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Indian Rupee (INR) Exchange Rates on 06th May 2024 (06/05/2024)

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Exchange rates for Indian Rupee (INR)

Updated: 2024-05-06
Convert from Convert to 1 INR Conversion in currency Conversion
INR INR GBP GBP 0.0096 INR to GBP 104.7 GBP to INR
INR INR BGN BGN 0.0218 INR to BGN 45.9187 BGN to INR
INR INR HRK HRK 0.0848 INR to HRK 11.7857 HRK to INR
INR INR CZK CZK 0.2791 INR to CZK 3.5824 CZK to INR
INR INR DKK DKK 0.083 INR to DKK 12.0427 DKK to INR
INR INR EEK EEK 0 INR to EEK 0 EEK to INR
INR INR HUF HUF 4.3372 INR to HUF 0.2306 HUF to INR
INR INR KZT KZT 5.3149 INR to KZT 0.1881 KZT to INR
INR INR LVL LVL 0.0072 INR to LVL 137.9507 LVL to INR
INR INR LTL LTL 0 INR to LTL 0 LTL to INR
INR INR MKD MKD 0.6851 INR to MKD 1.4596 MKD to INR
INR INR MDL MDL 0.2118 INR to MDL 4.7208 MDL to INR
INR INR NOK NOK 0.1302 INR to NOK 7.678 NOK to INR
INR INR PLN PLN 0.0481 INR to PLN 20.7724 PLN to INR
INR INR RON RON 0.0554 INR to RON 18.0614 RON to INR
INR INR RUB RUB 1.0975 INR to RUB 0.9112 RUB to INR
INR INR SKK SKK 0 INR to SKK 0 SKK to INR
INR INR SEK SEK 0.1296 INR to SEK 7.7152 SEK to INR
INR INR CHF CHF 0.0109 INR to CHF 92.1231 CHF to INR
INR INR TRY TRY 0.3871 INR to TRY 2.5836 TRY to INR
INR INR UAH UAH 0.4706 INR to UAH 2.1251 UAH to INR
Updated: 2024-05-06
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INR INR ARS ARS 10.5042 INR to ARS 0.0952 ARS to INR
INR INR BOB BOB 0.0828 INR to BOB 12.0754 BOB to INR
INR INR BRL BRL 0.0611 INR to BRL 16.3596 BRL to INR
INR INR CAD CAD 0.0164 INR to CAD 60.9823 CAD to INR
INR INR KYD KYD 0.01 INR to KYD 100.3475 KYD to INR
INR INR CLP CLP 11.301 INR to CLP 0.0885 CLP to INR
INR INR COP COP 46.5823 INR to COP 0.0215 COP to INR
INR INR CRC CRC 6.1119 INR to CRC 0.1636 CRC to INR
INR INR DOP DOP 0.6949 INR to DOP 1.4391 DOP to INR
INR INR SVC SVC 0.1046 INR to SVC 9.5575 SVC to INR
INR INR FJD FJD 0.027 INR to FJD 37.0323 FJD to INR
INR INR HNL HNL 0.2954 INR to HNL 3.3851 HNL to INR
INR INR JMD JMD 1.8774 INR to JMD 0.5326 JMD to INR
INR INR MXN MXN 0.2033 INR to MXN 4.919 MXN to INR
INR INR ANG ANG 0.0216 INR to ANG 46.4008 ANG to INR
INR INR PYG PYG 89.5249 INR to PYG 0.0112 PYG to INR
INR INR PEN PEN 0.0446 INR to PEN 22.4009 PEN to INR
INR INR TTD TTD 0.081 INR to TTD 12.3473 TTD to INR
INR INR USD USD 0.012 INR to USD 83.4778 USD to INR
INR INR UYU UYU 0.4582 INR to UYU 2.1823 UYU to INR
INR INR VEF VEF 43397.5439 INR to VEF 0 VEF to INR
Updated: 2024-05-06
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INR INR AUD AUD 0.0181 INR to AUD 55.2086 AUD to INR
