The most popular India Rupee exchange rate is the INR to USD rate.
The modern rupee is subdivided into 100 paise (singular paisa), though as of 2011 only 50-paise coins are legal tender.Banknotes in circulation come in denominations of 5, 10, 20, 50, 100, 500 and 1000. Rupee coins are available in denominations of 1, 2, 5, 10, 20,25, 50, 100, 500 and 1000; the coins for 20 and above are for commemorative purposes only; the only other rupee coin has a nominal value of 50 paise, since lower denominations have been officially withdrawn.
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.
Indian Rupee History
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. 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.
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.
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.
The Mahatma Gandhi series of banknotes are issued by the Reserve Bank of India as legal tender. The series is so named because the obverse of each note features a portrait of Mahatma Gandhi. Since its introduction in 1996, this series has replaced all issued banknotes. The RBI introduced the series in 1996 with Rs 10 and Rs 500 banknotes. At present, the RBI issues banknotes in denominations from Rs 5 to 1,000.
Name: Indian Rupee
1/100 = paisa
Top INR Conversion: INR/USD
Top INR Chart: INR/USD Chart
Nicknames: Taaka, Rupayya, Rūbāi, Athanni (for 50 Paise coins)
Freq Used: Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1000
Rarely Used: Rs 1, Rs 2
Freq Used:Rs 2, Rs 5, Rs 1, Rs 100, Rs 1000
Rarely Used: Rs 10, p50
Reserve Bank of India
Users: India, Bhutan, Nepal