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.