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Indian Rupee (INR) Exchange Rates on 04th February 2023 (04/02/2023)

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Exchange rates for Indian Rupee (INR)

Updated: 2023-02-04
Convert from Convert to 1 INR Conversion in currency Conversion
INR INR GBP GBP 0.0101 INR to GBP 99.3861 GBP to INR
INR INR BGN BGN 0.022 INR to BGN 45.5231 BGN to INR
INR INR HRK HRK 0.0854 INR to HRK 11.7139 HRK to INR
INR INR CZK CZK 0.2669 INR to CZK 3.746 CZK to INR
INR INR DKK DKK 0.0836 INR to DKK 11.9639 DKK to INR
INR INR EEK EEK 0 INR to EEK 0 EEK to INR
INR INR HUF HUF 4.36 INR to HUF 0.2294 HUF to INR
INR INR KZT KZT 5.5524 INR to KZT 0.1801 KZT to INR
INR INR LVL LVL 0.0073 INR to LVL 136.3748 LVL to INR
INR INR LTL LTL 0 INR to LTL 0 LTL to INR
INR INR MKD MKD 0.6834 INR to MKD 1.4633 MKD to INR
INR INR MDL MDL 0.2275 INR to MDL 4.3951 MDL to INR
INR INR NOK NOK 0.1231 INR to NOK 8.1249 NOK to INR
INR INR PLN PLN 0.053 INR to PLN 18.8766 PLN to INR
INR INR RON RON 0.0549 INR to RON 18.2073 RON to INR
INR INR RUB RUB 0.8565 INR to RUB 1.1676 RUB to INR
INR INR SKK SKK 0 INR to SKK 0 SKK to INR
INR INR SEK SEK 0.1278 INR to SEK 7.8272 SEK to INR
INR INR CHF CHF 0.0112 INR to CHF 89.0316 CHF to INR
INR INR TRY TRY 0.2281 INR to TRY 4.3832 TRY to INR
INR INR UAH UAH 0.4477 INR to UAH 2.2336 UAH to INR
Updated: 2023-02-04
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INR INR ARS ARS 2.2721 INR to ARS 0.4401 ARS to INR
INR INR BOB BOB 0.0838 INR to BOB 11.9382 BOB to INR
INR INR BRL BRL 0.0625 INR to BRL 16.01 BRL to INR
INR INR CAD CAD 0.0163 INR to CAD 61.5082 CAD to INR
INR INR KYD KYD 0.0101 INR to KYD 98.9883 KYD to INR
INR INR CLP CLP 9.6598 INR to CLP 0.1035 CLP to INR
INR INR COP COP 56.9451 INR to COP 0.0176 COP to INR
INR INR CRC CRC 6.793 INR to CRC 0.1472 CRC to INR
INR INR DOP DOP 0.6865 INR to DOP 1.4568 DOP to INR
INR INR SVC SVC 0.1061 INR to SVC 9.4282 SVC to INR
INR INR FJD FJD 0.0264 INR to FJD 37.9441 FJD to INR
INR INR HNL HNL 0.2988 INR to HNL 3.3463 HNL to INR
INR INR JMD JMD 1.8729 INR to JMD 0.5339 JMD to INR
INR INR MXN MXN 0.2299 INR to MXN 4.3491 MXN to INR
INR INR ANG ANG 0.0218 INR to ANG 45.7743 ANG to INR
INR INR PYG PYG 88.5897 INR to PYG 0.0113 PYG to INR
INR INR PEN PEN 0.0464 INR to PEN 21.5538 PEN to INR
INR INR TTD TTD 0.0823 INR to TTD 12.1542 TTD to INR
INR INR USD USD 0.0121 INR to USD 82.4917 USD to INR
INR INR UYU UYU 0.4693 INR to UYU 2.1309 UYU to INR
INR INR VEF VEF 27460.4907 INR to VEF 0 VEF to INR
Updated: 2023-02-04
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INR INR AUD AUD 0.0175 INR to AUD 57.1173 AUD to INR
