we use daily. Moreover, we do not pay any particular attention even when we sit down with our parents or grandparents and hear them talking about the days when ‘ana’ and ‘paisa’ were all the rage. So, chances are that you might not be aware of the evolution that Pakistani currency has gone through and why it is in the form it currently is.

A long list of thoughtful and consistent efforts have gone into shaping our currency notes and how they are printed. Even the coins we use have been through several iterations. Here, we’ll talk about the history of Pakistani currency, all the way from 1947 to recent years. We’ll also share information about what is printed on the back of the currency notes and coins currently in circulation.

History of Pakistani Currency Notes

Indian currency issued by the Reserve Bank of India was being used in the sub-continent when Pakistan gained independence in 1947. Since Pakistan was a newly independent nation, it was not possible to set up a central banking system in the country immediately. Therefore, provisions were made for currency to be supplied to Pakistan after its establishment, from the Reserve Bank of India.

The earliest currency, therefore, was the Indian Rupee, which had ‘Government of Pakistan’ printed on it in English and ‘Hakumat-e-Pakistan’ printed on it in Urdu on the white area of the note reserved for watermarks. The provision for the issuance of currency to the newly independent country was made by the Governor General of India, a day before independence.

According to the provision, the Reserve Bank of India would function as the sole authority for the issuance of currency to both India and Pakistan until the 30 th of September 1948. The Government of Pakistan was given a deadline of one year to set up its banking system and a printing press.

In the meantime, the printing plates were modified to include the ‘Government of Pakistan’ tags on the notes to avoid forgery due to overprints. The notes went into circulation on the 1 st of April, 1948, and included denominations of 1, 2, 5, 10, and 100 Rupee notes.

After the Establishment of the State Bank of Pakistan

The first banknotes issued by the State Bank of Pakistan were released on the 1 st of October 1948, in denominations of 5, 10 and 100 Rupee. The currency notes were printed by a British firm, Thomas De La Rue & Company. The 5-Rupee note of that time used to be blue, the 10-Rupee one was reddish-orange, and the 100-Rupee note was dark green.

The 1 and 2-Rupee notes were issued about six months later, on the 1 st of March 1949. They were printed by a British firm named Bradbury Wilkinson & Company. The 1-Rupee note was green in clour with Naulakha Pavilion on the back, while the 2-Rupee note was brown with Badshahi Mosque on the back.

New designs for the 5, 10 and 100-Rupee note were then sent out for approval and once approved, the 5 and 10-Rupee notes were issued by the State Bank of Pakistan, printed by Thomas De La Rue in September of 1959. The 5-Rupee note had the Khyber Pass on its back, while the 10 Rupee note had Makli Tombs on the back. The first 100-Rupee note was issued about 2 years later as the initial design was rejected. These early notes contained the crescent moon and star, either as print or as a watermark to signify Pakistan.

However, after news of forgery reached the Cabinet in 1956, a new series was designed with the portrait of Muhammad Ali Jinnah. In this series, the 100-Rupee note was the first to be issued near the end of 1957, which was green in colour, had a print as well as a watermark of Muhammad Ali Jinnah and had the Badshahi Mosque at the back of the note. By the end of 1970, the 50, 500, 5, and 10-Rupee notes had also been issued.

After the Separation of East Pakistan

After the separation of East Pakistan, many depictions on the notes, such as Bengali text, were no longer appropriate and therefore, a new generation of Pakistani notes was designed to be issued. The first note in this series was the 1-Rupee note, introduced in May of 1974. It was blue in colour with writing in all four major regional languages. The back contained an image of the Minar-e-Pakistan. This note was short lived due to its use of regional languages, which could potentially create a divide among the people.

In April 1975, a new 1-Rupee note was circulated with 5, 10 and 100-Rupee notes also being issued the next year. Next on the list was the 50-Rupee note which was circulated near the end of 1977. The 2-Rupee note was made available for use in August of 1985, while the 500-Rupee note was issued in April of 1986. The 1000-Rupee note was then printed and circulated in July of 1988. These notes were the standard currency of the country for a reasonably long time.

However, when modern techniques were available to protect the currency further, it was decided to redesign the notes with advanced features. The first ever 20-Rupee note was printed and introduced in August of 2005. It was originally brown in colour, with Mohenjo-Daro depicted on its back. Other notes were also redesigned as part of the series, except for the 1 and 2-Rupee notes, which were discontinued in favour of coins. The 5-Rupee note was also discontinued later in 2012.

