The Indian Rupee is the currency of India. Below, you'll find Indian Rupee rates and a currency converter. Reserve Bank of India Website: The central bank in India is called the Reserve Bank of India. The INR is a managed float, allowing the market to determine the exchange rate. As such, intervention is used only to maintain low volatility in exchange rates. 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.
India's coinage designs frequently changed over the next few centuries as various empires rose and fell. 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 of origin. Currency in British India In , 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 , financial establishments collapsed and control of paper money was shifted to the British government, with the presidency banks being dismantled a year later.
That same year, the Victoria Portrait series of notes was issued in honor of Queen Victoria, and remained in use for approximately 50 years. 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 INR - Indian Rupee. Click on a currency code to learn about it. XE Currency Converter More currencies. Why are you interested in the INR? In , the Rs and Rs 1, ceased to be legal tender in India.
The removal of the denominations is an attempt to stop corruption and illegal cash holdings.More...