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Indian Rupee (INR) Exchange Rates on 05th June 2023 (05/06/2023)

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Exchange rates for Indian Rupee (INR)

Updated: 2023-06-05
Convert from Convert to 1 INR Conversion in currency Conversion
INR INR GBP GBP 0.0097 INR to GBP 102.6049 GBP to INR
INR INR BGN BGN 0.0221 INR to BGN 45.1569 BGN to INR
INR INR HRK HRK 0.0842 INR to HRK 11.8785 HRK to INR
INR INR CZK CZK 0.2676 INR to CZK 3.7369 CZK to INR
INR INR DKK DKK 0.0844 INR to DKK 11.8526 DKK to INR
INR INR HUF HUF 4.1956 INR to HUF 0.2383 HUF to INR
INR INR KZT KZT 5.4779 INR to KZT 0.1826 KZT to INR
INR INR LVL LVL 0.0073 INR to LVL 136.3693 LVL to INR
INR INR MKD MKD 0.6984 INR to MKD 1.4318 MKD to INR
INR INR MDL MDL 0.2166 INR to MDL 4.6169 MDL to INR
INR INR NOK NOK 0.1335 INR to NOK 7.4915 NOK to INR
INR INR PLN PLN 0.0508 INR to PLN 19.6659 PLN to INR
INR INR RON RON 0.0562 INR to RON 17.7803 RON to INR
INR INR RUB RUB 0.9795 INR to RUB 1.0209 RUB to INR
INR INR SEK SEK 0.1312 INR to SEK 7.6236 SEK to INR
INR INR CHF CHF 0.011 INR to CHF 90.6848 CHF to INR
INR INR TRY TRY 0.2557 INR to TRY 3.9111 TRY to INR
INR INR UAH UAH 0.4508 INR to UAH 2.2182 UAH to INR
Updated: 2023-06-05
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INR INR ARS ARS 2.9297 INR to ARS 0.3413 ARS to INR
INR INR BOB BOB 0.0843 INR to BOB 11.8568 BOB to INR
INR INR BRL BRL 0.0601 INR to BRL 16.6375 BRL to INR
INR INR CAD CAD 0.0163 INR to CAD 61.393 CAD to INR
INR INR KYD KYD 0.0102 INR to KYD 98.3088 KYD to INR
INR INR CLP CLP 9.6855 INR to CLP 0.1032 CLP to INR
INR INR COP COP 52.7469 INR to COP 0.019 COP to INR
INR INR CRC CRC 6.5776 INR to CRC 0.152 CRC to INR
INR INR DOP DOP 0.6673 INR to DOP 1.4986 DOP to INR
INR INR SVC SVC 0.1068 INR to SVC 9.3633 SVC to INR
INR INR FJD FJD 0.0274 INR to FJD 36.4507 FJD to INR
INR INR HNL HNL 0.3001 INR to HNL 3.3327 HNL to INR
INR INR JMD JMD 1.8879 INR to JMD 0.5297 JMD to INR
INR INR MXN MXN 0.2128 INR to MXN 4.7001 MXN to INR
INR INR ANG ANG 0.022 INR to ANG 45.457 ANG to INR
INR INR PYG PYG 88.3689 INR to PYG 0.0113 PYG to INR
INR INR PEN PEN 0.045 INR to PEN 22.2342 PEN to INR
INR INR TTD TTD 0.0828 INR to TTD 12.0788 TTD to INR
INR INR USD USD 0.0121 INR to USD 82.4883 USD to INR
INR INR UYU UYU 0.4735 INR to UYU 2.1119 UYU to INR
INR INR VEF VEF 32013.597 INR to VEF 0 VEF to INR
Updated: 2023-06-05
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INR INR AUD AUD 0.0183 INR to AUD 54.4998 AUD to INR
INR INR BDT BDT 1.3094 INR to BDT 0.7637 BDT to INR
INR INR BND BND 0.0164 INR to BND 60.9209 BND to INR
INR INR CNY CNY 0.0861 INR to CNY 11.6138 CNY to INR
INR INR IDR IDR 180.3163 INR to IDR 0.0055 IDR to INR
INR INR JPY JPY 1.6977 INR to JPY 0.589 JPY to INR
INR INR MYR MYR 0.0555 INR to MYR 18.0204 MYR to INR
INR INR MVR MVR 0.1861 INR to MVR 5.3738 MVR to INR
INR INR NPR NPR 1.6069 INR to NPR 0.6223 NPR to INR
INR INR NZD NZD 0.02 INR to NZD 50.0156 NZD to INR
INR INR PKR PKR 3.4862 INR to PKR 0.2868 PKR to INR
INR INR PGK PGK 0.0439 INR to PGK 22.793 PGK to INR
INR INR PHP PHP 0.68 INR to PHP 1.4706 PHP to INR
INR INR SCR SCR 0.1624 INR to SCR 6.1579 SCR to INR
INR INR SGD SGD 0.0164 INR to SGD 61.0806 SGD to INR
INR INR KRW KRW 15.8417 INR to KRW 0.0631 KRW to INR
INR INR LKR LKR 3.5427 INR to LKR 0.2823 LKR to INR
INR INR TWD TWD 0.3723 INR to TWD 2.6863 TWD to INR
INR INR THB THB 0.4222 INR to THB 2.3686 THB to INR
Updated: 2023-06-05
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INR INR BHD BHD 0.0046 INR to BHD 217.3166 BHD to INR
INR INR EGP EGP 0.3769 INR to EGP 2.6533 EGP to INR
INR INR HKD HKD 0.095 INR to HKD 10.5232 HKD to INR
INR INR ILS ILS 0.0455 INR to ILS 22.0006 ILS to INR
INR INR JOD JOD 0.0086 INR to JOD 116.2948 JOD to INR
INR INR KWD KWD 0.0037 INR to KWD 268.1651 KWD to INR
INR INR LBP LBP 183.2201 INR to LBP 0.0055 LBP to INR
INR INR OMR OMR 0.0047 INR to OMR 213.9661 OMR to INR
INR INR QAR QAR 0.0441 INR to QAR 22.6553 QAR to INR
INR INR SAR SAR 0.0455 INR to SAR 21.9904 SAR to INR
INR INR AED AED 0.0445 INR to AED 22.4586 AED to INR
INR INR YER YER 3.035 INR to YER 0.3295 YER to INR
Updated: 2023-06-05
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INR INR DZD DZD 1.6576 INR to DZD 0.6033 DZD to INR
INR INR KES KES 1.6827 INR to KES 0.5943 KES to INR
INR INR MUR MUR 0.5522 INR to MUR 1.811 MUR to INR
INR INR MAD MAD 0.1239 INR to MAD 8.0702 MAD to INR
INR INR NAD NAD 0.2366 INR to NAD 4.2258 NAD to INR
INR INR NIO NIO 0.4464 INR to NIO 2.2399 NIO to INR
INR INR NGN NGN 5.5938 INR to NGN 0.1788 NGN to INR
INR INR SLL SLL 239.4287 INR to SLL 0.0042 SLL to INR
INR INR ZAR ZAR 0.237 INR to ZAR 4.2194 ZAR to INR
INR INR TZS TZS 28.7071 INR to TZS 0.0348 TZS to INR
INR INR TND TND 0.0375 INR to TND 26.6784 TND to INR
INR INR UGX UGX 45.6502 INR to UGX 0.0219 UGX to INR
INR INR XOF XOF 7.4363 INR to XOF 0.1345 XOF to INR
INR INR ZMK ZMK 109.1211 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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