INR INR BDT BDT 1.3013 INR to BDT 0.7684 BDT to INR
INR INR BND BND 0.0159 INR to BND 62.9424 BND to INR
INR INR CNY CNY 0.0821 INR to CNY 12.1754 CNY to INR
INR INR INR INR 1 INR to INR 1 INR to INR
INR INR IDR IDR 182.9874 INR to IDR 0.0055 IDR to INR
INR INR JPY JPY 1.5904 INR to JPY 0.6288 JPY to INR
INR INR MYR MYR 0.0516 INR to MYR 19.3732 MYR to INR
INR INR MVR MVR 0.1861 INR to MVR 5.3739 MVR to INR
INR INR NPR NPR 1.5871 INR to NPR 0.6301 NPR to INR
INR INR NZD NZD 0.0192 INR to NZD 52.1678 NZD to INR
INR INR PKR PKR 3.3398 INR to PKR 0.2994 PKR to INR
INR INR PGK PGK 0.0427 INR to PGK 23.4069 PGK to INR
INR INR PHP PHP 0.6504 INR to PHP 1.5374 PHP to INR
INR INR SCR SCR 0.1615 INR to SCR 6.1936 SCR to INR
INR INR SGD SGD 0.016 INR to SGD 62.3236 SGD to INR
INR INR KRW KRW 15.127 INR to KRW 0.0661 KRW to INR
INR INR LKR LKR 4.4246 INR to LKR 0.226 LKR to INR
INR INR TWD TWD 0.3634 INR to TWD 2.7515 TWD to INR
INR INR THB THB 0.4042 INR to THB 2.4742 THB to INR
Updated: 2023-02-04
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INR INR BHD BHD 0.0046 INR to BHD 218.8373 BHD to INR
INR INR EGP EGP 0.3657 INR to EGP 2.7341 EGP to INR
INR INR HKD HKD 0.0951 INR to HKD 10.5114 HKD to INR
INR INR ILS ILS 0.0414 INR to ILS 24.1335 ILS to INR
INR INR JOD JOD 0.0086 INR to JOD 116.2831 JOD to INR
INR INR KWD KWD 0.0037 INR to KWD 270.4198 KWD to INR
INR INR LBP LBP 182.0884 INR to LBP 0.0055 LBP to INR
INR INR OMR OMR 0.0047 INR to OMR 214.8742 OMR to INR
INR INR QAR QAR 0.0441 INR to QAR 22.6561 QAR to INR
INR INR SAR SAR 0.0455 INR to SAR 21.9841 SAR to INR
INR INR AED AED 0.0445 INR to AED 22.4583 AED to INR
INR INR YER YER 3.0355 INR to YER 0.3294 YER to INR
Updated: 2023-02-04
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INR INR DZD DZD 1.6384 INR to DZD 0.6104 DZD to INR
INR INR KES KES 1.5123 INR to KES 0.6613 KES to INR
INR INR MUR MUR 0.5504 INR to MUR 1.8168 MUR to INR
INR INR MAD MAD 0.1232 INR to MAD 8.1175 MAD to INR
INR INR NAD NAD 0.2072 INR to NAD 4.8268 NAD to INR
INR INR NIO NIO 0.4429 INR to NIO 2.2577 NIO to INR
INR INR NGN NGN 5.5829 INR to NGN 0.1791 NGN to INR
INR INR SLL SLL 235.7804 INR to SLL 0.0042 SLL to INR
INR INR ZAR ZAR 0.2118 INR to ZAR 4.7225 ZAR to INR
INR INR TZS TZS 28.3542 INR to TZS 0.0353 TZS to INR
INR INR TND TND 0.0369 INR to TND 27.1309 TND to INR
INR INR UGX UGX 44.6566 INR to UGX 0.0224 UGX to INR
INR INR XOF XOF 7.2754 INR to XOF 0.1375 XOF to INR
INR INR ZMK ZMK 109.1163 INR to ZMK 0.0092 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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