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Indian Rupee (INR) Exchange Rates on 12th November 2024 (12/11/2024)

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Exchange rates for Indian Rupee (INR)

Updated: 2024-11-12
Convert from Convert to 1 INR Conversion in currency Conversion
INR INR GBP GBP 0.0092 INR to GBP 108.3551 GBP to INR
INR INR BGN BGN 0.0218 INR to BGN 45.936 BGN to INR
INR INR HRK HRK 0.0816 INR to HRK 12.2503 HRK to INR
INR INR CZK CZK 0.2822 INR to CZK 3.5441 CZK to INR
INR INR DKK DKK 0.083 INR to DKK 12.0416 DKK to INR
INR INR EEK EEK 0 INR to EEK 0 EEK to INR
INR INR HUF HUF 4.5708 INR to HUF 0.2188 HUF to INR
INR INR KZT KZT 5.8787 INR to KZT 0.1701 KZT to INR
INR INR LVL LVL 0.0072 INR to LVL 139.5178 LVL to INR
INR INR LTL LTL 0 INR to LTL 0 LTL to INR
INR INR MKD MKD 0.6851 INR to MKD 1.4597 MKD to INR
INR INR MDL MDL 0.2131 INR to MDL 4.6926 MDL to INR
INR INR NOK NOK 0.131 INR to NOK 7.6357 NOK to INR
INR INR PLN PLN 0.0486 INR to PLN 20.5944 PLN to INR
INR INR RON RON 0.0554 INR to RON 18.0515 RON to INR
INR INR RUB RUB 1.1378 INR to RUB 0.8789 RUB to INR
INR INR SKK SKK 0 INR to SKK 0 SKK to INR
INR INR SEK SEK 0.1288 INR to SEK 7.7664 SEK to INR
INR INR CHF CHF 0.0104 INR to CHF 95.7754 CHF to INR
INR INR TRY TRY 0.4071 INR to TRY 2.4564 TRY to INR
INR INR UAH UAH 0.4905 INR to UAH 2.0387 UAH to INR
Updated: 2024-11-12
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INR INR ARS ARS 11.8316 INR to ARS 0.0845 ARS to INR
INR INR BOB BOB 0.0823 INR to BOB 12.152 BOB to INR
INR INR BRL BRL 0.0682 INR to BRL 14.6599 BRL to INR
INR INR CAD CAD 0.0165 INR to CAD 60.5195 CAD to INR
INR INR KYD KYD 0.0099 INR to KYD 101.1302 KYD to INR
INR INR CLP CLP 11.6054 INR to CLP 0.0862 CLP to INR
INR INR COP COP 51.6692 INR to COP 0.0194 COP to INR
INR INR CRC CRC 6.0772 INR to CRC 0.1645 CRC to INR
INR INR DOP DOP 0.7169 INR to DOP 1.3949 DOP to INR
INR INR SVC SVC 0.1038 INR to SVC 9.6318 SVC to INR
INR INR FJD FJD 0.0268 INR to FJD 37.3759 FJD to INR
INR INR HNL HNL 0.2995 INR to HNL 3.3393 HNL to INR
INR INR JMD JMD 1.8833 INR to JMD 0.531 JMD to INR
INR INR MXN MXN 0.2418 INR to MXN 4.1351 MXN to INR
INR INR ANG ANG 0.0214 INR to ANG 46.7609 ANG to INR
INR INR PYG PYG 92.7205 INR to PYG 0.0108 PYG to INR
INR INR PEN PEN 0.0447 INR to PEN 22.3821 PEN to INR
INR INR TTD TTD 0.0806 INR to TTD 12.4017 TTD to INR
INR INR USD USD 0.0118 INR to USD 84.3928 USD to INR
INR INR UYU UYU 0.4953 INR to UYU 2.019 UYU to INR
INR INR VEF VEF 42923.8354 INR to VEF 0 VEF to INR
Updated: 2024-11-12
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INR INR AUD AUD 0.0181 INR to AUD 55.2941 AUD to INR