At present, the highest note in circulation is the 5000-Rupee note, which is mustard in colour and was circulated in May of 2006. It was the first time that this denomination was introduced in Pakistani currency.

History of Pakistani Coins

Pakistani currency also used to have coins of several denominations in the past. Up to 1960, 1 Pakistani Rupee used to have 16 ana in it, and each ana had 4 paisa in it, meaning each Rupee had 64 paisa in it. Accordingly, the coins in circulation were 1 paisa, 2 paisa, 1 ana, 2 ana, 4 ana, 8 ana, and 1-Rupee.

After 1960, Pakistan adopted the metric system for its currency, and 1 Pakistani Rupee then had 100 paisa in it. The coins of the time were 1, 2, 5, 10, 25 and 50 paisa. Most of these remained in circulation till the 1990s before they were discontinued.

The 1 and 2-Rupee coins were issued at around the same time and are still in use today, although there has been a change in the metal used to create them. A 5-Rupee coin was circulated once the note was discontinued. A 10-Rupee coin is also in circulation but is rarely used.

Depictions on the Backs of the Notes

Have you ever looked at the back of your currency notes and wondered what is printed on them? Aside from the watermarks and a range of other printing specifications that help prevent forgery, each note has a place of historical, national or cultural importance printed on it.

The table above highlights what is depicted on the back of each of the currency notes that are currently in circulation. We’ve also included all the valid currency coins in our list.

Pakistan Currency Museum, Karachi

If you are interested in learning more about the history of Pakistani currency, the State Bank of Pakistan has established the country’s first currency museum in one of its oldest buildings in Karachi near its head office. Located on I. I. Chundrigar Road, the museum holds a lot of financial history within its walls. There are also old banknotes and coins on display. The museum contains six galleries:

• History of State Bank of Pakistan
• Coins Gallery – I & II
• Currency Gallery
• SBP Governors
• Art Gallery
• Stamp Gallery

The museum is open Monday to Saturday from 9:30 am to 5:00 pm and the entry is free for people interested in taking a glimpse at the history it holds.

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سلام Salaam (Hello) and Welcome to our Guide to Pakistani Culture, Etiquette and Business Practices

‘pakistan’ is derived from the word ‘pak’ – a persian word meaning pure or clean and ‘istan’ – a hindi word which refers to a land. pakistan means the ‘pure land’., what will you learn about pakistan.

You will gain an understanding of a number of key areas including:

• Religion and beliefs
• Culture and society
• Social etiquette and customs
• Business culture and etiquette

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• Facts and Statistics
• Language in Pakistan
• Pakistani Culture & Society
• Social Customs & Etiquette
• Busuness Culture and Practice

STEREOTYPING

Remember this is only a very basic level introduction to Pakistani culture and the people; it can not account for the diversity within Pakistani society and is not meant in any way to stereotype all Pakistanis you may meet!

INTRO TO PAKISTAN

The modern history of Pakistan was shaped by the British who arrived as traders with the British East India company in the 18th century. This period of imperialism was a time of great violence and gave way to Indian Uprisings against the British oppressors.

Demands were made for both independence and the creation of a Muslim state, to which Britain acceded prior to their withdrawal in 1947. 

The process of departure was not straightforward however and the ensuing bloodshed was greatly due to the poor management of the carving up of the region in to India and Pakistan by a UK based civil servant who had never previously visited the region.

Pakistani and Indian border officials shake hands as onlookers photo the occassion. The two countries have recently tried to reshape their relationship however it has been challenging for many reasons political, social and economic reasons. Photo by Joshua Song on Flickr (CC BY-NC-ND 2.0)

