Indian Rupee (INR) Exchange Rates on 24th April 2014 (24/04/2014)

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Exchange rates for Indian Rupee (INR)

Updated: 2014-04-24
Convert from Convert to 1 INR Conversion in currency Conversion
INR GBP 0.0097 INR to GBP 102.5884 GBP to INR
INR BGN 0.0232 INR to BGN 43.1724 BGN to INR
INR HRK 0.0902 INR to HRK 11.0833 HRK to INR
INR CZK 0.325 INR to CZK 3.077 CZK to INR
INR DKK 0.0884 INR to DKK 11.3175 DKK to INR
INR EEK 0 INR to EEK 0 EEK to INR
INR HUF 3.6599 INR to HUF 0.2732 HUF to INR
INR KZT 2.9817 INR to KZT 0.3354 KZT to INR
INR LVL 0.0083 INR to LVL 120.0729 LVL to INR
INR LTL 0.0409 INR to LTL 24.4572 LTL to INR
INR MKD 0.7312 INR to MKD 1.3676 MKD to INR
INR MDL 0.2156 INR to MDL 4.6386 MDL to INR
INR NOK 0.0982 INR to NOK 10.1845 NOK to INR
INR PLN 0.0497 INR to PLN 20.122 PLN to INR
INR RON 0.0527 INR to RON 18.9809 RON to INR
INR RUB 0.5859 INR to RUB 1.7067 RUB to INR
INR SKK 0 INR to SKK 0 SKK to INR
INR SEK 0.1076 INR to SEK 9.2949 SEK to INR
INR CHF 0.0144 INR to CHF 69.2256 CHF to INR
INR TRY 0.0349 INR to TRY 28.6351 TRY to INR
INR UAH 0.1851 INR to UAH 5.4027 UAH to INR
Updated: 2014-04-24
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INR ARS 0.1311 INR to ARS 7.6305 ARS to INR
INR BOB 0.1132 INR to BOB 8.835 BOB to INR
INR BRL 0.0362 INR to BRL 27.602 BRL to INR
INR CAD 0.0181 INR to CAD 55.3593 CAD to INR
INR KYD 0.0134 INR to KYD 74.4513 KYD to INR
INR CLP 9.1674 INR to CLP 0.1091 CLP to INR
INR COP 31.7345 INR to COP 0.0315 COP to INR
INR CRC 8.9844 INR to CRC 0.1113 CRC to INR
INR DOP 0.7076 INR to DOP 1.4132 DOP to INR
INR SVC 0.1433 INR to SVC 6.9771 SVC to INR
INR FJD 0.03 INR to FJD 33.2844 FJD to INR
INR HNL 0.313 INR to HNL 3.1947 HNL to INR
INR JMD 1.7984 INR to JMD 0.5561 JMD to INR
INR MXN 0.2145 INR to MXN 4.6627 MXN to INR
INR ANG 0.029 INR to ANG 34.4915 ANG to INR
INR PYG 72.8249 INR to PYG 0.0137 PYG to INR
INR PEN 0.0457 INR to PEN 21.8582 PEN to INR
INR TTD 0.1059 INR to TTD 9.4434 TTD to INR
INR USD 0.0164 INR to USD 61.05 USD to INR
INR UYU 0.3767 INR to UYU 2.6544 UYU to INR
INR VEF 0.1031 INR to VEF 9.7027 VEF to INR
Updated: 2014-04-24
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INR AUD 0.0177 INR to AUD 56.5568 AUD to INR
INR BDT 1.2711 INR to BDT 0.7867 BDT to INR
INR BND 0.0206 INR to BND 48.5566 BND to INR
INR CNY 0.1024 INR to CNY 9.7622 CNY to INR
INR INR 1 INR to INR 1 INR to INR
INR IDR 190.0077 INR to IDR 0.0053 IDR to INR
INR JPY 1.6773 INR to JPY 0.5962 JPY to INR
INR MYR 0.0536 INR to MYR 18.6469 MYR to INR
INR MVR 0.2539 INR to MVR 3.9387 MVR to INR
INR NPR 1.6007 INR to NPR 0.6247 NPR to INR
INR NZD 0.0191 INR to NZD 52.265 NZD to INR
INR PKR 1.6049 INR to PKR 0.6231 PKR to INR
INR PGK 0.0439 INR to PGK 22.8022 PGK to INR
INR PHP 0.7324 INR to PHP 1.3655 PHP to INR
INR SCR 0.2027 INR to SCR 4.9322 SCR to INR
INR SGD 0.0206 INR to SGD 48.5566 SGD to INR
INR KRW 17.0041 INR to KRW 0.0588 KRW to INR
INR LKR 2.1394 INR to LKR 0.4674 LKR to INR
INR TWD 0.4961 INR to TWD 2.0159 TWD to INR
INR THB 0.5304 INR to THB 1.8854 THB to INR
Updated: 2014-04-24
Convert from Convert to 1 INR Conversion in currency Conversion
INR BHD 0.0062 INR to BHD 161.932 BHD to INR
INR EGP 0.1146 INR to EGP 8.7274 EGP to INR
INR HKD 0.127 INR to HKD 7.8742 HKD to INR
INR ILS 0.057 INR to ILS 17.5497 ILS to INR
INR JOD 0.0116 INR to JOD 86.2288 JOD to INR
INR KWD 0.0046 INR to KWD 217.0978 KWD to INR
INR LBP 24.7112 INR to LBP 0.0405 LBP to INR
INR OMR 0.0063 INR to OMR 158.5756 OMR to INR
INR QAR 0.0596 INR to QAR 16.7692 QAR to INR
INR SAR 0.0614 INR to SAR 16.2783 SAR to INR
INR AED 0.0602 INR to AED 16.6213 AED to INR
INR YER 3.5233 INR to YER 0.2838 YER to INR
Updated: 2014-04-24
Convert from Convert to 1 INR Conversion in currency Conversion
INR DZD 1.2871 INR to DZD 0.777 DZD to INR
INR KES 1.4226 INR to KES 0.7029 KES to INR
INR MUR 0.493 INR to MUR 2.0282 MUR to INR
INR MAD 0.1331 INR to MAD 7.5144 MAD to INR
INR NAD 0.1741 INR to NAD 5.7448 NAD to INR
INR NIO 0.417 INR to NIO 2.3979 NIO to INR
INR NGN 2.638 INR to NGN 0.3791 NGN to INR
INR SLL 70.9085 INR to SLL 0.0141 SLL to INR
INR ZAR 0.1741 INR to ZAR 5.7448 ZAR to INR
INR TZS 26.9124 INR to TZS 0.0372 TZS to INR
INR TND 0.0261 INR to TND 38.3191 TND to INR
INR UGX 41.0317 INR to UGX 0.0244 UGX to INR
INR XOF 7.78 INR to XOF 0.1285 XOF to INR
INR ZMK 0 INR to ZMK 0 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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