Indian Rupee (INR) Exchange Rates on 24th January 2020 (24/01/2020)

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Exchange rates for Indian Rupee (INR)

Updated: 2020-01-24
Convert from Convert to 1 INR Conversion in currency Conversion
INR GBP 0.0107 INR to GBP 93.585 GBP to INR
INR BGN 0.0248 INR to BGN 40.2609 BGN to INR
INR HRK 0.0945 INR to HRK 10.5775 HRK to INR
INR CZK 0.3196 INR to CZK 3.1291 CZK to INR
INR DKK 0.0949 INR to DKK 10.5375 DKK to INR
INR EEK 0 INR to EEK 0 EEK to INR
INR HUF 4.2783 INR to HUF 0.2337 HUF to INR
INR KZT 5.3225 INR to KZT 0.1879 KZT to INR
INR LVL 0.0085 INR to LVL 117.8031 LVL to INR
INR LTL 0.0414 INR to LTL 24.1328 LTL to INR
INR MKD 0.7821 INR to MKD 1.2786 MKD to INR
INR MDL 0.2498 INR to MDL 4.0035 MDL to INR
INR NOK 0.1262 INR to NOK 7.9213 NOK to INR
INR PLN 0.0539 INR to PLN 18.5464 PLN to INR
INR RON 0.0607 INR to RON 16.4709 RON to INR
INR RUB 0.8684 INR to RUB 1.1515 RUB to INR
INR SKK 0 INR to SKK 0 SKK to INR
INR SEK 0.1338 INR to SEK 7.4748 SEK to INR
INR CHF 0.0136 INR to CHF 73.4317 CHF to INR
INR TRY 0.0832 INR to TRY 12.0144 TRY to INR
INR UAH 0.3447 INR to UAH 2.9008 UAH to INR
Updated: 2020-01-24
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INR ARS 0.842 INR to ARS 1.1877 ARS to INR
INR BOB 0.0973 INR to BOB 10.2723 BOB to INR
INR BRL 0.0585 INR to BRL 17.085 BRL to INR
INR CAD 0.0184 INR to CAD 54.2828 CAD to INR
INR KYD 0.0117 INR to KYD 85.2405 KYD to INR
INR CLP 10.9348 INR to CLP 0.0915 CLP to INR
INR COP 47.1712 INR to COP 0.0212 COP to INR
INR CRC 7.9506 INR to CRC 0.1258 CRC to INR
INR DOP 0.7488 INR to DOP 1.3355 DOP to INR
INR SVC 0.1232 INR to SVC 8.1182 SVC to INR
INR FJD 0.0305 INR to FJD 32.8272 FJD to INR
INR HNL 0.3467 INR to HNL 2.8843 HNL to INR
INR JMD 1.9569 INR to JMD 0.511 JMD to INR
INR MXN 0.2632 INR to MXN 3.7988 MXN to INR
INR ANG 0.0234 INR to ANG 42.7916 ANG to INR
INR PYG 91.8871 INR to PYG 0.0109 PYG to INR
INR PEN 0.0467 INR to PEN 21.4051 PEN to INR
INR TTD 0.0952 INR to TTD 10.5052 TTD to INR
INR USD 0.014 INR to USD 71.2579 USD to INR
INR UYU 0.5267 INR to UYU 1.8987 UYU to INR
INR VEF 0.1402 INR to VEF 7.1347 VEF to INR
Updated: 2020-01-24
Convert from Convert to 1 INR Conversion in currency Conversion
INR AUD 0.0205 INR to AUD 48.7651 AUD to INR
INR BDT 1.1951 INR to BDT 0.8367 BDT to INR
INR BND 0.019 INR to BND 52.6494 BND to INR
INR CNY 0.0973 INR to CNY 10.2726 CNY to INR
INR INR 1 INR to INR 1 INR to INR
INR IDR 190.5794 INR to IDR 0.0052 IDR to INR
INR JPY 1.5372 INR to JPY 0.6505 JPY to INR
INR MYR 0.057 INR to MYR 17.5404 MYR to INR
INR MVR 0.2168 INR to MVR 4.6122 MVR to INR
INR NPR 1.6043 INR to NPR 0.6233 NPR to INR
INR NZD 0.0212 INR to NZD 47.1379 NZD to INR
INR PKR 2.1782 INR to PKR 0.4591 PKR to INR
INR PGK 0.0486 INR to PGK 20.5781 PGK to INR
INR PHP 0.7138 INR to PHP 1.401 PHP to INR
INR SCR 0.1922 INR to SCR 5.2017 SCR to INR
INR SGD 0.0189 INR to SGD 52.7916 SGD to INR
INR KRW 16.3917 INR to KRW 0.061 KRW to INR
INR LKR 2.5555 INR to LKR 0.3913 LKR to INR
INR TWD 0.421 INR to TWD 2.3751 TWD to INR
INR THB 0.4279 INR to THB 2.3368 THB to INR
Updated: 2020-01-24
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INR BHD 0.0053 INR to BHD 189.015 BHD to INR
INR EGP 0.2213 INR to EGP 4.5188 EGP to INR
INR HKD 0.1091 INR to HKD 9.1681 HKD to INR
INR ILS 0.0485 INR to ILS 20.6219 ILS to INR
INR JOD 0.0099 INR to JOD 100.5034 JOD to INR
INR KWD 0.0043 INR to KWD 234.5789 KWD to INR
INR LBP 21.2886 INR to LBP 0.047 LBP to INR
INR OMR 0.0054 INR to OMR 185.3444 OMR to INR
INR QAR 0.0511 INR to QAR 19.5711 QAR to INR
INR SAR 0.0526 INR to SAR 18.9955 SAR to INR
INR AED 0.0515 INR to AED 19.4007 AED to INR
INR YER 3.5133 INR to YER 0.2846 YER to INR
Updated: 2020-01-24
Convert from Convert to 1 INR Conversion in currency Conversion
INR DZD 1.6806 INR to DZD 0.595 DZD to INR
INR KES 1.4151 INR to KES 0.7066 KES to INR
INR MUR 0.5156 INR to MUR 1.9395 MUR to INR
INR MAD 0.1354 INR to MAD 7.3865 MAD to INR
INR NAD 0.2021 INR to NAD 4.9492 NAD to INR
INR NIO 0.4749 INR to NIO 2.1056 NIO to INR
INR NGN 5.0731 INR to NGN 0.1971 NGN to INR
INR SLL 136.3004 INR to SLL 0.0073 SLL to INR
INR ZAR 0.2017 INR to ZAR 4.9574 ZAR to INR
INR TZS 32.3556 INR to TZS 0.0309 TZS to INR
INR TND 0.0396 INR to TND 25.2352 TND to INR
INR UGX 51.7789 INR to UGX 0.0193 UGX to INR
INR XOF 8.3265 INR to XOF 0.1201 XOF to INR
INR ZMK 126.3186 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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