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Indian Rupee (INR) Exchange Rates on 16th December 2024 (16/12/2024)

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Exchange rates for Indian Rupee (INR)

Updated: 2024-12-16
Convert from Convert to 1 INR Conversion in currency Conversion
INR INR GBP GBP 0.0093 INR to GBP 107.2011 GBP to INR
INR INR BGN BGN 0.0219 INR to BGN 45.5728 BGN to INR
INR INR HRK HRK 0.0845 INR to HRK 11.8275 HRK to INR
INR INR CZK CZK 0.2805 INR to CZK 3.5656 CZK to INR
INR INR DKK DKK 0.0836 INR to DKK 11.9616 DKK to INR
INR INR EEK EEK 0 INR to EEK 0 EEK to INR
INR INR HUF HUF 4.5804 INR to HUF 0.2183 HUF to INR
INR INR KZT KZT 6.1628 INR to KZT 0.1623 KZT to INR
INR INR LVL LVL 0.0071 INR to LVL 140.2533 LVL to INR
INR INR LTL LTL 0 INR to LTL 0 LTL to INR
INR INR MKD MKD 0.6895 INR to MKD 1.4504 MKD to INR
INR INR MDL MDL 0.2149 INR to MDL 4.6543 MDL to INR
INR INR NOK NOK 0.1313 INR to NOK 7.6171 NOK to INR
INR INR PLN PLN 0.0478 INR to PLN 20.9294 PLN to INR
INR INR RON RON 0.0557 INR to RON 17.9558 RON to INR
INR INR RUB RUB 1.2162 INR to RUB 0.8222 RUB to INR
INR INR SKK SKK 0 INR to SKK 0 SKK to INR
INR INR SEK SEK 0.1293 INR to SEK 7.7337 SEK to INR
INR INR CHF CHF 0.0105 INR to CHF 95.2032 CHF to INR
INR INR TRY TRY 0.4121 INR to TRY 2.4265 TRY to INR
INR INR UAH UAH 0.4897 INR to UAH 2.042 UAH to INR
Updated: 2024-12-16
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INR INR ARS ARS 11.9741 INR to ARS 0.0835 ARS to INR
INR INR BOB BOB 0.0812 INR to BOB 12.3125 BOB to INR
INR INR BRL BRL 0.0713 INR to BRL 14.0311 BRL to INR
INR INR CAD CAD 0.0168 INR to CAD 59.6545 CAD to INR
INR INR KYD KYD 0.0098 INR to KYD 102.0961 KYD to INR
INR INR CLP CLP 11.5221 INR to CLP 0.0868 CLP to INR
INR INR COP COP 51.1536 INR to COP 0.0195 COP to INR
INR INR CRC CRC 5.9244 INR to CRC 0.1688 CRC to INR
INR INR DOP DOP 0.7144 INR to DOP 1.3999 DOP to INR
INR INR SVC SVC 0.1028 INR to SVC 9.7234 SVC to INR
INR INR FJD FJD 0.0273 INR to FJD 36.572 FJD to INR
INR INR HNL HNL 0.2981 INR to HNL 3.3549 HNL to INR
INR INR JMD JMD 1.8419 INR to JMD 0.5429 JMD to INR
INR INR MXN MXN 0.2371 INR to MXN 4.2168 MXN to INR
INR INR ANG ANG 0.0212 INR to ANG 47.2077 ANG to INR
INR INR PYG PYG 92.0082 INR to PYG 0.0109 PYG to INR
INR INR PEN PEN 0.0439 INR to PEN 22.7616 PEN to INR
INR INR TTD TTD 0.0798 INR to TTD 12.534 TTD to INR
INR INR USD USD 0.0118 INR to USD 84.8378 USD to INR
INR INR UYU UYU 0.5224 INR to UYU 1.9142 UYU to INR
INR INR VEF VEF 42757.645 INR to VEF 0 VEF to INR
Updated: 2024-12-16
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INR INR AUD AUD 0.0185 INR to AUD 54.1264 AUD to INR