FACTS AND STATISTICS

• Location:    Southern Asia, bordering Afghanistan 2,430 km, China 523 km, India 2,912 km, Iran 909 km
• Capital:   Islamabad, located in North-eastern Pakistan
• National anthem:   ‘Qaumi Taranah ’ which translates as ‘The Sacred Land’.  The music was composed by Ahmad Chagla in 1949 and the lyrics were written by Hafeez Jullundhri in 1952.  It was adopted as the official national anthem for Pakistan in 1954.
• Ethnic Make-up: Punjabi, Sindhi, Pashtun (Pathan), Baloch, Muhajir (immigrants from India at the time of partition and their descendants)
• Population:   203 million (2019 est.)
• Population growth rate:   1.45% (2019 est.)
• Climate :  Although there are some distinct climatic differences depending on where you are in Pakistan, the climate is generally temperate and consists of three seasons which include Summer, Winter and Monsoon. The extremes of these seasons vary depending on location. If visiting, avoid the Monsoon period as the rain can play havoc with the local infrastructure and prevent you getting around as easily as you might wish. It is typically dry and hot in the south of the country and mild in the northern parts of the country.
• Time Zone: Pakistan is UTC +5 hours with no daylight saving.
• Currency: The Rupee
• Government: Pakistan is a federal parliamentary republic. The government serves on a five-year term basis and is headed by the President (the official Head of State) and the Prime Minister.  There are 342 members of the National Assembly, 79% of whom are elected to their positions on the basis of popular vote.  Of these seats, 22% are reserved for women. The four provinces of Pakistan have their own legislative assembly and members are again elected by popular vote.
• Internet penetration: At 18% (est. 2016), Pakistan has one of the lowest internet penetration rates in the world.
• Business Culture: Ranked 48th in the Business Culture Complexity Index™

Wazir Mosque - Lahore, Pakistan. Mosques play a very central role in Pakistani community life . Photo by Umair Khan on Flickr (CC BY 2.0)

LANGUAGE IN PAKISTAN

Although Urdu is the only official language of Pakistan, English is the lingua franca of the Pakistani elite and most of the government ministries, so it is not uncommon for companies to use English as their internal business language. 

Urdu is closely related to Hindi but is written in an extended Arabic alphabet rather than in Devanagari. Urdu also has more loans from Arabic and Persian than Hindi has.

Many other languages are spoken in Pakistan, including Punjabi, Siraiki, Sindhi, Pashtu, Balochi, Hindko, Brahui, Burushaski, Balti, Khawar, Gujrati and other languages with smaller numbers of speakers.

PAKISTANI CULTURE & SOCIETY

Religion & beliefs.

• Muslim 97% (Sunni 77%, Shi'a 20%), Christian, Hindu, and other (inc. Sikh) 3%
• Islam is practised by the majority of Pakistanis and governs their personal, political, economic and legal lives.
• Among certain obligations for Muslims are to pray five times a day - at dawn, noon, afternoon, sunset, and evening.
• Friday is the Muslim holy day. Everything is closed.
• During the holy month of Ramadan all Muslims must fast from dawn to dusk and are only permitted to work six hours per day. Fasting includes no eating, drinking, cigarette smoking, or gum chewing.

Major Celebrations/Secular Celebrations

In addition to the declaration of national holidays when Pakistan wins key international cricket matches, Pakistan also has 6 formal national holidays which fall on:

• 23rd March (Pakistan Day) , 1st May (May Day) , August 14th (Independence Day) , 6th September (Defence of Pakistan Day ), 11th September (Death of Ali Jinnah) and 15th December (Birthday of Ali Jinnah)
• The most famous festival in Pakistan is undoubtedly the seasonal kite flying festival of ‘Basant’ which marks the beginning of Spring and falls late January or early February. Unfortunately however, this festival has been banned in many areas for the immediate future due to accidents and deaths associated with the festival. It is hoped that the implementation of relevant safety measures will enable this much loved festival to resume. 
• Another much loved festival is the annual ‘Utchal’ festival which is held on the 15th – 16th July to celebrate the harvesting of wheat and barley.
• The national Horse and Cattle Show is a five day festival held in Lahore during the third week of November.  This is an exciting pageant of Pakistani culture and involves activities such as folk dancing, music, folk games and activities, cattle racing and cattle dancing.  With lots to do for children and adults alike, it is a much adored festival. 
• The extended family is the basis of the social structure and individual identity.
• It includes the nuclear family, immediate relatives, distant relatives, tribe members, friends, and neighbours.
• Loyalty to the family comes before all other social relationships, even business.
• Nepotism is viewed positively, since it guarantees hiring people who can be trusted, which is crucial in a country where working with people one knows and trusts is of primary importance.
• The family is more private than in many other cultures.
• Female relatives are protected from outside influences. It is considered inappropriate to ask questions about a Pakistani's wife or other female relatives.
• Families are quite large by western standards, often having up to 6 children.

