What is the Indian Currency
The official Indian currency is Rupee. Reserve Bank of India issues and controls Indian rupees. The word “rupee” originates from the Sanskrit word “raupya” meaning “silver”.
India currently issues banknotes in the denomination of 10, 20, 50, 100, 200, 500 and 2000.
The symbol of the Indian Rupee is ₹ and the International code is INR.
Indian Currency Exchange Rates
The Reserve Bank of India (RBI) is actively trading in the foreign exchange market to manage rupee value. They manage this from their 19 Issue offices around India. The Indian currency exchange rate is derived based on factors such as oil price, investment flow, and trade flows.
Major Currency Conversions
1 dollar to inr – Today’s exchange rate
1 euro to inr – Today’s exchange rate
1 pound to rupee – Today’s exchange rate
Interesting Facts on Indian Currency
- To type the symbol of the rupee, you need to press ‘Ctrl+Shift+$’.
- There are 15 languages that appear on the reverse side of the currency apart from Hindi and English which appear on the front side of a note.
- In three instances the Indian government has Demonetized bank notes.
- You can exchange a torn note for a new one at any bank.
- Ministry of Finance issues one rupee notes and bear the signature of the Secretary.
- Indian 5 rupee coins were smuggled to Bangladesh for making razors.
- The cost of minting a 10 ₹ coin is 6.10 ₹.
- As a special commemorative 75, 100, 1000 rupees coins were first made in 2010 to celebrate 75 years of Reserve Bank of India, 100 years of Rabindranath Tagore and 1000 years of Brihadeeswarar temple.
- To help visually challenged the Indian government introduced braille signs in Indian currency.
- Bank of Hindustan issued the first paper note in India.
- The Indian rupee is made of cotton and cotton rag, not paper.
- India introduced zero rupee notes to help to fight corruption.
- The current series of Indian banknotes issued is called Mahatma Gandhi Series.
- Currency Note Press (CNP) in Nashik and the Bank Note Press (BNP) in Dewa print Indian currency.
- The history of the Indian currency traces back to ancient India. It is believed that Sher Shah Suri (1486-1545) was the first to introduce “rupee”.
- India is the earliest issuers of coins.
- Reserve Bank of India, referred to its ‘Clean Notes Policy’ and instructed the banks on 14th August 2013 to advise their staff members not to write/scribble on the currency notes, stressing the cost of printing/replacing the currency notes.
- Banks seize fake currency notes when tendered by customers in the bank for any transaction.