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Indian Rupee (INR) Exchange Rates on 02nd May 2024 (02/05/2024)

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Exchange rates for Indian Rupee (INR)

Updated: 2024-05-02
Convert from Convert to 1 INR Conversion in currency Conversion
INR INR GBP GBP 0.0096 INR to GBP 104.5598 GBP to INR
INR INR BGN BGN 0.022 INR to BGN 45.5221 BGN to INR
INR INR HRK HRK 0.0849 INR to HRK 11.7845 HRK to INR
INR INR CZK CZK 0.2806 INR to CZK 3.5644 CZK to INR
INR INR DKK DKK 0.0834 INR to DKK 11.9868 DKK to INR
INR INR EEK EEK 0 INR to EEK 0 EEK to INR
INR INR HUF HUF 4.3583 INR to HUF 0.2294 HUF to INR
INR INR KZT KZT 5.2815 INR to KZT 0.1893 KZT to INR
INR INR LVL LVL 0.0072 INR to LVL 137.9363 LVL to INR
INR INR LTL LTL 0 INR to LTL 0 LTL to INR
INR INR MKD MKD 0.6894 INR to MKD 1.4505 MKD to INR
INR INR MDL MDL 0.2106 INR to MDL 4.7489 MDL to INR
INR INR NOK NOK 0.1322 INR to NOK 7.5651 NOK to INR
INR INR PLN PLN 0.0484 INR to PLN 20.6814 PLN to INR
INR INR RON RON 0.0557 INR to RON 17.954 RON to INR
INR INR RUB RUB 1.1212 INR to RUB 0.8919 RUB to INR
INR INR SKK SKK 0 INR to SKK 0 SKK to INR
INR INR SEK SEK 0.1309 INR to SEK 7.6397 SEK to INR
INR INR CHF CHF 0.011 INR to CHF 91.0284 CHF to INR
INR INR TRY TRY 0.3873 INR to TRY 2.582 TRY to INR
INR INR UAH UAH 0.4727 INR to UAH 2.1155 UAH to INR
Updated: 2024-05-02
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INR INR ARS ARS 10.4633 INR to ARS 0.0956 ARS to INR
INR INR BOB BOB 0.0825 INR to BOB 12.1233 BOB to INR
INR INR BRL BRL 0.0623 INR to BRL 16.0584 BRL to INR
INR INR CAD CAD 0.0165 INR to CAD 60.7811 CAD to INR
INR INR KYD KYD 0.0099 INR to KYD 100.5217 KYD to INR
INR INR CLP CLP 11.5103 INR to CLP 0.0869 CLP to INR
INR INR COP COP 46.91 INR to COP 0.0213 COP to INR
INR INR CRC CRC 6.0914 INR to CRC 0.1642 CRC to INR
INR INR DOP DOP 0.6941 INR to DOP 1.4408 DOP to INR
INR INR SVC SVC 0.1044 INR to SVC 9.5741 SVC to INR
INR INR FJD FJD 0.0276 INR to FJD 36.2452 FJD to INR
INR INR HNL HNL 0.295 INR to HNL 3.3904 HNL to INR
INR INR JMD JMD 1.8625 INR to JMD 0.5369 JMD to INR
INR INR MXN MXN 0.2031 INR to MXN 4.9231 MXN to INR
INR INR ANG ANG 0.0215 INR to ANG 46.481 ANG to INR
INR INR PYG PYG 89.4558 INR to PYG 0.0112 PYG to INR
INR INR PEN PEN 0.045 INR to PEN 22.224 PEN to INR
INR INR TTD TTD 0.0811 INR to TTD 12.3308 TTD to INR
INR INR USD USD 0.012 INR to USD 83.4364 USD to INR
INR INR UYU UYU 0.4576 INR to UYU 2.1852 UYU to INR
INR INR VEF VEF 43416.7381 INR to VEF 0 VEF to INR
Updated: 2024-05-02