INR INR BDT BDT 1.4179 INR to BDT 0.7053 BDT to INR
INR INR BND BND 0.0158 INR to BND 63.2726 BND to INR
INR INR CNY CNY 0.0857 INR to CNY 11.67 CNY to INR
INR INR INR INR 1 INR to INR 1 INR to INR
INR INR IDR IDR 186.746 INR to IDR 0.0054 IDR to INR
INR INR JPY JPY 1.8188 INR to JPY 0.5498 JPY to INR
INR INR MYR MYR 0.0525 INR to MYR 19.0567 MYR to INR
INR INR MVR MVR 0.1831 INR to MVR 5.4624 MVR to INR
INR INR NPR NPR 1.6016 INR to NPR 0.6244 NPR to INR
INR INR NZD NZD 0.0199 INR to NZD 50.2868 NZD to INR
INR INR PKR PKR 3.2968 INR to PKR 0.3033 PKR to INR
INR INR PGK PGK 0.0477 INR to PGK 20.9857 PGK to INR
INR INR PHP PHP 0.697 INR to PHP 1.4346 PHP to INR
INR INR SCR SCR 0.1614 INR to SCR 6.1948 SCR to INR
INR INR SGD SGD 0.0158 INR to SGD 63.2044 SGD to INR
INR INR KRW KRW 16.598 INR to KRW 0.0602 KRW to INR
INR INR LKR LKR 3.4725 INR to LKR 0.288 LKR to INR
INR INR TWD TWD 0.384 INR to TWD 2.6042 TWD to INR
INR INR THB THB 0.4111 INR to THB 2.4324 THB to INR
Updated: 2024-11-12
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INR INR BHD BHD 0.0045 INR to BHD 223.8986 BHD to INR
INR INR EGP EGP 0.5831 INR to EGP 1.715 EGP to INR
INR INR HKD HKD 0.0922 INR to HKD 10.8503 HKD to INR
INR INR ILS ILS 0.0444 INR to ILS 22.5051 ILS to INR
INR INR JOD JOD 0.0084 INR to JOD 119.0142 JOD to INR
INR INR KWD KWD 0.0036 INR to KWD 274.6895 KWD to INR
INR INR LBP LBP 1062.5471 INR to LBP 0.0009 LBP to INR
INR INR OMR OMR 0.0046 INR to OMR 219.193 OMR to INR
INR INR QAR QAR 0.0432 INR to QAR 23.1239 QAR to INR
INR INR SAR SAR 0.0445 INR to SAR 22.4639 SAR to INR
INR INR AED AED 0.0435 INR to AED 22.9764 AED to INR
INR INR YER YER 2.9603 INR to YER 0.3378 YER to INR
Updated: 2024-11-12
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INR INR DZD DZD 1.5857 INR to DZD 0.6306 DZD to INR
INR INR KES KES 1.5307 INR to KES 0.6533 KES to INR
INR INR MUR MUR 0.5575 INR to MUR 1.7937 MUR to INR
INR INR MAD MAD 0.1177 INR to MAD 8.4942 MAD to INR
INR INR NAD NAD 0.2116 INR to NAD 4.7267 NAD to INR
INR INR NIO NIO 0.4367 INR to NIO 2.29 NIO to INR
INR INR NGN NGN 19.839 INR to NGN 0.0504 NGN to INR
INR INR SLL SLL 248.4746 INR to SLL 0.004 SLL to INR
INR INR ZAR ZAR 0.2127 INR to ZAR 4.7019 ZAR to INR
INR INR TZS TZS 31.5414 INR to TZS 0.0317 TZS to INR
INR INR TND TND 0.0371 INR to TND 26.9401 TND to INR
INR INR UGX UGX 43.4657 INR to UGX 0.023 UGX to INR
INR INR XOF XOF 7.2996 INR to XOF 0.137 XOF to INR
INR INR ZMK ZMK 106.6584 INR to ZMK 0.0094 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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