The Indian rupee, code INR, is the official currency of the Republic of India. The rupee is subdivided into 100 paise, (paisa in singular form). This currency symbol was introduced in 2010 after a national contest. The word rupee comes from the word “raupya,” meaning “silver.” The Indian rupee is also accepted in the countries of Bhutan and Nepal. The Indian rupee is the fifteenth most traded currency in the world, accounting for 0.9% of the world’s daily share. The central bank of the country is the Reserve Bank of India in Mumbai.
Sher Shah Suri initially introduced the Indian rupee in 1486. India was not forced to adopt the pound sterling in place of the rupee, unlike many other British overseas colonies. The Indian rupee replaced the use of the Danish Indian rupee in 1845, the French Indian rupee in 1954, and the Portuguese Indian escudo in 1961. India achieved independence from Great Britain in 1947, and all provincial rupees and British currency were unified under the Indian rupee. As of December 2012, one US dollar was equal to 54.675 Indian rupees.
Name: Indian rupee
Decimal Unit: 1/100th paise (no longer in use)
Coins: 1, 2, 5, 10, 50, 75, 100, 1,000
Notes: 1, 2, 5, 10, 20, 50, 100, 500, 1,000
Central Bank: Reserve Bank of India
Country(ies): India; accepted alongside national currency in Bhutan, Nepal
Rupee coins of values 50 paise or less have been discontinued as of 2011, while 100 and 1,000 rupee coins are only in existence in a commemorative capacity. Current rupee coins are in circulation in values of 1, 2, 5, 10, 100, and 1,000 rupees, while banknotes are available as 1, 2, 5, 10, 50, 100, and 1,000 denominations.
The symbol of Indian rupee is from the Devanagari consonant ‘Ra’ with a horizontal bar added to it. India is a nation of 15 official national languages, and thus appropriately prints banknotes with numerical values written in all 15 of these languages. The most recent series of rupee banknotes is called the Mahatma Gandhi series, as Gandhi’s image appears on the front of all of these current notes.