Cricket is by far the most popular sport in Pakistan. Once the sun starts to go down it is very common to see adults and children alike playing the game until dark. Photo by hnphotog on Flickr (CC BY-NC-ND 2.0)

Social Stratification

• Although there is no caste system in Pakistan, Shi’as, Baluchis and Pashtuns are more likely to live in poverty due to their ethnic and religious differences.

Gender Roles

• Traditional gender roles in Pakistan are fairly marked in that women are far more likely to stay in the home than go out to work.
• Although women have the right to work in any profession or to manage their own businesses, the majority that do work are typically employed in roles such as nursing or teaching.
• It is worth noting that women are very well represented in government as demonstrated by the appointment of Benazir Bhutto to prime minister in 1988. Women are also represented as ministers and ambassadors and a number of female judges preside within the high courts. Pakistani women also have the same rights to vote and receive an education as men. 
• Unfortunately, crimes against women appear to be on the increase but government interventions are being put in place to try and reverse this issue.

Socialisation

• The mother is the  main caregiver for any children and they will typically spend the  majority of time with her.
• The extended family also play a key role in a child’s socialisation and will support the child’s care.
• Islamic understanding, observing Islamic duties (such as prayer and ablution), respect for elders and gender roles are imbued from early childhood.

Fresh roti being made in Islamabad. Photo by Adam Cohn on Flickr (CC BY-NC-ND 2.0)

Although there are many staple dishes in Pakistan, cuisine can vary greatly depending on geography. Meat is halal and has been slaughtered in line with Islamic requirements.  Pork is forbidden in Islam and, as such, you are unlikely to come across it during your travels.

The majority of Pakistanis eat breakfast, lunch and a large evening meal which is shared as a family. Breakfast usually includes bread, tea, fruits, eggs and other items such as honey and nuts. Lunch is typically rice and a meat based curry.

Dinner is very much a family affair and it typically incorporates one or more of the following dishes:

• Kofte – Meat kebab.
• Korma – Meat or vegetables, cooked in yoghurt and spices.
• Biryani – An aromatic rice dish cooked with vegetables or meat and containing s little gravy.
• Pulao – Very similar to Biryani.  The differences between Biryani and Pulao are often debated but it’s generally agreed that Pulao is slightly blander with less cooking time and spice.
• Lentils – Lentils are a very important addition to Asian cooking and are prepared in a number of different ways – usually with spices and a gravy
• Roti or Naan – Both roti and naan are flatbreads, but naan takes longer to make and is often made with yeast and refined flour, while roti is made with unrefined flour and far thinner and easier to digest.  The naan is sometimes flavoured with spices, fruit or nuts.

International food is also a growing trend in Pakistan and food outlets are becoming more diverse in their offerings

The Economy

• Pakistan is a developing economy which is listed as one of the ‘Next 11’.  The ‘Next 11’ is a list of countries which have been assessed as having the potential to become leading financial powers in the 21st century. These eleven countries are in addition to BRICS (Brazil, Russia, India, China and South Africa).
• Pakistan is the 24th largest global economic country and GDP places it in 143rd position.

Pakistan has a rich culture of arts and crafts which have in some cases been traced back to the artistic culture of the Indus Valley civilization.  Some examples of Pakistani love for arts are as follows:

• Arabic calligraphy – This beautiful art form, which takes years of dedication to learn, has its roots in Islam.  Arabic calligraphy can be found adorning most celebrated places such as mosques and important buildings. Most families will have calligraphy displayed in their homes. This art form also extends to calligraphy on copper pieces, which are widely used as ornaments in homes and public buildings.
• Naqashi   - This art form is essentially a form of papier mache, which was much loved by the Mughal Emperors.  Naqashi artisans are typically use a fine and intricate form of decoration which is said to impact vision in the long term if practiced over too long a time scale. This use of fine detail is also replicated in the crafting of camel skin in lamp shade making.  The lamp shades are unique and much sought after.
• Glass Chooriyan is another popular and much loved art form in Pakistan which involves the use of glass and other materials to produce beautifully adorned bangles.
• Pottery – The production of handcrafted and artistically decorated pottery is just one of the arts with its roots in the Indus Valley civilization. Blue Pottery is a specialist craft which is particularly influenced by Kashgar in China and celebrated for being a unique and unparalleled art form.

