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Indian Rupee (INR) Exchange Rates on 17th May 2024 (17/05/2024)

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Exchange rates for Indian Rupee (INR)

Updated: 2024-05-17
Convert from Convert to 1 INR Conversion in currency Conversion
INR INR GBP GBP 0.0095 INR to GBP 105.6686 GBP to INR
INR INR BGN BGN 0.0216 INR to BGN 46.3422 BGN to INR
INR INR HRK HRK 0.0836 INR to HRK 11.96 HRK to INR
INR INR CZK CZK 0.2723 INR to CZK 3.6722 CZK to INR
INR INR DKK DKK 0.0823 INR to DKK 12.1505 DKK to INR
INR INR EEK EEK 0 INR to EEK 0 EEK to INR
INR INR HUF HUF 4.2767 INR to HUF 0.2338 HUF to INR
INR INR KZT KZT 5.3145 INR to KZT 0.1882 KZT to INR
INR INR LVL LVL 0.0072 INR to LVL 138.0093 LVL to INR
INR INR LTL LTL 0 INR to LTL 0 LTL to INR
INR INR MKD MKD 0.679 INR to MKD 1.4727 MKD to INR
INR INR MDL MDL 0.2128 INR to MDL 4.7003 MDL to INR
INR INR NOK NOK 0.1284 INR to NOK 7.7876 NOK to INR
INR INR PLN PLN 0.0471 INR to PLN 21.2479 PLN to INR
INR INR RON RON 0.0549 INR to RON 18.2204 RON to INR
INR INR RUB RUB 1.0885 INR to RUB 0.9187 RUB to INR
INR INR SKK SKK 0 INR to SKK 0 SKK to INR
INR INR SEK SEK 0.1285 INR to SEK 7.7798 SEK to INR
INR INR CHF CHF 0.0109 INR to CHF 92.0302 CHF to INR
INR INR TRY TRY 0.3865 INR to TRY 2.5872 TRY to INR
INR INR UAH UAH 0.4717 INR to UAH 2.1199 UAH to INR
Updated: 2024-05-17
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INR INR ARS ARS 10.6162 INR to ARS 0.0942 ARS to INR
INR INR BOB BOB 0.0828 INR to BOB 12.0704 BOB to INR
INR INR BRL BRL 0.0615 INR to BRL 16.2723 BRL to INR
INR INR CAD CAD 0.0163 INR to CAD 61.265 CAD to INR
INR INR KYD KYD 0.01 INR to KYD 100.0853 KYD to INR
INR INR CLP CLP 10.7634 INR to CLP 0.0929 CLP to INR
INR INR COP COP 45.8566 INR to COP 0.0218 COP to INR
INR INR CRC CRC 6.1365 INR to CRC 0.163 CRC to INR
INR INR DOP DOP 0.7021 INR to DOP 1.4243 DOP to INR
INR INR SVC SVC 0.1049 INR to SVC 9.533 SVC to INR
INR INR FJD FJD 0.0268 INR to FJD 37.3816 FJD to INR
INR INR HNL HNL 0.2958 INR to HNL 3.3805 HNL to INR
INR INR JMD JMD 1.8736 INR to JMD 0.5337 JMD to INR
INR INR MXN MXN 0.2002 INR to MXN 4.9943 MXN to INR
INR INR ANG ANG 0.0216 INR to ANG 46.2805 ANG to INR
INR INR PYG PYG 89.9503 INR to PYG 0.0111 PYG to INR
INR INR PEN PEN 0.0446 INR to PEN 22.4388 PEN to INR
INR INR TTD TTD 0.0814 INR to TTD 12.2833 TTD to INR
INR INR USD USD 0.012 INR to USD 83.4804 USD to INR
INR INR UYU UYU 0.4635 INR to UYU 2.1576 UYU to INR
INR INR VEF VEF 43394.3622 INR to VEF 0 VEF to INR
Updated: 2024-05-17
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INR INR AUD AUD 0.018 INR to AUD 55.6266 AUD to INR
