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Indian Rupee (INR) Exchange Rates on 29th September 2023 (29/09/2023)

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Exchange rates for Indian Rupee (INR)

Updated: 2023-09-29
Convert from Convert to 1 INR Conversion in currency Conversion
INR INR GBP GBP 0.0098 INR to GBP 101.5518 GBP to INR
INR INR BGN BGN 0.0222 INR to BGN 44.9513 BGN to INR
INR INR HRK HRK 0.0844 INR to HRK 11.848 HRK to INR
INR INR CZK CZK 0.2768 INR to CZK 3.6127 CZK to INR
INR INR DKK DKK 0.0848 INR to DKK 11.7878 DKK to INR
INR INR HUF HUF 4.4545 INR to HUF 0.2245 HUF to INR
INR INR KZT KZT 5.6966 INR to KZT 0.1755 KZT to INR
INR INR LVL LVL 0.0073 INR to LVL 137.3967 LVL to INR
INR INR MKD MKD 0.6999 INR to MKD 1.4289 MKD to INR
INR INR MDL MDL 0.2185 INR to MDL 4.5772 MDL to INR
INR INR NOK NOK 0.1287 INR to NOK 7.7691 NOK to INR
INR INR PLN PLN 0.0528 INR to PLN 18.9479 PLN to INR
INR INR RON RON 0.0566 INR to RON 17.6713 RON to INR
INR INR RUB RUB 1.1639 INR to RUB 0.8592 RUB to INR
INR INR SEK SEK 0.1311 INR to SEK 7.6269 SEK to INR
INR INR CHF CHF 0.011 INR to CHF 90.9743 CHF to INR
INR INR TRY TRY 0.3302 INR to TRY 3.0287 TRY to INR
INR INR UAH UAH 0.4434 INR to UAH 2.2555 UAH to INR
Updated: 2023-09-29
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INR INR ARS ARS 4.2102 INR to ARS 0.2375 ARS to INR
INR INR BOB BOB 0.0829 INR to BOB 12.0575 BOB to INR
INR INR BRL BRL 0.0606 INR to BRL 16.5108 BRL to INR
INR INR CAD CAD 0.0162 INR to CAD 61.6525 CAD to INR
INR INR KYD KYD 0.01 INR to KYD 99.9655 KYD to INR
INR INR CLP CLP 10.894 INR to CLP 0.0918 CLP to INR
INR INR COP COP 49.0075 INR to COP 0.0204 COP to INR
INR INR CRC CRC 6.4633 INR to CRC 0.1547 CRC to INR
INR INR DOP DOP 0.6814 INR to DOP 1.4675 DOP to INR
INR INR SVC SVC 0.1079 INR to SVC 9.2714 SVC to INR
INR INR FJD FJD 0.0276 INR to FJD 36.218 FJD to INR
INR INR HNL HNL 0.296 INR to HNL 3.3786 HNL to INR
INR INR JMD JMD 1.8571 INR to JMD 0.5385 JMD to INR
INR INR MXN MXN 0.2108 INR to MXN 4.7445 MXN to INR
INR INR ANG ANG 0.0216 INR to ANG 46.2318 ANG to INR
INR INR PYG PYG 87.5031 INR to PYG 0.0114 PYG to INR
INR INR PEN PEN 0.0455 INR to PEN 21.9626 PEN to INR
INR INR TTD TTD 0.0815 INR to TTD 12.2728 TTD to INR
INR INR USD USD 0.012 INR to USD 83.1098 USD to INR
INR INR UYU UYU 0.4598 INR to UYU 2.1749 UYU to INR
INR INR VEF VEF 40971.0246 INR to VEF 0 VEF to INR
Updated: 2023-09-29
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INR INR AUD AUD 0.0186 INR to AUD 53.6828 AUD to INR
INR INR BDT BDT 1.3232 INR to BDT 0.7557 BDT to INR
INR INR BND BND 0.0164 INR to BND 60.8151 BND to INR
INR INR CNY CNY 0.0878 INR to CNY 11.3846 CNY to INR
INR INR IDR IDR 186.4573 INR to IDR 0.0054 IDR to INR
INR INR JPY JPY 1.7973 INR to JPY 0.5564 JPY to INR
INR INR MYR MYR 0.0564 INR to MYR 17.7201 MYR to INR
INR INR MVR MVR 0.1862 INR to MVR 5.3706 MVR to INR
INR INR NPR NPR 1.5981 INR to NPR 0.6257 NPR to INR
INR INR NZD NZD 0.0201 INR to NZD 49.8662 NZD to INR
INR INR PKR PKR 3.4508 INR to PKR 0.2898 PKR to INR
INR INR PGK PGK 0.0438 INR to PGK 22.8058 PGK to INR
INR INR PHP PHP 0.6823 INR to PHP 1.4656 PHP to INR
INR INR SCR SCR 0.156 INR to SCR 6.4091 SCR to INR
INR INR SGD SGD 0.0164 INR to SGD 60.9002 SGD to INR
INR INR KRW KRW 16.2276 INR to KRW 0.0616 KRW to INR
INR INR LKR LKR 3.8926 INR to LKR 0.2569 LKR to INR
INR INR TWD TWD 0.3869 INR to TWD 2.5846 TWD to INR
INR INR THB THB 0.4402 INR to THB 2.2715 THB to INR
Updated: 2023-09-29
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INR INR BHD BHD 0.0045 INR to BHD 220.4918 BHD to INR
INR INR EGP EGP 0.3718 INR to EGP 2.6893 EGP to INR
INR INR HKD HKD 0.0942 INR to HKD 10.6177 HKD to INR
INR INR ILS ILS 0.0462 INR to ILS 21.6266 ILS to INR
INR INR JOD JOD 0.0085 INR to JOD 117.1221 JOD to INR
INR INR KWD KWD 0.0037 INR to KWD 268.8678 KWD to INR
INR INR LBP LBP 180.4188 INR to LBP 0.0055 LBP to INR
INR INR OMR OMR 0.0046 INR to OMR 215.8772 OMR to INR
INR INR QAR QAR 0.0438 INR to QAR 22.826 QAR to INR
INR INR SAR SAR 0.0451 INR to SAR 22.1586 SAR to INR
INR INR AED AED 0.0442 INR to AED 22.6312 AED to INR
INR INR YER YER 3.0123 INR to YER 0.332 YER to INR
Updated: 2023-09-29
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INR INR DZD DZD 1.6568 INR to DZD 0.6036 DZD to INR
INR INR KES KES 1.7826 INR to KES 0.561 KES to INR
INR INR MUR MUR 0.5361 INR to MUR 1.8655 MUR to INR
INR INR MAD MAD 0.1239 INR to MAD 8.0682 MAD to INR
INR INR NAD NAD 0.2284 INR to NAD 4.3789 NAD to INR
INR INR NIO NIO 0.4392 INR to NIO 2.2771 NIO to INR
INR INR NGN NGN 9.3624 INR to NGN 0.1068 NGN to INR
INR INR SLL SLL 237.6366 INR to SLL 0.0042 SLL to INR
INR INR ZAR ZAR 0.228 INR to ZAR 4.3852 ZAR to INR
INR INR TZS TZS 30.1472 INR to TZS 0.0332 TZS to INR
INR INR TND TND 0.0382 INR to TND 26.1722 TND to INR
INR INR UGX UGX 45.0796 INR to UGX 0.0222 UGX to INR
INR INR XOF XOF 7.4708 INR to XOF 0.1339 XOF to INR
INR INR ZMK ZMK 108.3048 INR to ZMK 0.0092 ZMK to INR

Indian Rupee (INR)

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
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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