INR - Indian Rupee. Our currency rankings show that the most popular India Rupee exchange rate is the USD to INR rate. The currency code for Rupees is INR, and the currency symbol is ₹. INR to USD currency converter. Get live exchange rates for India Rupee to United States Dollar. Use XE's free calculator to convert foreign currencies and precious metals.
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Forex for beginners Forex trading articles Forex strategies Technical analysis. In , India still had a fixed exchange system, where the rupee was pegged to the value of a basket of currencies of major trading partners. India started having balance of payments problems since , and by the end of , it found itself in serious economic trouble. As in , India faced high inflation and large government budget deficits. This led the government to devalue the rupee.
In late , the Indian Rupee reached a record high of 39 Indian national rupee per United States dollars, on account of sustained foreign investment flows into the country. This posed problems for major exporters, IT and BPO firms located in the country who were incurring losses in their earnings given the appreciation in rupee.
The trend has reversed lately with the world financial crisis as Foreign investors transferred huge sums out to their own countries.
Such appreciations were reflected in many currencies, e. Due to stagnant reforms, and declining foreign investment, rupee started depreciating in the early He was of the view that, the present depreciation is partly led by global factors as well as domestic factors. He also asked the political parties to help his Government, tide over the crisis that the country was facing with rupee losing its value. Notes issued by the Bank of Bengal can be categorised in the following three series.
The Paper Currency Act of gave the Government the monopoly of note issue throughout the vast expanse of British India, which was a considerable task. Eventually, the management of paper currency was entrusted to the Mint Masters, the Accountant Generals and the Controller of Currency. Section 22 of the RBI Act, , empowered it to continue issuing Government of India notes until its own notes were ready for issue. The bank issued the first five rupee note bearing the portrait of George VI in This was followed by Rs.
In August , the one-rupee note was reintroduced as a wartime measure, as a Government note with the status of a rupee coin. During the war, the Japanese produced high-quality forgeries of the Indian currency. This necessitated a change in the watermark. The profile portrait of George VI was changed to his full frontal portrait. The security thread was introduced for the first time in India.
The George VI series continued till and thereafter as a frozen series till when post-independence notes were issued. Initially, it was felt that the King's portrait be replaced by a portrait of Mahatma Gandhi. Finally, however, the Lion Capital of Ashoka was chosen. The new design of notes were largely along earlier lines. In , Hindi was displayed prominently on the new notes.
The economic crisis in late s led to a reduction in the size of notes in High denomination notes, like Rs. The first " Mahatma Gandhi Series " was introduced in Prominent new features included a changed watermark, windowed security thread, latent image and intaglio features for the visually handicapped.
For the record, the rupee was never equal to the dollar. The pound was devalued in , changing its dollar parity from 4. India was then a part of the sterling area, and the rupee was devalued on the same day by the same percentage, so that the new dollar exchange rate in became Rs 4.
From Wikipedia, the free encyclopedia. Indian coinage , British Indian coins , and Modern Indian coins. Five-rupee note from Hyderabad.
Numismatics portal Money portal. Retrieved 20 June Retrieved 20 September Retrieved 10 November Retrieved on 4 May Tale of Two Years, and " http: The series is so named because the obverse of each note features a portrait of Mahatma Gandhi. Since its introduction in , this series has replaced all issued banknotes of the Lion capital series. The deadline was later extended to 1 January The dead line was further extended to 30 June The denomination also has a motif of the Mars Orbiter Mission MOM on the back, depicting the country's first venture into interplanetary space.
Both the banknotes also have the Swachh Bharat Abhiyan logo printed on the back. The design is similar to the current notes in the Mahatma Gandhi New Series, except they will come with an inset 'A'.
Officially, the Indian rupee has a market-determined exchange rate. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate. This is sometimes called a " managed float ". RBI intervention in currency markets is solely to ensure low volatility in exchange rates, and not to influence the rate or direction of the Indian rupee in relation to other currencies. Also affecting convertibility is a series of customs regulations restricting the import and export of rupees.
RBI also exercises a system of capital controls in addition to through active trading in currency markets. On the current account, there are no currency-conversion restrictions hindering buying or selling foreign exchange although trade barriers exist. On the capital account, foreign institutional investors have convertibility to bring money into and out of the country and buy securities subject to quantitative restrictions. Local firms are able to take capital out of the country in order to expand globally.
However, local households are restricted in their ability to diversify globally. Because of the expansion of the current and capital accounts, India is increasingly moving towards full de facto convertibility. There is some confusion regarding the interchange of the currency with gold, but the system that India follows is that money cannot be exchanged for gold under any circumstances due to gold's lack of liquidity; [ citation needed ] therefore, money cannot be changed into gold by the RBI.
India follows the same principle as Great Britain and the US. Reserve Bank of India clarifies its position regarding the promissory clause printed on each banknote:. This is payable on demand by RBI, being the issuer. The Bank's obligation to pay the value of banknote does not arise out of a contract but out of statutory provisions. The promissory clause printed on the banknotes i. The obligation on the part of the Bank is to exchange a banknote for coins of an equivalent amount.
For almost a century following the Great Recoinage of , and adoption of the Gold Standard , until the outbreak of World War I, the silver backed Indian rupee lost value against a basket of Gold pegged currencies, and was periodically devalued to reflect the then current gold to silver reserve ratios , see above. The gold silver ratio expanded during — Unlike India, Britain was on gold standard. To meet the Home Charges i. From Wikipedia, the free encyclopedia. For the Malayalam film, see Indian Rupee film.
For other uses, see Rupee disambiguation. History of the rupee. This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. November Learn how and when to remove this template message. This section does not cite any sources. Please help improve this section by adding citations to reliable sources. December Learn how and when to remove this template message.
Money portal Numismatics portal India portal. Reserve Bank of India. Archived from the original on 12 January Retrieved 5 November Retrieved 16 November RBI Notice" Press release. Retrieved 13 November Retrieved 8 November Archived from the original on Sher Shah issued a coin of silver which was termed the Rupiya. This weighed grains and was the precursor of the modern rupee. Retrieved 20 June Retrieved 20 September Retrieved on 4 May Retrieved 1 March Retrieved 27 October Retrieved 4 November Retrieved 23 January Archived from the original on 19 November Retrieved on 28 July Retrieved 9 January
Standard Catalog of World Paper Money: Archived from the original PDF on 5 February
Standard Catalog of World Coins: Reserve Bank of India.