Which authority regulates the local currency in Pakistan and fixes exchange rates?

Under § 24 of State Bank of Pakistan Ordinance 1955 the Bank has the sole right to issue bank notes for periods fixed by Federal Government. Rupees and paisas are legal tender in Pakistan; 100 paisas are equivalent to one rupee. Notes used are of value of Rs. 5/—, Rs. 10/—, Rs. 20/—, Rs. 50/—, Rs. 100—, Rs. 500/—, Rs. 1,000/—and Rs. 5,000/—. Rate of exchange is linked to basket of currencies and rate is fixed on daily basis against U.S. dollar by State Bank of Pakistan and vary according to transaction.