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INR INR AUD AUD 0.0184 INR to AUD 54.4818 AUD to INR
INR INR BDT BDT 1.3101 INR to BDT 0.7633 BDT to INR
INR INR BND BND 0.0163 INR to BND 61.3739 BND to INR
INR INR CNY CNY 0.0868 INR to CNY 11.5229 CNY to INR
INR INR INR INR 1 INR to INR 1 INR to INR
INR INR IDR IDR 194.0583 INR to IDR 0.0052 IDR to INR
INR INR JPY JPY 1.8692 INR to JPY 0.535 JPY to INR
INR INR MYR MYR 0.0571 INR to MYR 17.5066 MYR to INR
INR INR MVR MVR 0.1797 INR to MVR 5.566 MVR to INR
INR INR NPR NPR 1.6029 INR to NPR 0.6239 NPR to INR
INR INR NZD NZD 0.0202 INR to NZD 49.4388 NZD to INR
INR INR PKR PKR 3.3233 INR to PKR 0.3009 PKR to INR
INR INR PGK PGK 0.0461 INR to PGK 21.7029 PGK to INR
INR INR PHP PHP 0.6904 INR to PHP 1.4485 PHP to INR
INR INR SCR SCR 0.1635 INR to SCR 6.1158 SCR to INR
INR INR SGD SGD 0.0163 INR to SGD 61.3489 SGD to INR
INR INR KRW KRW 16.4967 INR to KRW 0.0606 KRW to INR
INR INR LKR LKR 3.5593 INR to LKR 0.281 LKR to INR
INR INR TWD TWD 0.3902 INR to TWD 2.5631 TWD to INR
INR INR THB THB 0.4425 INR to THB 2.2599 THB to INR
Updated: 2024-05-02
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INR INR BHD BHD 0.0045 INR to BHD 222.2079 BHD to INR
INR INR EGP EGP 0.5711 INR to EGP 1.751 EGP to INR
INR INR HKD HKD 0.0937 INR to HKD 10.6721 HKD to INR
INR INR ILS ILS 0.045 INR to ILS 22.2151 ILS to INR
INR INR JOD JOD 0.0085 INR to JOD 117.7313 JOD to INR
INR INR KWD KWD 0.0037 INR to KWD 270.7392 KWD to INR
INR INR LBP LBP 1069.183 INR to LBP 0.0009 LBP to INR
INR INR OMR OMR 0.0046 INR to OMR 217.5866 OMR to INR
INR INR QAR QAR 0.0436 INR to QAR 22.9156 QAR to INR
INR INR SAR SAR 0.045 INR to SAR 22.2343 SAR to INR
INR INR AED AED 0.044 INR to AED 22.7167 AED to INR
INR INR YER YER 3.0005 INR to YER 0.3333 YER to INR
Updated: 2024-05-02
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INR INR DZD DZD 1.6076 INR to DZD 0.6221 DZD to INR
INR INR KES KES 1.618 INR to KES 0.618 KES to INR
INR INR MUR MUR 0.5558 INR to MUR 1.7994 MUR to INR
INR INR MAD MAD 0.1208 INR to MAD 8.2759 MAD to INR
INR INR NAD NAD 0.2229 INR to NAD 4.4864 NAD to INR
INR INR NIO NIO 0.4394 INR to NIO 2.2758 NIO to INR
INR INR NGN NGN 16.7357 INR to NGN 0.0598 NGN to INR
INR INR SLL SLL 251.324 INR to SLL 0.004 SLL to INR
INR INR ZAR ZAR 0.2226 INR to ZAR 4.4918 ZAR to INR
INR INR TZS TZS 30.8592 INR to TZS 0.0324 TZS to INR
INR INR TND TND 0.0377 INR to TND 26.5131 TND to INR
INR INR UGX UGX 45.4724 INR to UGX 0.022 UGX to INR
INR INR XOF XOF 7.3395 INR to XOF 0.1362 XOF to INR
INR INR ZMK ZMK 107.8809 INR to ZMK 0.0093 ZMK to INR

