Indian Rupee (INR) Exchange Rates on 10th December 2019 (10/12/2019)

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Exchange rates for Indian Rupee (INR)

Updated: 2019-12-10
Convert from Convert to 1 INR Conversion in currency Conversion
INR GBP 0.0107 INR to GBP 93.7238 GBP to INR
INR BGN 0.0248 INR to BGN 40.2415 BGN to INR
INR HRK 0.0945 INR to HRK 10.5778 HRK to INR
INR CZK 0.3245 INR to CZK 3.0815 CZK to INR
INR DKK 0.0949 INR to DKK 10.5333 DKK to INR
INR EEK 0 INR to EEK 0 EEK to INR
INR HUF 4.205 INR to HUF 0.2378 HUF to INR
INR KZT 5.4408 INR to KZT 0.1838 KZT to INR
INR LVL 0.0085 INR to LVL 117.6334 LVL to INR
INR LTL 0.0415 INR to LTL 24.0981 LTL to INR
INR MKD 0.783 INR to MKD 1.2771 MKD to INR
INR MDL 0.2452 INR to MDL 4.078 MDL to INR
INR NOK 0.1283 INR to NOK 7.796 NOK to INR
INR PLN 0.0543 INR to PLN 18.4109 PLN to INR
INR RON 0.0607 INR to RON 16.467 RON to INR
INR RUB 0.8949 INR to RUB 1.1175 RUB to INR
INR SKK 0 INR to SKK 0 SKK to INR
INR SEK 0.1335 INR to SEK 7.4902 SEK to INR
INR CHF 0.0139 INR to CHF 71.8268 CHF to INR
INR TRY 0.0813 INR to TRY 12.3058 TRY to INR
INR UAH 0.3344 INR to UAH 2.9908 UAH to INR
Updated: 2019-12-10
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INR ARS 0.8451 INR to ARS 1.1833 ARS to INR
INR BOB 0.0975 INR to BOB 10.2576 BOB to INR
INR BRL 0.0582 INR to BRL 17.1817 BRL to INR
INR CAD 0.0186 INR to CAD 53.6736 CAD to INR
INR KYD 0.0117 INR to KYD 85.113 KYD to INR
INR CLP 10.9901 INR to CLP 0.091 CLP to INR
INR COP 48.1271 INR to COP 0.0208 COP to INR
INR CRC 7.9796 INR to CRC 0.1253 CRC to INR
INR DOP 0.7454 INR to DOP 1.3416 DOP to INR
INR SVC 0.1234 INR to SVC 8.1062 SVC to INR
INR FJD 0.0306 INR to FJD 32.7233 FJD to INR
INR HNL 0.3471 INR to HNL 2.8808 HNL to INR
INR JMD 1.9754 INR to JMD 0.5062 JMD to INR
INR MXN 0.2705 INR to MXN 3.6968 MXN to INR
INR ANG 0.0242 INR to ANG 41.3599 ANG to INR
INR PYG 90.8141 INR to PYG 0.011 PYG to INR
INR PEN 0.0476 INR to PEN 20.9922 PEN to INR
INR TTD 0.0953 INR to TTD 10.4981 TTD to INR
INR USD 0.0141 INR to USD 71.1553 USD to INR
INR UYU 0.5334 INR to UYU 1.8749 UYU to INR
INR VEF 0.1404 INR to VEF 7.1244 VEF to INR
Updated: 2019-12-10
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INR AUD 0.0206 INR to AUD 48.6349 AUD to INR
INR BDT 1.1955 INR to BDT 0.8365 BDT to INR
INR BND 0.0192 INR to BND 52.1625 BND to INR
INR CNY 0.0989 INR to CNY 10.111 CNY to INR
INR INR 1 INR to INR 1 INR to INR
INR IDR 196.9549 INR to IDR 0.0051 IDR to INR
INR JPY 1.5261 INR to JPY 0.6553 JPY to INR
INR MYR 0.0585 INR to MYR 17.1006 MYR to INR
INR MVR 0.2171 INR to MVR 4.6056 MVR to INR
INR NPR 1.6066 INR to NPR 0.6224 NPR to INR
INR NZD 0.0214 INR to NZD 46.6795 NZD to INR
INR PKR 2.1849 INR to PKR 0.4577 PKR to INR
INR PGK 0.048 INR to PGK 20.8365 PGK to INR
INR PHP 0.7141 INR to PHP 1.4003 PHP to INR
INR SCR 0.1926 INR to SCR 5.1925 SCR to INR
INR SGD 0.0191 INR to SGD 52.3277 SGD to INR
INR KRW 16.7211 INR to KRW 0.0598 KRW to INR
INR LKR 2.5546 INR to LKR 0.3915 LKR to INR
INR TWD 0.4281 INR to TWD 2.3356 TWD to INR
INR THB 0.4265 INR to THB 2.3445 THB to INR
Updated: 2019-12-10
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INR BHD 0.0053 INR to BHD 188.6526 BHD to INR
INR EGP 0.2268 INR to EGP 4.409 EGP to INR
INR HKD 0.11 INR to HKD 9.091 HKD to INR
INR ILS 0.0488 INR to ILS 20.5026 ILS to INR
INR JOD 0.01 INR to JOD 100.3596 JOD to INR
INR KWD 0.0043 INR to KWD 234.3796 KWD to INR
INR LBP 21.3161 INR to LBP 0.0469 LBP to INR
INR OMR 0.0054 INR to OMR 184.7765 OMR to INR
INR QAR 0.0512 INR to QAR 19.5441 QAR to INR
INR SAR 0.0527 INR to SAR 18.9742 SAR to INR
INR AED 0.0516 INR to AED 19.3718 AED to INR
INR YER 3.5184 INR to YER 0.2842 YER to INR
Updated: 2019-12-10
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INR DZD 1.6836 INR to DZD 0.594 DZD to INR
INR KES 1.4296 INR to KES 0.6995 KES to INR
INR MUR 0.513 INR to MUR 1.9491 MUR to INR
INR MAD 0.1358 INR to MAD 7.3643 MAD to INR
INR NAD 0.2059 INR to NAD 4.857 NAD to INR
INR NIO 0.4756 INR to NIO 2.1026 NIO to INR
INR NGN 5.094 INR to NGN 0.1963 NGN to INR
INR SLL 137.0241 INR to SLL 0.0073 SLL to INR
INR ZAR 0.2054 INR to ZAR 4.8693 ZAR to INR
INR TZS 32.29 INR to TZS 0.031 TZS to INR
INR TND 0.0401 INR to TND 24.9274 TND to INR
INR UGX 51.9513 INR to UGX 0.0192 UGX to INR
INR XOF 8.3363 INR to XOF 0.12 XOF to INR
INR ZMK 126.5007 INR to ZMK 0.0079 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
XE.com Live Currency Converter for INR

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