INR – Indian Rupee : Currency, Levels, Calculation, Value, Full Form, Means, Test are discussed here.
INR – Indian Rupee Full Form
The Indian rupee (symbol: ₹; code: INR) is the official currency of India. The rupee is subdivided into 100 paise (singular: paisa), though as of 2022, coins of denomination of 1 rupee are the lowest value in use whereas 2000 rupees is the highest. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.
Etymology
The immediate precursor of the rupee is the rūpiya—the silver coin weighing 178 grains minted in northern India by first Sher Shah Suri during his brief rule between 1540 and 1545 and adopted and standardized later by the Mughal Empire. The weight remained unchanged well beyond the end of the Mughals until the 20th century. Though Pāṇini mentions rūpya (रूप्य), it is unclear whether he was referring to coinage. Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa. Other types of coins, including gold coins (suvarṇarūpa), copper coins (tāmrarūpa), and lead coins (sīsarūpa), are also mentioned.
INR – Indian Rupee rates, news, and tools
The central bank in India is called the Reserve Bank of India. The INR is a managed float, allowing the market to determine the exchange rate. As such, intervention is used only to maintain low volatility in exchange rates.
Early Coinage of India
India was one of the first issuers of coins, circa 6th Century BC, with the first documented coins being called ‘punch-marked’ coins because of the way they were manufactured. India’s coinage designs frequently changed over the next few centuries as various empires rose and fell. By the 12th century a new currency referred to as Tanka was introduced. During the Mughal period, a unified monetary system was established and the silver Rupayya or Rupee was introduced. The states of pre-colonial India minted their coins with a similar design to the silver Rupee with variations depending on their region of origin.
Currency in British India
In 1825, British India adopted a silver standard system based on the Rupee and was used until the late 20th century. Although India was a colony of Britain, it never adopted the Pound Sterling. In 1866, financial establishments collapsed and control of paper money was shifted to the British government, with the presidency banks being dismantled a year later. That same year, the Victoria Portrait series of notes was issued in honor of Queen Victoria, and remained in use for approximately 50 years.
The Modern Day Indian Rupee
After gaining its independence in 1947 and becoming a republic in 1950, India’s modern Rupee (INR) was changed back to the design of the signature coin. The Indian Rupee was adopted as the country’s sole currency, and the use of other domestic coinage was removed from circulation. India adopted a decimalization system in 1957.In 2016, the Rs 500 and Rs 1,000 ceased to be legal tender in India. The removal of the denominations is an attempt to stop corruption and illegal cash holdings. In November of the same year, the Reserve Bank of India began issuing ₹ 2000 denomination banknotes in the Mahatma Gandhi (New) Series.
Indian Rupee Profile
| Name | Indian Rupee |
| Symbol | ₹ |
| Minor unit | 1/100 = paisa |
| Nicknames | Taaka, Rupayya, Rūbāi, Athanni (for 50 Paise coins) |
|---|---|
| Coins | Freq used: ₹1, ₹2, ₹5, ₹10, p50 |
| Bank notes | Freq used: ₹5, ₹10, ₹20, ₹50, ₹100, ₹500, ₹2000, ₹200 Rarely used: ₹1, ₹2 |
| Central bank | Reserve Bank of India |
| Users | India, Bhutan, Nepal |
Indian Rupee Currency
Description
The Indian rupee (INR) is the official currency of the Republic of India and is issued by the Reserve Bank of India. The rupee is subdivided into 100 paise. The symbol of the Indian rupee is ₹.
Economy
- In 2020, India ranked as the sixth largest national economy by nominal GDP, with the country’s GDP being estimated at over USD1.6 trillion.
- India has one of the fastest-growing economies in the world.
- The country’s economy relies on the services sector, accounting for over 54 percent of GDP.
- Exports include precious metals and stones, jewellery, mineral fuels, oils, vehicles, parts and accessories, pharmaceutical products.
- Imports include fuels and mining products, electrical machinery and equipment.
History
- One of the world’s first coins was issued by India circa 6th century BC.
- After India’s independence in 1947, the Indian rupee replaced all the currencies of previously autonomous states.
- In 1957, the rupee was divided into 100 naye paise (Hindi for ‘new paise’), with ‘naye’ dropped later.
- The Indian rupee was pegged to the British pound from 1927–1946 and then to the US dollar until 1975.
| Symbols | ₹ |
| Nicknames | Rupayya |
| ISO 4217 code | INR |
| Central bank | Reserve Bank of India |
| Currency subunits | Paisa = 1/100 |
| Denominations | Banknotes: ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500, ₹2,000 Coins: 50 paise, ₹1, ₹2, ₹5, ₹10 |
| Countries using this currency | India |
| Currencies pegged to INR | Bhutan ngultrum Nepalese rupee |
| INR is pegged to | None |
References
- Indian Rupee Currency https://www.oanda.com/currency-converter/en/currencies/majors/inr/ Check | Oanda.com
- Indian rupee – Wikipedia https://en.wikipedia.org/wiki/Indian_rupee | Wikipedia
- INR – Indian Rupee rates, news, and tools https://www.xe.com/currency/inr-indian-rupee/ | xe.com
- INDIAN RUPEE (INR) Spot Rate | https://www.bloomberg.com/quote/INR:CUR | bloomberg.com