INR INR BDT BDT 1.4046 INR to BDT 0.712 BDT to INR
INR INR BND BND 0.0159 INR to BND 63.0771 BND to INR
INR INR CNY CNY 0.0858 INR to CNY 11.6545 CNY to INR
INR INR INR INR 1 INR to INR 1 INR to INR
INR INR IDR IDR 189.0017 INR to IDR 0.0053 IDR to INR
INR INR JPY JPY 1.8134 INR to JPY 0.5514 JPY to INR
INR INR MYR MYR 0.0526 INR to MYR 19.0206 MYR to INR
INR INR MVR MVR 0.1815 INR to MVR 5.5091 MVR to INR
INR INR NPR NPR 1.594 INR to NPR 0.6274 NPR to INR
INR INR NZD NZD 0.0204 INR to NZD 49.0662 NZD to INR
INR INR PKR PKR 3.268 INR to PKR 0.306 PKR to INR
INR INR PGK PGK 0.0476 INR to PGK 21.0225 PGK to INR
INR INR PHP PHP 0.6922 INR to PHP 1.4447 PHP to INR
INR INR SCR SCR 0.1775 INR to SCR 5.6342 SCR to INR
INR INR SGD SGD 0.0159 INR to SGD 62.8939 SGD to INR
INR INR KRW KRW 16.9323 INR to KRW 0.0591 KRW to INR
INR INR LKR LKR 3.4108 INR to LKR 0.2932 LKR to INR
INR INR TWD TWD 0.383 INR to TWD 2.6112 TWD to INR
INR INR THB THB 0.4021 INR to THB 2.4872 THB to INR
Updated: 2024-12-16
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INR INR BHD BHD 0.0044 INR to BHD 225.4707 BHD to INR
INR INR EGP EGP 0.5984 INR to EGP 1.6712 EGP to INR
INR INR HKD HKD 0.0916 INR to HKD 10.9119 HKD to INR
INR INR ILS ILS 0.0425 INR to ILS 23.539 ILS to INR
INR INR JOD JOD 0.0084 INR to JOD 119.5917 JOD to INR
INR INR KWD KWD 0.0036 INR to KWD 275.4831 KWD to INR
INR INR LBP LBP 1052.5061 INR to LBP 0.001 LBP to INR
INR INR OMR OMR 0.0045 INR to OMR 220.6889 OMR to INR
INR INR QAR QAR 0.0429 INR to QAR 23.3134 QAR to INR
INR INR SAR SAR 0.0443 INR to SAR 22.5783 SAR to INR
INR INR AED AED 0.0433 INR to AED 23.0979 AED to INR
INR INR YER YER 2.9512 INR to YER 0.3388 YER to INR
Updated: 2024-12-16
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INR INR DZD DZD 1.5749 INR to DZD 0.6349 DZD to INR
INR INR KES KES 1.5191 INR to KES 0.6583 KES to INR
INR INR MUR MUR 0.5533 INR to MUR 1.8074 MUR to INR
INR INR MAD MAD 0.1173 INR to MAD 8.5225 MAD to INR
INR INR NAD NAD 0.2109 INR to NAD 4.7423 NAD to INR
INR INR NIO NIO 0.4325 INR to NIO 2.3119 NIO to INR
INR INR NGN NGN 18.1383 INR to NGN 0.0551 NGN to INR
INR INR SLL SLL 247.1712 INR to SLL 0.004 SLL to INR
INR INR ZAR ZAR 0.2103 INR to ZAR 4.7545 ZAR to INR
INR INR TZS TZS 27.945 INR to TZS 0.0358 TZS to INR
INR INR TND TND 0.0372 INR to TND 26.8706 TND to INR
INR INR UGX UGX 42.8613 INR to UGX 0.0233 UGX to INR
INR INR XOF XOF 7.3503 INR to XOF 0.136 XOF to INR
INR INR ZMK ZMK 106.0985 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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