'Truck art' is a huge phenomenon in Pakistan where drivers treat their trucks like moving works of art. Photo by Teseum on Flickr (CC BY-NC 2.0)

SOCIAL CUSTOMS & ETIQUETTE IN PAKISTAN

Naming conventions.

• Where possible, the paternal grandfather is asked to name a new born child.
• The new born child is also swaddled in a piece of clothing that once belonged to the grandfather.
• Following Islamic tradition, once a name has been given, the child’s head is shaved and the weight of the hair is used to determine an equal weight in gold or silver which is then given as a charitable contribution.

Meeting & Greeting

• Greetings are often between members of the same sex; however, when dealing with people in the middle class, greetings may be across gender lines.
• Men shake hands with each other. Once a relationship is developed, they may hug as well as shake hands.
• Women generally hug and kiss. Pakistanis take their time during greetings and ask about the person's health, family, and business success.

Communication style

• Third-party introductions are a necessity in this relationship-driven culture.
• Pakistanis prefer to work with people they know and trust and will spend a great deal of time on the getting-to-know-you part of relationship building.
• You must not appear frustrated by what may appear to be purely social conversation. Pakistanis are hospitable and enjoy hosting foreign guests.
• Relationships take time to grow and must be nurtured. This may require several visits.
• Pakistanis often ask personal questions as a way to get to know you as a person.
• If possible, it is best to answer these questions.
• Pakistanis are generally indirect communicators.
• Always demonstrate deference to the most senior person in the group.
• In general, Pakistanis speak in a roundabout or circuitous fashion. Direct statements are made only to those with whom they have a long-standing personal relationship. They also use a great deal of hyperbole and similes, and go out of their way to find something to praise.
• Be prepared to flatter and be flattered.
• Pakistanis prefer to converse in a non-controversial manner, so they will say they "will try" rather than admit that they cannot or will not be able to do something.
• Therefore, it is important to ask questions in several ways so you can be certain what was meant by a vague response. Silence is often used as a communication tool.
• Pakistanis prefer to do business in person. They see the telephone as too impersonal a medium for business communication.

A young Pakistani woman in Lahore. If visiting Pakistan, always be careful taking photos of the locals. Photo by lukexmartin on Flickr (CC BY-NC-ND 2.0)

Personal Space

• Pakistanis do not require as much personal space as most western cultures.
• As such, they will stand close to you while conversing and you may feel as if your personal space has been violated. Do not back away.

Gift Giving

• If invited to a Pakistani's home, bring the hostess a small gift such as flowers or good quality chocolates.
• Men should avoid giving flowers to women.
• Do not give white flowers as they are used at weddings.
• If a man must give a gift to a woman, he should say that it is from his wife, mother, sister, or some other female relative.
• Do not give alcohol.
• Gifts are not opened when received.
• Gifts are given with two hands.

Dining & Food

• In more rural areas, it is still common to eat meals from a knee-high round table while sitting on the floor.
• Many people in urban areas do not use eating utensils, although more westernized families do.
• When in doubt, watch what others are doing and emulate their behaviour.
• Guests are served first. Then the oldest, continuing in some rough approximation of age order until the youngest is served.
• Do not start eating until the oldest person at the table begins.
• You will be urged to take second and even third helpings. Saying "I'm full" will be taken as a polite gesture and not accepted at face value.
• Eat only with the right hand.

Visiting a home

• If invited to a home, you will most likely have to remove your shoes. Check to see if the host is wearing shoes. If not, remove yours at the door.
• Dress conservatively.
• Arrive approximately 15 minutes later than the stipulated time when invited to dinner or a small gathering.
• You may arrive up to one hour later than the stipulated time when invited to a party.
• Show respect for the elders by greeting them first.

There are a number of subjects that we suggest you don’t touch upon when in the company of Pakistanis that you do not have a close relationship with:

• Homosexuality
• Challenging Islamic beliefs

Pakistan is very much a 'marketplace' culture. This has also heavily influenced modern-day business practices. Photo by Scott Edmunds on Flickr (CC BY 2.0)

BUSINESS CULTURE, ETIQUETTE AND PRACTICES IN PAKISTAN

If you're looking for expert help and advice on how to work effectively with Pakistanis, then this is what we do!

Click here to learn more about our customized cultural training .

What to wear?

