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Indian Rupee (INR) Exchange Rates on 02nd March 2024 (02/03/2024)

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Exchange rates for Indian Rupee (INR)

Updated: 2024-03-02
Convert from Convert to 1 INR Conversion in currency Conversion
INR INR GBP GBP 0.0095 INR to GBP 104.8586 GBP to INR
INR INR BGN BGN 0.0217 INR to BGN 45.979 BGN to INR
INR INR HRK HRK 0.0849 INR to HRK 11.7845 HRK to INR
INR INR CZK CZK 0.2823 INR to CZK 3.5422 CZK to INR
INR INR DKK DKK 0.083 INR to DKK 12.0467 DKK to INR
INR INR HUF HUF 4.3891 INR to HUF 0.2278 HUF to INR
INR INR KZT KZT 5.4416 INR to KZT 0.1838 KZT to INR
INR INR LVL LVL 0.0073 INR to LVL 136.9608 LVL to INR
INR INR MKD MKD 0.6853 INR to MKD 1.4591 MKD to INR
INR INR MDL MDL 0.2138 INR to MDL 4.6775 MDL to INR
INR INR NOK NOK 0.1275 INR to NOK 7.844 NOK to INR
INR INR PLN PLN 0.0481 INR to PLN 20.7981 PLN to INR
INR INR RON RON 0.0553 INR to RON 18.0725 RON to INR
INR INR RUB RUB 1.1061 INR to RUB 0.9041 RUB to INR
INR INR SEK SEK 0.125 INR to SEK 7.9969 SEK to INR
INR INR CHF CHF 0.0107 INR to CHF 93.6908 CHF to INR
INR INR TRY TRY 0.3789 INR to TRY 2.6393 TRY to INR
INR INR UAH UAH 0.4592 INR to UAH 2.1778 UAH to INR
Updated: 2024-03-02
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INR INR ARS ARS 10.1341 INR to ARS 0.0987 ARS to INR
INR INR BOB BOB 0.0831 INR to BOB 12.0286 BOB to INR
INR INR BRL BRL 0.0598 INR to BRL 16.7282 BRL to INR
INR INR CAD CAD 0.0164 INR to CAD 60.9995 CAD to INR
INR INR KYD KYD 0.01 INR to KYD 99.7399 KYD to INR
INR INR CLP CLP 11.5711 INR to CLP 0.0864 CLP to INR
INR INR COP COP 47.2335 INR to COP 0.0212 COP to INR
INR INR CRC CRC 6.1595 INR to CRC 0.1624 CRC to INR
INR INR DOP DOP 0.7065 INR to DOP 1.4155 DOP to INR
INR INR SVC SVC 0.1053 INR to SVC 9.4999 SVC to INR
INR INR FJD FJD 0.0271 INR to FJD 36.8993 FJD to INR
INR INR HNL HNL 0.2971 INR to HNL 3.3659 HNL to INR
INR INR JMD JMD 1.8767 INR to JMD 0.5329 JMD to INR
INR INR MXN MXN 0.2054 INR to MXN 4.8688 MXN to INR
INR INR ANG ANG 0.0217 INR to ANG 46.1205 ANG to INR
INR INR PYG PYG 87.9505 INR to PYG 0.0114 PYG to INR
INR INR PEN PEN 0.0455 INR to PEN 21.9824 PEN to INR
INR INR TTD TTD 0.0816 INR to TTD 12.2481 TTD to INR
INR INR USD USD 0.0121 INR to USD 82.8464 USD to INR
INR INR UYU UYU 0.4709 INR to UYU 2.1234 UYU to INR
INR INR VEF VEF 43514.9876 INR to VEF 0 VEF to INR
Updated: 2024-03-02
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INR INR AUD AUD 0.0185 INR to AUD 54.139 AUD to INR
INR INR BDT BDT 1.3204 INR to BDT 0.7573 BDT to INR
INR INR BND BND 0.0162 INR to BND 61.7368 BND to INR
INR INR CNY CNY 0.0869 INR to CNY 11.5116 CNY to INR
INR INR IDR IDR 189.5306 INR to IDR 0.0053 IDR to INR
INR INR JPY JPY 1.8117 INR to JPY 0.552 JPY to INR
INR INR MYR MYR 0.0573 INR to MYR 17.4579 MYR to INR
INR INR MVR MVR 0.1859 INR to MVR 5.3783 MVR to INR
INR INR NPR NPR 1.5956 INR to NPR 0.6267 NPR to INR
INR INR NZD NZD 0.0198 INR to NZD 50.5859 NZD to INR
INR INR PKR PKR 3.3596 INR to PKR 0.2977 PKR to INR
INR INR PGK PGK 0.0459 INR to PGK 21.7949 PGK to INR
INR INR PHP PHP 0.6763 INR to PHP 1.4787 PHP to INR
INR INR SCR SCR 0.1634 INR to SCR 6.1205 SCR to INR
INR INR SGD SGD 0.0162 INR to SGD 61.6047 SGD to INR
INR INR KRW KRW 16.0768 INR to KRW 0.0622 KRW to INR
INR INR LKR LKR 3.7113 INR to LKR 0.2694 LKR to INR
INR INR TWD TWD 0.3811 INR to TWD 2.6239 TWD to INR
INR INR THB THB 0.4305 INR to THB 2.3226 THB to INR
Updated: 2024-03-02
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INR INR BHD BHD 0.0045 INR to BHD 220.5138 BHD to INR
INR INR EGP EGP 0.3718 INR to EGP 2.69 EGP to INR
INR INR HKD HKD 0.0945 INR to HKD 10.5823 HKD to INR
INR INR ILS ILS 0.043 INR to ILS 23.2316 ILS to INR
INR INR JOD JOD 0.0086 INR to JOD 116.8431 JOD to INR
INR INR KWD KWD 0.0037 INR to KWD 269.1531 KWD to INR
INR INR LBP LBP 1077.3555 INR to LBP 0.0009 LBP to INR
INR INR OMR OMR 0.0046 INR to OMR 215.2074 OMR to INR
INR INR QAR QAR 0.0439 INR to QAR 22.7553 QAR to INR
INR INR SAR SAR 0.0453 INR to SAR 22.0909 SAR to INR
INR INR AED AED 0.0443 INR to AED 22.5553 AED to INR
INR INR YER YER 3.0225 INR to YER 0.3309 YER to INR
Updated: 2024-03-02
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INR INR DZD DZD 1.627 INR to DZD 0.6146 DZD to INR
INR INR KES KES 1.7384 INR to KES 0.5752 KES to INR
INR INR MUR MUR 0.5527 INR to MUR 1.8093 MUR to INR
INR INR MAD MAD 0.1212 INR to MAD 8.2542 MAD to INR
INR INR NAD NAD 0.2306 INR to NAD 4.3367 NAD to INR
INR INR NIO NIO 0.4428 INR to NIO 2.2583 NIO to INR
INR INR NGN NGN 19.048 INR to NGN 0.0525 NGN to INR
INR INR SLL SLL 238.3939 INR to SLL 0.0042 SLL to INR
INR INR ZAR ZAR 0.2301 INR to ZAR 4.3462 ZAR to INR
INR INR TZS TZS 30.6787 INR to TZS 0.0326 TZS to INR
INR INR TND TND 0.0377 INR to TND 26.5105 TND to INR
INR INR UGX UGX 47.0834 INR to UGX 0.0212 UGX to INR
INR INR XOF XOF 7.2944 INR to XOF 0.1371 XOF to INR
INR INR ZMK ZMK 108.6493 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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