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Indian Rupee (INR) Exchange Rates on 30th March 2020 (30/03/2020)

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Exchange rates for Indian Rupee (INR)

Updated: 2020-03-30
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INR GBP 0.0107 INR to GBP 93.2918 GBP to INR
INR BGN 0.0233 INR to BGN 42.8367 BGN to INR
INR HRK 0.0912 INR to HRK 10.9627 HRK to INR
INR CZK 0.3271 INR to CZK 3.057 CZK to INR
INR DKK 0.0894 INR to DKK 11.1862 DKK to INR
INR HUF 4.2813 INR to HUF 0.2336 HUF to INR
INR KZT 5.8616 INR to KZT 0.1706 KZT to INR
INR LVL 0.008 INR to LVL 124.6836 LVL to INR
INR MKD 0.7382 INR to MKD 1.3546 MKD to INR
INR MDL 0.2379 INR to MDL 4.2036 MDL to INR
INR NOK 0.1404 INR to NOK 7.1242 NOK to INR
INR PLN 0.0544 INR to PLN 18.3894 PLN to INR
INR RON 0.058 INR to RON 17.2526 RON to INR
INR RUB 1.0609 INR to RUB 0.9426 RUB to INR
INR SEK 0.1319 INR to SEK 7.5813 SEK to INR
INR CHF 0.0127 INR to CHF 78.9048 CHF to INR
INR TRY 0.0865 INR to TRY 11.5615 TRY to INR
INR UAH 0.3679 INR to UAH 2.718 UAH to INR
Updated: 2020-03-30
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INR ARS 0.8529 INR to ARS 1.1725 ARS to INR
INR BOB 0.0905 INR to BOB 11.0527 BOB to INR
INR BRL 0.0676 INR to BRL 14.7866 BRL to INR
INR CAD 0.0186 INR to CAD 53.6519 CAD to INR
INR KYD 0.011 INR to KYD 91.3086 KYD to INR
INR CLP 11.0435 INR to CLP 0.0906 CLP to INR
INR COP 53.3679 INR to COP 0.0187 COP to INR
INR CRC 7.5927 INR to CRC 0.1317 CRC to INR
INR DOP 0.7074 INR to DOP 1.4136 DOP to INR
INR SVC 0.115 INR to SVC 8.6966 SVC to INR
INR FJD 0.0302 INR to FJD 33.0861 FJD to INR
INR HNL 0.3247 INR to HNL 3.08 HNL to INR
INR JMD 1.7734 INR to JMD 0.5639 JMD to INR
INR MXN 0.3141 INR to MXN 3.1838 MXN to INR
INR ANG 0.0235 INR to ANG 42.5092 ANG to INR
INR PYG 86.4002 INR to PYG 0.0116 PYG to INR
INR PEN 0.0448 INR to PEN 22.3288 PEN to INR
INR TTD 0.0888 INR to TTD 11.2618 TTD to INR
INR USD 0.0133 INR to USD 75.4198 USD to INR
INR UYU 0.572 INR to UYU 1.7484 UYU to INR
INR VEF 0.1324 INR to VEF 7.5514 VEF to INR
Updated: 2020-03-30
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INR AUD 0.0216 INR to AUD 46.2572 AUD to INR
INR BDT 1.1149 INR to BDT 0.8969 BDT to INR
INR BND 0.0188 INR to BND 53.0768 BND to INR
INR CNY 0.0941 INR to CNY 10.6294 CNY to INR
INR IDR 217.7617 INR to IDR 0.0046 IDR to INR
INR JPY 1.4342 INR to JPY 0.6973 JPY to INR
INR MYR 0.0577 INR to MYR 17.3359 MYR to INR
INR MVR 0.2042 INR to MVR 4.8962 MVR to INR
INR NPR 1.5812 INR to NPR 0.6324 NPR to INR
INR NZD 0.0221 INR to NZD 45.3084 NZD to INR
INR PKR 2.1695 INR to PKR 0.4609 PKR to INR
INR PGK 0.0456 INR to PGK 21.9301 PGK to INR
INR PHP 0.6768 INR to PHP 1.4776 PHP to INR
INR SCR 0.1821 INR to SCR 5.4929 SCR to INR
INR SGD 0.0189 INR to SGD 52.84 SGD to INR
INR KRW 16.2088 INR to KRW 0.0617 KRW to INR
INR LKR 2.474 INR to LKR 0.4042 LKR to INR
INR TWD 0.4014 INR to TWD 2.4912 TWD to INR
INR THB 0.4325 INR to THB 2.3121 THB to INR
Updated: 2020-03-30
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INR BHD 0.005 INR to BHD 200.2148 BHD to INR
INR EGP 0.2089 INR to EGP 4.7879 EGP to INR
INR HKD 0.1028 INR to HKD 9.7265 HKD to INR
INR ILS 0.0474 INR to ILS 21.0868 ILS to INR
INR JOD 0.0094 INR to JOD 106.3687 JOD to INR
INR KWD 0.0042 INR to KWD 239.8467 KWD to INR
INR LBP 19.8738 INR to LBP 0.0503 LBP to INR
INR OMR 0.0051 INR to OMR 195.8251 OMR to INR
INR QAR 0.0483 INR to QAR 20.7169 QAR to INR
INR SAR 0.0498 INR to SAR 20.0768 SAR to INR
INR AED 0.0487 INR to AED 20.5336 AED to INR
INR YER 3.3189 INR to YER 0.3013 YER to INR
Updated: 2020-03-30
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INR DZD 1.6401 INR to DZD 0.6097 DZD to INR
INR KES 1.3869 INR to KES 0.721 KES to INR
INR MUR 0.5177 INR to MUR 1.9318 MUR to INR
INR MAD 0.1305 INR to MAD 7.6639 MAD to INR
INR NAD 0.2339 INR to NAD 4.2756 NAD to INR
INR NIO 0.4433 INR to NIO 2.2556 NIO to INR
INR NGN 4.8661 INR to NGN 0.2055 NGN to INR
INR SLL 129.0111 INR to SLL 0.0078 SLL to INR
INR ZAR 0.2388 INR to ZAR 4.1874 ZAR to INR
INR TZS 30.6325 INR to TZS 0.0326 TZS to INR
INR TND 0.038 INR to TND 26.3199 TND to INR
INR UGX 50.0933 INR to UGX 0.02 UGX to INR
INR XOF 7.833 INR to XOF 0.1277 XOF to INR
INR ZMK 119.3481 INR to ZMK 0.0084 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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