• Pakistanis dress formally and in line with Islamic requirements. 
• Although women may not cover their hair, they are most likely to wear conservative outfits which do not leave their bare arms or legs exposed. Outfits are also loose in nature and do not overtly display the figure.
• For women travelling to the region, we advise that you dress conservatively and adhere to the key principles of covering where possible.  It is generally not necessary for you to cover your hair.
• Since, Pakistan men are Islamically obligated to cover anything between the navel and the knee, then we advise that anyone travelling there adheres to this principle.  
• Within the workplace, we advise that both male and females wear smart suits.
• Pakistani names often include a name that denotes a person's class, tribe, occupation, or other status indicator.
• They may also include two names that have a specific meaning when used together, and the meaning is lost if the names are separated. It is best to ask a person how they wish to be addressed.
• In general, this is not a culture where first names are commonly used, except among close friends.
• Titles are very important and denote respect. It is expected that you will use a person's title and their surname until invited to use their first name.

Business cards

• Business cards are exchanged after the initial introduction.
• Include any advanced university degrees or professional honours on your card, as they denote status.
• Business cards are exchanged using the right hand only or with two hands.
• Make a point of studying any business card you receive before putting into your business card holder

A meeting between trade union officials and a local sports company in Sialkot. Photo by International Labour Organization on Flickr (CC BY-NC-ND 2.0)

• Appointments are necessary and should be made, in writing, 3 to 4 weeks in advance, although meetings with private companies can often be arranged with less notice.
• The best time to schedule meetings is in the late morning or early afternoon.
• If at all possible, try not to schedule meetings during Ramadan. The workday is shortened, and since Muslims fast, they could not offer you tea, which is a sign of hospitality.
• You should arrive at meetings on time and be prepared to be kept waiting.
• Pakistanis in the private sector who are accustomed to working with international companies often strive for punctuality, but are not always successful.
• It is not uncommon to have a meeting cancelled at the last minute or even once you have arrived.
• In general, Pakistanis have an open-door policy, even when they are in a meeting. This means there may be frequent interruptions. Other people may wander into the room and start a different discussion.
• Meetings are formal.
• Business meetings start after prolonged inquiries about health, family, etc.
• During the first several meetings, business may not be discussed at all as the relationship is still being developed.
• Maintain indirect eye contact while speaking.

Negotiating

• Companies are hierarchical. Decisions are made by the highest-ranking person.
• Decisions are reached slowly. If you try to rush things, you will give offense and jeopardize your business relationship.
• The society is extremely bureaucratic. Most decisions require several layers of approval.
• It often takes several visits to accomplish simple tasks.
• If you change negotiators, negotiations will have to start over since relationships are to the person and not the company that they represent.
• Pakistanis are highly skilled negotiators.
• Price is often a determining factor in closing a deal.
• Pakistanis strive for win-win outcomes.
• Do not use high-pressure tactics.
• Pakistanis can become highly emotional during negotiations. Discussions may become heated and even revert to Urdu (the national language). It is imperative that you remain calm.
• The workplace is hierarchical in Pakistan and, as such relations are typically formal. Although Pakistani managers have a fairly autocratic manner, they can be equally paternalistic which enables staff members to consult with them in respect to more personal issues.
• Employees defer to those in more senior positions and treat with them respect.
• Status is important within Pakistan – if the opportunity arises in which you can flatter your colleagues / peers therefore, then the effort will be positively received.
• Staff expect their managers to give them advice and guidance.  They do not expect to be asked for their opinions and they do not expect to shape strategy or direction.
• Managers who try to ‘befriend’ their employees and behave as a peer will, in likelihood, lose the respect of their team.
• For more information read Being a Manager in Pakistan.

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Pakistan Rupee Quote - Chart - Historical Data - News

The usdpkr decreased 0.0423 or 0.02% to 278.4077 on thursday may 30 from 278.4500 in the previous trading session. historically, the pakistan rupee reached an all time high of 307.75 in september of 2023., the pakistan rupee is expected to trade at 278.37 by the end of this quarter, according to trading economics global macro models and analysts expectations. looking forward, we estimate it to trade at 284.09 in 12 months time.,   markets,   gdp,   labour,   prices,   money,   trade,   government,   business,   consumer,   taxes,   climate.

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Press Releases

Hp inc. reports fiscal 2024 second quarter results.

