Indian rupee
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| Indian rupee | |
|---|---|
| Currency name | Indian rupee |
| Iso code | INR |
| Using countries | India, Bhutan, Nepal |
Indian rupee is the official currency of India, Bhutan, and Nepal, and is divided into 100 paise. The Reserve Bank of India is responsible for the management of the Indian rupee, and it is widely used in international transactions, including those with United States, China, and European Union. The Indian rupee has a significant impact on the South Asian Association for Regional Cooperation and is also used in some ASEAN countries, such as Myanmar and Sri Lanka. The Indian rupee is also used by International Monetary Fund and World Bank for international transactions.
● History of
the Indian rupee The history of the Indian rupee dates back to the British East India Company era, when the British Pound was widely used in India. The Indian rupee was first introduced in 1861 by the British Raj, and it replaced the British Pound as the official currency of India. The Indian rupee was pegged to the British Pound until 1947, when India gained independence from United Kingdom. After independence, the Indian rupee was pegged to the US Dollar until 1971, when it was floated on the foreign exchange market. The Indian rupee has undergone several changes since then, including the introduction of new currency notes and coins, such as the Mahatma Gandhi Series and the Rs. 2000 note, which was introduced by the Government of India in 2016. The Indian rupee is also used by Bangladesh, Pakistan, and Afghanistan for international transactions, and is widely accepted in Middle East countries, such as United Arab Emirates and Saudi Arabia.
● Etymology
The etymology of the Indian rupee is derived from the Sanskrit word "rupa", which means "silver", and the Hindi word "rupee", which means "wrought silver". The Indian rupee was originally a silver coin, and it was widely used in India during the Mughal Empire era. The Indian rupee was also used by other South Asian countries, such as Sri Lanka and Nepal, and was widely accepted in Southeast Asia countries, such as Indonesia and Malaysia. The Indian rupee is also mentioned in the works of Rabindranath Tagore and Jawaharlal Nehru, who were prominent figures in Indian independence movement.
● Currency symbol
The currency symbol of the Indian rupee is "", which was introduced in 2010 by the Government of India. The symbol was designed by D. Udaya Kumar, a professor at the Indian Institute of Technology Bombay, and was selected from among five shortlisted designs. The symbol is a combination of the Devanagari letter "" and the Latin letter "R", and is meant to represent the Indian rupee as a unique and distinctive currency. The symbol is widely used in India and is also recognized by International Organization for Standardization and Unicode Consortium.
● Denominations
The Indian rupee is available in various denominations, including coins and banknotes. The coins are available in denominations of 50 paise, 1 rupee, 2 rupee, and 5 rupee, while the banknotes are available in denominations of 2 rupee, 5 rupee, 10 rupee, 20 rupee, 50 rupee, 100 rupee, 200 rupee, 500 rupee, and 2000 rupee. The banknotes are printed by the Security Printing and Minting Corporation of India Limited and are widely used in India and other countries. The Indian rupee is also available in foreign exchange markets, where it is traded against other currencies, such as the US Dollar, Euro, and Japanese Yen.
● Currency management
The currency management of the Indian rupee is the responsibility of the Reserve Bank of India, which is the central bank of India. The Reserve Bank of India is responsible for the management of the money supply, the regulation of the banking system, and the maintenance of the stability of the financial system. The Reserve Bank of India also manages the foreign exchange reserves of India and is responsible for the exchange rate policy. The Indian rupee is also managed by the Ministry of Finance (India), which is responsible for the formulation of the economic policies of India. The Indian rupee is widely used in international transactions, including those with World Trade Organization and Asian Development Bank.
● International exchange
The Indian rupee is widely used in international exchange and is traded against other currencies, such as the US Dollar, Euro, and Japanese Yen. The Indian rupee is also used in foreign direct investment and is widely accepted in international trade. The Indian rupee is also used by International Monetary Fund and World Bank for international transactions. The Indian rupee has a significant impact on the global economy and is widely watched by economists and financial analysts, including those at Harvard University and University of Oxford. The Indian rupee is also used in remittances and is widely used by Non-resident Indian and Person of Indian Origin.