Indian Rupee (INR)

Sign ₹
1 Rupee is subdivided into 100 paise.

INR is the currency code for the Indian rupee which is represented with the accounting symbol ₹. The monetary policy and issuance of the rupee is controlled by the Reserve Bank of India (RBI) and the rupee is the official currency of the Republic of India. The rupee is the 15th most traded currency by value and it is not widely held by other countries as a reserve currency. The RBI holds over $302.1 billion USD in reserves and was first established in 1934.

Coins used:
- frequently used: ₹1, ₹2, ₹5, 10p, 20p, 50p, �1, �2
- rarely used: ₹10, ₹20, ₹25, ₹50

Banknotes used:
- frequently used: ₹5, ₹10, ₹20, ₹50, ₹100, ₹500, ₹1000
- rarely used: ₹1, ₹2

Central Bank
Reserve Bank of India
http://www.rbi.org.in
While established as a privately owned central bank it was nationalized in 1949 and subjected to a governing organization of 20 Board of Directors, a Governor, four Deputy governors, a single representative from the India Ministry of Finance, ten additional directors placed by the Government each representing different economic issues and interests, four directors representing four local directorates within Kolkata, New Delhi, Chennai, and Mumbai and an additional plethora of local boards from different regions overseeing smaller localized banks and finance issues.

This large structure was first established in 1935 with the mandate of monetary stability, currency control and issuance, as well as maintaining reserves, operating currency and credit for the good of the Republic of India. The RBI also served as the central bank for Pakistan until 1948 when the State Bank of Pakistan was established. In the 1950's the Government directed the RBI to focus INR policy toward agricultural development and the government nationalized all commercial banks under a central planning system. In response to failing banks during this decade the RBI formed a deposit insurance system, and the RBI played a central role in further nationalization and advocating a dispersed development bank system. Over the following decades the RBI itself controlled the INR and underlying finance economy through a series of strict monetary policies, nationalizations, and central control directives aimed at economic growth.

By 1991 these plans came to a halt and the INR went through devaluation where it lost 18% of value against the USD. By 1993 new guidelines and finance structures were developed, including a private banking system, deregulation of the financial markets, property markets, and a decrease of central government economic control. At the same time the National Stock Exchange of India was established and began trading which allowed RBI banks and private banks increased access to capital markets, thus supporting valuations and the structure of the INR as a currency. In its current state the RBI has as its central mandate price stability as well as ensuring credit availability to business and sectors of the economy that are contributing productively to GDP.

The value of the INR has an interesting story as it was originally held to a silver standard while at the same time most world banks were one version or another of the gold standard. This became a problem when in the 19th century the price of silver dropped significantly compared to gold because large deposits of silver were being found in both the United States and Europe. This in effect devalued the INR significantly relatively to other world currencies pegged to gold, a single event where had it been the reverse and gold dropped below silver, would have significantly changed the landscape of the economy of India. But as it was, the drop in silver without the corresponding drop in gold devalued the INR significantly making it difficult for India to purchase goods in world markets. This silver standard was adhered to by the RBI in spite of many efforts by outside forces to convert the INR to a gold based currency. Over time all efforts at this conversion failed and the INR remained a silver standard currency until the late 20th century when the INR became a floating currency pegged to a basket of goods and currencies.

While the INR does have this exchange rate based on a basket of goods and currencies, its market value in practice is oftentimes tied directly to the USD/INR currency pair, giving the market a real time exchange rate independent of the RBI controlled rate. This currency pair is widely used and as a result has developed into a type of managed float for the INR relative to the USD. This occurs with other major currencies, but the RBI has proactively attempted at times to separate the INR from the USD, with each attempt failing due to the underlying mandate of the RBI as price stability and low volatility, not the way in which the INR interacts with other currencies.

For many years the differentiation in parsing the circulated INR was not consistent with the decimal system in use by most major currencies. This issue was compounded by the fact that in India the names for different numbers within the decimal system are not the same as in English and other languages nor do they take the same increasingly logical progression using standardized decimal terminology. This has led many currency and business traders dealing with the INR with convoluted contracts where presumptions as to definitions have led to countless disagreements. While the decimalization of the INR occurred in 1957, the language and writing differences remain difficult for the uninformed to understand. In India any number larger than one hundred thousand rupee are referred to as lakhs and crores where one lakh is equal to one hundred thousand and one crore is equal to ten million. This confusion is compounded with each comma in the numbering system not being a factor of three, but a factor of that numerical category. This particular decimalization should be studied by anyone trading the INR or doing international trade using the INR.

This problem of numeric consistency, decimalization, the RBI attempts at control of exchange rates, and the Government if India's insistence on not fully letting go of a centrally planned and controlled economy has inhibited the growth and acceptance of the INR worldwide. These policies and central government attempts at intervention are reducing with each successive year as the government accepts the efficiencies of the open market and further releases their growth inhibiting central planning and control mechanisms. Over time, this further adoption of the free market will likely propel the INR to increasingly important levels of importance in worldwide markets as the underlying productivity of the Indian economy is allowed to continue its solid path of growth under the freedom of increasingly free markets.

Other References
Wikipedia article on Indian Rupee

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