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Indian Rupee (INR) Exchange Rates on 17th June 2024 (17/06/2024)

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Exchange rates for Indian Rupee (INR)

Updated: 2024-06-17
Convert from Convert to 1 INR Conversion in currency Conversion
INR INR GBP GBP 0.0094 INR to GBP 105.9108 GBP to INR
INR INR BGN BGN 0.0218 INR to BGN 45.7887 BGN to INR
INR INR HRK HRK 0.084 INR to HRK 11.8989 HRK to INR
INR INR CZK CZK 0.2767 INR to CZK 3.6139 CZK to INR
INR INR DKK DKK 0.0835 INR to DKK 11.9823 DKK to INR
INR INR EEK EEK 0 INR to EEK 0 EEK to INR
INR INR HUF HUF 4.4558 INR to HUF 0.2244 HUF to INR
INR INR KZT KZT 5.4108 INR to KZT 0.1848 KZT to INR
INR INR LVL LVL 0.0072 INR to LVL 138.0614 LVL to INR
INR INR LTL LTL 0 INR to LTL 0 LTL to INR
INR INR MKD MKD 0.6893 INR to MKD 1.4507 MKD to INR
INR INR MDL MDL 0.2131 INR to MDL 4.6927 MDL to INR
INR INR NOK NOK 0.128 INR to NOK 7.8151 NOK to INR
INR INR PLN PLN 0.049 INR to PLN 20.4161 PLN to INR
INR INR RON RON 0.0557 INR to RON 17.9629 RON to INR
INR INR RUB RUB 1.0656 INR to RUB 0.9384 RUB to INR
INR INR SKK SKK 0 INR to SKK 0 SKK to INR
INR INR SEK SEK 0.126 INR to SEK 7.9373 SEK to INR
INR INR CHF CHF 0.0107 INR to CHF 93.7788 CHF to INR
INR INR TRY TRY 0.3926 INR to TRY 2.5468 TRY to INR
INR INR UAH UAH 0.487 INR to UAH 2.0534 UAH to INR
Updated: 2024-06-17
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INR INR ARS ARS 10.8012 INR to ARS 0.0926 ARS to INR
INR INR BOB BOB 0.0827 INR to BOB 12.0931 BOB to INR
INR INR BRL BRL 0.0641 INR to BRL 15.6071 BRL to INR
INR INR CAD CAD 0.0165 INR to CAD 60.7635 CAD to INR
INR INR KYD KYD 0.01 INR to KYD 100.2569 KYD to INR
INR INR CLP CLP 11.0808 INR to CLP 0.0902 CLP to INR
INR INR COP COP 49.5566 INR to COP 0.0202 COP to INR
INR INR CRC CRC 6.3097 INR to CRC 0.1585 CRC to INR
INR INR DOP DOP 0.7106 INR to DOP 1.4072 DOP to INR
INR INR SVC SVC 0.1047 INR to SVC 9.5491 SVC to INR
INR INR FJD FJD 0.0268 INR to FJD 37.3039 FJD to INR
INR INR HNL HNL 0.2958 INR to HNL 3.3806 HNL to INR
INR INR JMD JMD 1.8626 INR to JMD 0.5369 JMD to INR
INR INR MXN MXN 0.2214 INR to MXN 4.5165 MXN to INR
INR INR ANG ANG 0.0216 INR to ANG 46.3615 ANG to INR
INR INR PYG PYG 90.0128 INR to PYG 0.0111 PYG to INR
INR INR PEN PEN 0.0452 INR to PEN 22.1079 PEN to INR
INR INR TTD TTD 0.0813 INR to TTD 12.2953 TTD to INR
INR INR USD USD 0.012 INR to USD 83.5119 USD to INR
INR INR UYU UYU 0.4691 INR to UYU 2.1319 UYU to INR
INR INR VEF VEF 43377.4015 INR to VEF 0 VEF to INR
Updated: 2024-06-17
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INR INR AUD AUD 0.0181 INR to AUD 55.1345 AUD to INR