May 29, 2024

PALO ALTO, Calif., May 29, 2024 – (GlobeNewswire) – HP (NYSE: HPQ)

• Second quarter GAAP diluted net earnings per share ("EPS") of $0.61, within the previously provided outlook of $0.58 to $0.68 per share
• Second quarter non-GAAP diluted net EPS of $0.82, within the previously provided outlook of $0.76 to $0.86 per share
• Second quarter net revenue of $12.8 billion, down 0.8% from the prior-year period
• Second quarter net cash provided by operating activities of $0.6 billion, free cash flow of $0.5 billion
• Second quarter returned $0.4 billion to shareholders in the form of dividends and share repurchases

Net revenue and EPS results

HP Inc. and its subsidiaries (“HP”) announced fiscal 2024 second quarter net revenue of $12.8 billion, down 0.8% (down 1.2% in constant currency) from the prior-year period.

“We delivered a solid quarter and first half, and unveiled an innovative portfolio of solutions designed for the AI and hybrid era” said Enrique Lores, President and CEO, HP Inc. “We have a clear strategy and are well positioned to drive profitable growth across our business.”

Second quarter GAAP diluted net EPS was $0.61, down from $1.06 in the prior-year period and within the previously provided outlook of $0.58 to $0.68. Second quarter non-GAAP diluted net EPS was $0.82, up from $0.79 in the prior-year period and within the previously provided outlook of $0.76 to $0.86. Second quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $205 million, or $0.21 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits and tax adjustments.

Asset Management

HP's net cash provided by operating activities in the second quarter of fiscal 2024 was $581 million. Accounts receivable ended the quarter at $4.3 billion, up 5 days quarter over quarter to 31 days. Inventory ended the quarter at $7.5 billion, up 9 days quarter over quarter to 70 days. Accounts payable ended the quarter at $14.4 billion, up 16 days quarter over quarter to 132 days.

HP generated $481 million of free cash flow in the second quarter. Free cash flow includes net cash provided by operating activities of $581 million adjusted for net investments in leases of $19 million and net investments in property, plant and equipment of $119 million.

HP’s dividend payment of $0.2756 per share in the second quarter resulted in cash usage of $0.3 billion. HP also utilized $0.1 billion of cash during the quarter to repurchase approximately 3.5 million shares of common stock in the open market. HP exited the quarter with $2.5 billion in gross cash, which includes cash and cash equivalents of $2.4 billion, restricted cash of $75 million, and short-term investments of $3 million included in other current assets. Restricted cash relates to amounts collected and held on behalf of a third party for trade receivables previously sold.

Fiscal 2024 first quarter segment results

• Personal Systems net revenue was $8.4 billion, up 3% year over year (up 2% in constant currency) with a 6.0% operating margin. Consumer PS net revenue was down 3% and Commercial PS net revenue was up 6%. Total units were up 7% with Consumer PS units down 1% and Commercial PS units up 12%.
• Printing net revenue was $4.4 billion, down 8% year over year (down 7% in constant currency) with a 19.0% operating margin. Consumer Printing net revenue was down 16% and Commercial Printing net revenue was down 12%. Supplies net revenue was down 5% (down 4% in constant currency). Total hardware units were down 17%, with Consumer Printing units down 17% and Commercial Printing units down 17%. 

For the fiscal 2024 third quarter, HP estimates GAAP diluted net EPS to be in the range of $0.63 to $0.77 and non-GAAP diluted net EPS to be in the range of $0.78 to $0.92. Fiscal 2024 second quarter non-GAAP diluted net EPS estimates exclude $0.15 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits, tax adjustments and the related tax impact on these items.

For fiscal 2024, HP estimates GAAP diluted net EPS to be in the range of $2.60 to $2.90 and non-GAAP diluted net EPS to be in the range of $3.30 to $3.60. Fiscal 2024 non-GAAP diluted net EPS estimates exclude $0.70 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits, tax adjustments and the related tax impact on these items. For fiscal 2024, HP anticipates generating free cash flow in the range of $3.1 to $3.6 billion.

More information on HP's earnings, including additional financial analysis and an earnings overview presentation, is available on HP's Investor Relations website at investor.hp.com .

HP's FY24 Q2 earnings conference call is accessible via audio webcast at www.hp.com/investor/2024Q2Webcast .

About HP Inc.

HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit http://www.hp.com .

