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Indian Rupee (INR) Exchange Rates on 01st October 2022 (01/10/2022)

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Exchange rates for Indian Rupee (INR)

Updated: 2022-10-01
Convert from Convert to 1 INR Conversion in currency Conversion
INR INR GBP GBP 0.011 INR to GBP 91.0268 GBP to INR
INR INR BGN BGN 0.0245 INR to BGN 40.8971 BGN to INR
INR INR HRK HRK 0.094 INR to HRK 10.6387 HRK to INR
INR INR CZK CZK 0.3072 INR to CZK 3.2547 CZK to INR
INR INR DKK DKK 0.0929 INR to DKK 10.7594 DKK to INR
INR INR EEK EEK 0 INR to EEK 0 EEK to INR
INR INR HUF HUF 5.2864 INR to HUF 0.1892 HUF to INR
INR INR KZT KZT 5.8354 INR to KZT 0.1714 KZT to INR
INR INR LVL LVL 0.0074 INR to LVL 134.9637 LVL to INR
INR INR LTL LTL 0 INR to LTL 0 LTL to INR
INR INR MKD MKD 0.7734 INR to MKD 1.293 MKD to INR
INR INR MDL MDL 0.239 INR to MDL 4.1845 MDL to INR
INR INR NOK NOK 0.1333 INR to NOK 7.4993 NOK to INR
INR INR PLN PLN 0.0607 INR to PLN 16.4868 PLN to INR
INR INR RON RON 0.0619 INR to RON 16.156 RON to INR
INR INR RUB RUB 0.7374 INR to RUB 1.356 RUB to INR
INR INR SKK SKK 0 INR to SKK 0 SKK to INR
INR INR SEK SEK 0.1358 INR to SEK 7.3661 SEK to INR
INR INR CHF CHF 0.0121 INR to CHF 82.5715 CHF to INR
INR INR TRY TRY 0.2266 INR to TRY 4.4124 TRY to INR
INR INR UAH UAH 0.4526 INR to UAH 2.2094 UAH to INR
Updated: 2022-10-01
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INR INR ARS ARS 1.8043 INR to ARS 0.5542 ARS to INR
INR INR BOB BOB 0.0847 INR to BOB 11.8093 BOB to INR
INR INR BRL BRL 0.0663 INR to BRL 15.0834 BRL to INR
INR INR CAD CAD 0.0169 INR to CAD 59.0184 CAD to INR
INR INR KYD KYD 0.0102 INR to KYD 97.9112 KYD to INR
INR INR CLP CLP 11.8573 INR to CLP 0.0843 CLP to INR
INR INR COP COP 56.4687 INR to COP 0.0177 COP to INR
INR INR CRC CRC 7.6893 INR to CRC 0.1301 CRC to INR
INR INR DOP DOP 0.6566 INR to DOP 1.523 DOP to INR
INR INR SVC SVC 0.1072 INR to SVC 9.3247 SVC to INR
INR INR FJD FJD 0.0283 INR to FJD 35.3403 FJD to INR
INR INR HNL HNL 0.3033 INR to HNL 3.2971 HNL to INR
INR INR JMD JMD 1.8637 INR to JMD 0.5366 JMD to INR
INR INR MXN MXN 0.2468 INR to MXN 4.0523 MXN to INR
INR INR ANG ANG 0.0221 INR to ANG 45.2741 ANG to INR
INR INR PYG PYG 86.6336 INR to PYG 0.0115 PYG to INR
INR INR PEN PEN 0.0488 INR to PEN 20.5044 PEN to INR
INR INR TTD TTD 0.0833 INR to TTD 12.0103 TTD to INR
INR INR USD USD 0.0122 INR to USD 81.6383 USD to INR
INR INR UYU UYU 0.5067 INR to UYU 1.9735 UYU to INR
INR INR VEF VEF 2676144790.0837 INR to VEF 0 VEF to INR
Updated: 2022-10-01
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INR INR AUD AUD 0.0191 INR to AUD 52.281 AUD to INR
