INR (Indian Rupee)
Reviewed by Aug 27, 2020| Updated on
Introduction to INR (Indian Rupee)
The Indian rupee is India’s official currency; ₹ is the Indian currency symbol. The Indian rupee’s currency code is INR.
Understanding INR In Detail
The Indian rupee is named after the word rupiya, a silver coin first issued by Sultan Sher Shah Suri in the 16th century.
*Banknotes: *Paper currency will be issued in units of 5, 10, 20, 50, 100 , 200, 500, and 2,000 rupees. On the paper rupee's reverse side, denominations are written in 15 languages, while denominations are written in English and Hindi on the front side.
Bank notes are regularly updated with new designs, including variations from the old Mahatma Gandhi banknotes series to new notes of the same name. The remarks cover various themes of the rich heritage of India.
Coins: Coins in India are released in denominations of 10, 20, 25, and 50 paises, 1, 2, and 5 rupees. A paise will be equal to 1/100th of a rupee. Coins valued 50 paise or lesser are known as small coins, while coins valued equal to or greater than one rupee are called as rupee coins.
India has a cash-based economy, which has led to counterfeit currency being circulated by those involved in illegal behavior. Over the years, the Reserve Bank of India has had to change and update rupee notes with new security features multiple times.
Over the years, the rupee has been subject to numerous capital controls and limits on convertibility. For example, it is not legal for foreign nationals to either import or export rupees, and only small amounts of rupees can be imported and exported by Indian nationals.
The current account, consisting of savings and investment flows of the country, has no currency conversion restrictions (apart from barriers to trade).
Factors Impacting the Value of a Rupee
Several factors are capable of having an effect on the Indian rupee's exchange rate, including trade flows, oil prices, and investment flows.