INR INR BDT BDT 1.3124 INR to BDT 0.7619 BDT to INR
INR INR BND BND 0.0162 INR to BND 61.8453 BND to INR
INR INR CNY CNY 0.0865 INR to CNY 11.5632 CNY to INR
INR INR INR INR 1 INR to INR 1 INR to INR
INR INR IDR IDR 192.0061 INR to IDR 0.0052 IDR to INR
INR INR JPY JPY 1.8444 INR to JPY 0.5422 JPY to INR
INR INR MYR MYR 0.0568 INR to MYR 17.5988 MYR to INR
INR INR MVR MVR 0.1828 INR to MVR 5.4717 MVR to INR
INR INR NPR NPR 1.5967 INR to NPR 0.6263 NPR to INR
INR INR NZD NZD 0.02 INR to NZD 50.0765 NZD to INR
INR INR PKR PKR 3.3267 INR to PKR 0.3006 PKR to INR
INR INR PGK PGK 0.0462 INR to PGK 21.6328 PGK to INR
INR INR PHP PHP 0.6859 INR to PHP 1.4579 PHP to INR
INR INR SCR SCR 0.165 INR to SCR 6.0599 SCR to INR
INR INR SGD SGD 0.0162 INR to SGD 61.7239 SGD to INR
INR INR KRW KRW 16.2949 INR to KRW 0.0614 KRW to INR
INR INR LKR LKR 3.5545 INR to LKR 0.2813 LKR to INR
INR INR TWD TWD 0.3874 INR to TWD 2.5815 TWD to INR
INR INR THB THB 0.4403 INR to THB 2.2711 THB to INR
Updated: 2024-05-06
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INR INR BHD BHD 0.0045 INR to BHD 221.775 BHD to INR
INR INR EGP EGP 0.5743 INR to EGP 1.7411 EGP to INR
INR INR HKD HKD 0.0937 INR to HKD 10.6775 HKD to INR
INR INR ILS ILS 0.0445 INR to ILS 22.4536 ILS to INR
INR INR JOD JOD 0.0085 INR to JOD 117.7442 JOD to INR
INR INR KWD KWD 0.0037 INR to KWD 271.4803 KWD to INR
INR INR LBP LBP 1070.8741 INR to LBP 0.0009 LBP to INR
INR INR OMR OMR 0.0046 INR to OMR 216.892 OMR to INR
INR INR QAR QAR 0.0436 INR to QAR 22.9181 QAR to INR
INR INR SAR SAR 0.0449 INR to SAR 22.2546 SAR to INR
INR INR AED AED 0.044 INR to AED 22.7191 AED to INR
INR INR YER YER 2.999 INR to YER 0.3334 YER to INR
Updated: 2024-05-06
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INR INR DZD DZD 1.6121 INR to DZD 0.6203 DZD to INR
INR INR KES KES 1.5845 INR to KES 0.6311 KES to INR
INR INR MUR MUR 0.5537 INR to MUR 1.806 MUR to INR
INR INR MAD MAD 0.1206 INR to MAD 8.2907 MAD to INR
INR INR NAD NAD 0.2217 INR to NAD 4.5108 NAD to INR
INR INR NIO NIO 0.4403 INR to NIO 2.2713 NIO to INR
INR INR NGN NGN 16.6994 INR to NGN 0.0599 NGN to INR
INR INR SLL SLL 251.2965 INR to SLL 0.004 SLL to INR
INR INR ZAR ZAR 0.2219 INR to ZAR 4.506 ZAR to INR
INR INR TZS TZS 31.0181 INR to TZS 0.0322 TZS to INR
INR INR TND TND 0.0374 INR to TND 26.7445 TND to INR
INR INR UGX UGX 45.2288 INR to UGX 0.0221 UGX to INR
INR INR XOF XOF 7.2984 INR to XOF 0.137 XOF to INR
INR INR ZMK ZMK 107.8272 INR to ZMK 0.0093 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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