INR INR BDT BDT 1.2414 INR to BDT 0.8055 BDT to INR
INR INR BND BND 0.0176 INR to BND 56.8475 BND to INR
INR INR CNY CNY 0.0872 INR to CNY 11.4724 CNY to INR
INR INR INR INR 1 INR to INR 1 INR to INR
INR INR IDR IDR 187.457 INR to IDR 0.0053 IDR to INR
INR INR JPY JPY 1.7729 INR to JPY 0.564 JPY to INR
INR INR MYR MYR 0.0568 INR to MYR 17.6057 MYR to INR
INR INR MVR MVR 0.1893 INR to MVR 5.2839 MVR to INR
INR INR NPR NPR 1.5969 INR to NPR 0.6262 NPR to INR
INR INR NZD NZD 0.0219 INR to NZD 45.6234 NZD to INR
INR INR PKR PKR 2.7941 INR to PKR 0.3579 PKR to INR
INR INR PGK PGK 0.0431 INR to PGK 23.1902 PGK to INR
INR INR PHP PHP 0.7203 INR to PHP 1.3884 PHP to INR
INR INR SCR SCR 0.1599 INR to SCR 6.2531 SCR to INR
INR INR SGD SGD 0.0175 INR to SGD 57.0107 SGD to INR
INR INR KRW KRW 17.6416 INR to KRW 0.0567 KRW to INR
INR INR LKR LKR 4.479 INR to LKR 0.2233 LKR to INR
INR INR TWD TWD 0.3897 INR to TWD 2.5658 TWD to INR
INR INR THB THB 0.4631 INR to THB 2.1596 THB to INR
Updated: 2022-10-01
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INR INR BHD BHD 0.0046 INR to BHD 216.3899 BHD to INR
INR INR EGP EGP 0.2393 INR to EGP 4.1784 EGP to INR
INR INR HKD HKD 0.0962 INR to HKD 10.4 HKD to INR
INR INR ILS ILS 0.0436 INR to ILS 22.9415 ILS to INR
INR INR JOD JOD 0.0087 INR to JOD 115.1393 JOD to INR
INR INR KWD KWD 0.0038 INR to KWD 263.383 KWD to INR
INR INR LBP LBP 18.5813 INR to LBP 0.0538 LBP to INR
INR INR OMR OMR 0.0047 INR to OMR 212.0663 OMR to INR
INR INR QAR QAR 0.0446 INR to QAR 22.4217 QAR to INR
INR INR SAR SAR 0.046 INR to SAR 21.7308 SAR to INR
INR INR AED AED 0.045 INR to AED 22.2265 AED to INR
INR INR YER YER 3.0654 INR to YER 0.3262 YER to INR
Updated: 2022-10-01
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INR INR DZD DZD 1.725 INR to DZD 0.5797 DZD to INR
INR INR KES KES 1.4803 INR to KES 0.6755 KES to INR
INR INR MUR MUR 0.5604 INR to MUR 1.7846 MUR to INR
INR INR MAD MAD 0.1342 INR to MAD 7.4535 MAD to INR
INR INR NAD NAD 0.2215 INR to NAD 4.5153 NAD to INR
INR INR NIO NIO 0.441 INR to NIO 2.2677 NIO to INR
INR INR NGN NGN 5.2962 INR to NGN 0.1888 NGN to INR
INR INR SLL SLL 189.8011 INR to SLL 0.0053 SLL to INR
INR INR ZAR ZAR 0.2216 INR to ZAR 4.5126 ZAR to INR
INR INR TZS TZS 28.5405 INR to TZS 0.035 TZS to INR
INR INR TND TND 0.04 INR to TND 24.9732 TND to INR
INR INR UGX UGX 47.1951 INR to UGX 0.0212 UGX to INR
INR INR XOF XOF 7.129 INR to XOF 0.1403 XOF to INR
INR INR ZMK ZMK 110.2572 INR to ZMK 0.0091 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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