Indian rupee (INR)

Indian rupee has not only a rich history, but for a long time it was the main currency in many Central Asian and African countries.

Rupee means silver

"Rupiah" means "silver" in Sanskrit. The Indian silver coin, equal to 40 pieces of copper, was introduced as early as the 16th century by the ruler of the country, Sher Shah. And the first Indian currency bills began to be produced as early as the end of the 18th century.

The British Crown, whose colony was India, attempted to forcibly introduce sterlingThe rupee, however, failed, as it did in all British-controlled overseas territories. At that time the rupee was very widespread in other colonies of the United Kingdom, such as Kenya, Uganda, Qatar, Bahrain, etc.

After British recognition of India's independence in 1947 rupee became the official currency of the newly created state, replacing the regional currencies in its newly formed territory. In 1957 Delhi switched to the decimal system of calculation, so the rupee began to consist of 100 paisa.

Given the multinational composition of India's population, the denomination of the banknotes is duplicated in English, Hindi and 15 of the country's 22 official languages.

Indian rupee at Forex

INR/USD currency pair exchange rate is controlled and managed by the Reserve Bank of India, while the other major pairs INR/EUR and INR/JPY volatile and are in free float

Indian rupee denominations

Bills in denominations of Rs. 1, 5, 10, 20, 50, 100, 500 and 1000 are in circulation in various years of issue. There are also banknotes of the same denomination, which are the means of payment, but with different color shades and slightly different forms of security features. The international designation of the Indian rupee according to ISO code 4217 is INR.