INR INR BDT BDT 1.4064 INR to BDT 0.711 BDT to INR
INR INR BND BND 0.0162 INR to BND 61.726 BND to INR
INR INR CNY CNY 0.0869 INR to CNY 11.51 CNY to INR
INR INR INR INR 1 INR to INR 1 INR to INR
INR INR IDR IDR 197.0375 INR to IDR 0.0051 IDR to INR
INR INR JPY JPY 1.8842 INR to JPY 0.5307 JPY to INR
INR INR MYR MYR 0.0565 INR to MYR 17.6951 MYR to INR
INR INR MVR MVR 0.1845 INR to MVR 5.4192 MVR to INR
INR INR NPR NPR 1.5997 INR to NPR 0.6251 NPR to INR
INR INR NZD NZD 0.0195 INR to NZD 51.174 NZD to INR
INR INR PKR PKR 3.3338 INR to PKR 0.3 PKR to INR
INR INR PGK PGK 0.0466 INR to PGK 21.4408 PGK to INR
INR INR PHP PHP 0.7026 INR to PHP 1.4232 PHP to INR
INR INR SCR SCR 0.1717 INR to SCR 5.824 SCR to INR
INR INR SGD SGD 0.0162 INR to SGD 61.7411 SGD to INR
INR INR KRW KRW 16.5313 INR to KRW 0.0605 KRW to INR
INR INR LKR LKR 3.6399 INR to LKR 0.2747 LKR to INR
INR INR TWD TWD 0.3873 INR to TWD 2.5822 TWD to INR
INR INR THB THB 0.4406 INR to THB 2.2698 THB to INR
Updated: 2024-06-17
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INR INR BHD BHD 0.0045 INR to BHD 221.6907 BHD to INR
INR INR EGP EGP 0.5713 INR to EGP 1.7503 EGP to INR
INR INR HKD HKD 0.0935 INR to HKD 10.6927 HKD to INR
INR INR ILS ILS 0.0446 INR to ILS 22.4243 ILS to INR
INR INR JOD JOD 0.0085 INR to JOD 117.8053 JOD to INR
INR INR KWD KWD 0.0037 INR to KWD 272.2735 KWD to INR
INR INR LBP LBP 1071.8624 INR to LBP 0.0009 LBP to INR
INR INR OMR OMR 0.0046 INR to OMR 216.891 OMR to INR
INR INR QAR QAR 0.0436 INR to QAR 22.9129 QAR to INR
INR INR SAR SAR 0.0449 INR to SAR 22.2612 SAR to INR
INR INR AED AED 0.044 INR to AED 22.7369 AED to INR
INR INR YER YER 2.9972 INR to YER 0.3336 YER to INR
Updated: 2024-06-17
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INR INR DZD DZD 1.6149 INR to DZD 0.6192 DZD to INR
INR INR KES KES 1.55 INR to KES 0.6452 KES to INR
INR INR MUR MUR 0.5598 INR to MUR 1.7864 MUR to INR
INR INR MAD MAD 0.1203 INR to MAD 8.3149 MAD to INR
INR INR NAD NAD 0.2198 INR to NAD 4.5505 NAD to INR
INR INR NIO NIO 0.4406 INR to NIO 2.2699 NIO to INR
INR INR NGN NGN 17.9076 INR to NGN 0.0558 NGN to INR
INR INR SLL SLL 251.096 INR to SLL 0.004 SLL to INR
INR INR ZAR ZAR 0.2198 INR to ZAR 4.5495 ZAR to INR
INR INR TZS TZS 31.4089 INR to TZS 0.0318 TZS to INR
INR INR TND TND 0.0375 INR to TND 26.697 TND to INR
INR INR UGX UGX 44.4557 INR to UGX 0.0225 UGX to INR
INR INR XOF XOF 7.3384 INR to XOF 0.1363 XOF to INR
INR INR ZMK ZMK 107.7836 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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