INR INR BDT BDT 1.4038 INR to BDT 0.7123 BDT to INR
INR INR BND BND 0.0161 INR to BND 62.0465 BND to INR
INR INR CNY CNY 0.0866 INR to CNY 11.5517 CNY to INR
INR INR INR INR 1 INR to INR 1 INR to INR
INR INR IDR IDR 191.4008 INR to IDR 0.0052 IDR to INR
INR INR JPY JPY 1.8664 INR to JPY 0.5358 JPY to INR
INR INR MYR MYR 0.0561 INR to MYR 17.8188 MYR to INR
INR INR MVR MVR 0.1852 INR to MVR 5.3999 MVR to INR
INR INR NPR NPR 1.6017 INR to NPR 0.6244 NPR to INR
INR INR NZD NZD 0.0196 INR to NZD 51.0161 NZD to INR
INR INR PKR PKR 3.336 INR to PKR 0.2998 PKR to INR
INR INR PGK PGK 0.0465 INR to PGK 21.5128 PGK to INR
INR INR PHP PHP 0.6908 INR to PHP 1.4475 PHP to INR
INR INR SCR SCR 0.1627 INR to SCR 6.1452 SCR to INR
INR INR SGD SGD 0.0161 INR to SGD 61.9501 SGD to INR
INR INR KRW KRW 16.2597 INR to KRW 0.0615 KRW to INR
INR INR LKR LKR 3.6057 INR to LKR 0.2773 LKR to INR
INR INR TWD TWD 0.386 INR to TWD 2.5908 TWD to INR
INR INR THB THB 0.4346 INR to THB 2.3008 THB to INR
Updated: 2024-05-17
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INR INR BHD BHD 0.0045 INR to BHD 221.473 BHD to INR
INR INR EGP EGP 0.5619 INR to EGP 1.7796 EGP to INR
INR INR HKD HKD 0.0934 INR to HKD 10.7017 HKD to INR
INR INR ILS ILS 0.0443 INR to ILS 22.5909 ILS to INR
INR INR JOD JOD 0.0085 INR to JOD 117.761 JOD to INR
INR INR KWD KWD 0.0037 INR to KWD 271.7459 KWD to INR
INR INR LBP LBP 1073.3712 INR to LBP 0.0009 LBP to INR
INR INR OMR OMR 0.0046 INR to OMR 216.8883 OMR to INR
INR INR QAR QAR 0.0436 INR to QAR 22.9248 QAR to INR
INR INR SAR SAR 0.0449 INR to SAR 22.2635 SAR to INR
INR INR AED AED 0.044 INR to AED 22.7283 AED to INR
INR INR YER YER 2.9935 INR to YER 0.3341 YER to INR
Updated: 2024-05-17
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INR INR DZD DZD 1.6119 INR to DZD 0.6204 DZD to INR
INR INR KES KES 1.5646 INR to KES 0.6392 KES to INR
INR INR MUR MUR 0.5494 INR to MUR 1.8203 MUR to INR
INR INR MAD MAD 0.1193 INR to MAD 8.385 MAD to INR
INR INR NAD NAD 0.2181 INR to NAD 4.5842 NAD to INR
INR INR NIO NIO 0.4402 INR to NIO 2.2716 NIO to INR
INR INR NGN NGN 18.2438 INR to NGN 0.0548 NGN to INR
INR INR SLL SLL 251.1904 INR to SLL 0.004 SLL to INR
INR INR ZAR ZAR 0.2183 INR to ZAR 4.5807 ZAR to INR
INR INR TZS TZS 31.0851 INR to TZS 0.0322 TZS to INR
INR INR TND TND 0.0372 INR to TND 26.9035 TND to INR
INR INR UGX UGX 45.0793 INR to UGX 0.0222 UGX to INR
INR INR XOF XOF 7.2173 INR to XOF 0.1386 XOF to INR
INR INR ZMK ZMK 107.8243 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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