Indian Rupee - INR

This is the currency of India. Officially called the Indian Rupee, it is also known as the Taaka or Rupayya. The Indian Rupee became India’s sole currency in 1950 when India became a republic. The Indian Rupee was pegged to the US dollar until 1975.

Today it is a managed float. This means that the market determines the exchange rate through free float, whilst low volatility in the exchange rate is achieved through intervention from the Reserve Bank of India, who actively trade it to manage its value.

The value of the currency can be impacted by factors such as trade and investment flows and oil prices. As an importer of oil, price rises can contribute towards higher inflation.

INR - Indian Rupee

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FAQ

Got questions? We have all the answers about the Indian Rupee

Which country's currency is INR?

INR is the international currency code for Indian rupees - the national currency of India. The word rupee comes from the Sanskrit for a silver coin and can be traced back to the currency of 16th century India. As well as being the official currency in India, INR is also legal tender in a couple of other countries, including Nepal and Bhutan. One rupee is made up of 100 paise, although the lowest denomination of coin available is 1 rupee. As well as INR, you may see the symbol ₹ used to show Indian rupees. This symbol was introduced in 2010 and features on coins and notes.

When was the Indian rupee introduced?

The history of the rupee can be traced right back to the silver coinage used in 16th century India. However, the modern history of the rupee starts with the foundation of the Reserve Bank of India in 1935. Rupee notes started to be issued in 1938, with different denominations issued as time went on. After independence, rupee notes and coins changed in design, with new look currency issued periodically. Old notes have been withdrawn from time to time, and certain denominations have been taken out of circulation by government decree.

What is the Indian rupee symbol?

The INR symbol, which you'll also see on coins and notes, is ₹. This was introduced in 2010 and has a range of symbolic meanings, including equality and stability depicted through the parallel lines. The parallel lines with white spaces above, below, and in between are also intended to reflect the Indian tricolor flag.

Best INR exchange rate?

The Indian rupee is a free floating currency. This means that its value moves up and down according to market demand - although the Reserve Bank of India does play a role in regulating the value of INR through open market operations. Because the value of the rupee will change over time, you'll need to find the best exchange rate available at the point you want to buy INR. To find the current exchange rate you can use a currency converter tool or a Google search. This will give you the mid-market exchange rate which is the rate available to banks and currency services on the open market. When you choose a currency service for yourself, you'll need to check the rate you're offered, as the mid-market exchange rate is not always available to retail customers. Instead banks and some service providers add a markup which can push up the costs of your transaction. To get the best deal on currency conversion, find a provider which uses the mid-market exchange rate, such as TransferWise.

How much is an Indian rupee worth?

The value of INR changes according to market demand. You'll be able to find the most up to date exchange rates online or using a currency converter tool. Make sure you look for the mid-market exchange rate for your currency pairing, and compare this to the rate offered by your bank or currency exchange service. If your currency provider has added a markup to the exchange rate available to retail customers, you may be better off with a provider which offers the mid-market exchange rate.

Which currency has the highest value in INR?

The relative value of currencies changes all the time, as the currency markets go up and down. However, in recent years the Kuwaiti dinar has had the highest value against the rupee. Other oil rich countries such as Bahrain and Oman also have highly valued currencies, often coming in second and third after the Kuwaiti dinar against the rupee.

Is Indian rupee accepted in Sri Lanka?

The official currency in Sri Lanka is the Sri Lankan rupee - also known using the currency code LKR. This is not the same as INR. If you're visiting Sri Lanka you'll need to exchange your Indian rupees for LKR. It's worth noting that foreigners aren't allowed to take INR out of India, and there are limits on how much local currency a resident or citizen of India can travel with. Check out the most up to date details online, and consider alternatives to traveling with cash, such as using a multi-currency account or bank card.

Is Indian rupee accepted in Bangladesh?

The currency in Bangladesh is the taka. Indian rupees are not accepted as legal tender in Bangladesh.

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