Use of non-GAAP financial information To supplement HP’s consolidated condensed financial statements presented on a generally accepted accounting principles (“GAAP”) basis, HP provides net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt) financial measures. HP also provides forecasts of non-GAAP diluted net EPS and free cash flow. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below or elsewhere in the materials accompanying this news release. In addition, an explanation of the ways in which HP’s management uses these non-GAAP measures to evaluate its business, the substance behind HP’s decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP’s management compensates for those limitations, and the substantive reasons why HP’s management believes that these non-GAAP measures provide useful information to investors is included under “Use of non-GAAP financial measures” after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for net revenue, operating expense, operating profit, operating margin, other income and expenses, tax rate, net earnings, diluted net EPS, cash provided by operating activities or cash, cash equivalents, and restricted cash prepared in accordance with GAAP.

Forward-looking statements This document contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, they could affect the business and results of operations of HP Inc. and its consolidated subsidiaries which may differ materially from those expressed or implied by such forward-looking statements and assumptions.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, any statements regarding the impact of the COVID-19 pandemic; projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings (including the fiscal 2023 plan), net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief as to the timing and expected benefits of acquisitions and other business combination and investment transactions (including the acquisition of Plantronics, Inc. (“Poly”)); and any statements of assumptions underlying any of the foregoing.  Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms.

Risks, uncertainties and assumptions that could affect our business and results of operations include factors relating  to the impact of macroeconomic and geopolitical trends, changes and events, including the Russian invasion of Ukraine, tension across the Taiwan Strait, the Israel-Hamas conflict, other hostilities in the Middle East and the regional and global ramifications of these events; volatility in global capital markets and foreign currency, increases in benchmark interest rates, the effects of inflation and instability of financial institutions; risks associated with HP’s international operations; the effects of global pandemics, such as COVID-19, or other public health crises; the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance; changes in estimates and assumptions HP makes in connection with the preparation of its financial statements; the need to manage (and reliance on) third-party suppliers, including with respect to supply constraints and component shortages, and the need to manage HP’s global, multi-tier distribution network and potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; HP’s ability to execute on its strategic plans, including the previously announced initiatives, business model changes and transformation; execution of planned structural cost reductions and productivity initiatives; HP’s ability to complete any contemplated share repurchases, other capital return programs or other strategic transactions; the competitive pressures faced by HP’s businesses; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends, including artificial intelligence; successfully competing and maintaining the value proposition of HP’s products, including supplies and services; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products or our uneven sales cycle; integration and other risks associated with business combination and investment transactions; the results of our restructuring plans (including the fiscal 2023 plan), including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of our restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; the hiring and retention of key employees; disruptions in operations from system security risks, data protection breaches, cyberattacks, extreme weather conditions or other effects of climate change, and other natural or manmade disasters or catastrophic events; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; our aspirations related to environmental, social and governance matters; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; our use of artificial intelligence; the effectiveness of our internal control over financial reporting; and other risks that are described in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2023 and HP’s other filings with the Securities and Exchange Commission ("SEC"). HP’s fiscal 2023 plan includes HP's efforts to take advantage of future growth opportunities, including but not limited to, investments to drive growth, investments in our people, improving product mix, driving structural cost savings and other productivity measures. Structural cost savings represent gross reductions in costs driven by operational efficiency, digital transformation, and portfolio optimization. These initiatives include but are not limited to workforce reductions, platform simplification, programs consolidation and productivity measures undertaken by HP, which HP expects to be sustainable in the longer-term. These structural cost savings are net of any new recurring costs resulting from these initiatives and exclude one-time investments to generate such savings. HP’s expectations on the longer-term sustainability of such structural cost savings are based on its current business operations and market dynamics and could be significantly impacted by various factors, including but not limited to HP’s evolving business models, future investment decisions, market environment and technology landscape.

As in prior periods, the financial information set forth in this document, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP’s Quarterly Report on Form 10-Q for the fiscal quarter ending July 31, 2024, Annual Report on Form 10-K for the fiscal year ending October 31, 2024, and HP’s other filings with the SEC. The forward-looking statements in this document are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.

HP’s Investor Relations website at investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted.  The content of HP’s website is not incorporated by reference into this document or in any other report or document HP files with the SEC, and any references to HP’s website are intended to be inactive textual references only.

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