Indian Rupee (INR) Exchange Rates on 21st October 2019 (21/10/2019)

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Exchange rates for Indian Rupee (INR)

Updated: 2019-10-21
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INR GBP 0.0101 INR to GBP 98.6821 GBP to INR
INR BGN 0.0249 INR to BGN 40.092 BGN to INR
INR HRK 0.0969 INR to HRK 10.3163 HRK to INR
INR CZK 0.351 INR to CZK 2.8487 CZK to INR
INR DKK 0.0947 INR to DKK 10.5645 DKK to INR
INR HUF 3.9957 INR to HUF 0.2503 HUF to INR
INR KZT 2.9908 INR to KZT 0.3344 KZT to INR
INR LVL 0.0089 INR to LVL 111.928 LVL to INR
INR LTL 0.0439 INR to LTL 22.7738 LTL to INR
INR MKD 0.7807 INR to MKD 1.2809 MKD to INR
INR MDL 0.235 INR to MDL 4.2557 MDL to INR
INR NOK 0.1049 INR to NOK 9.5366 NOK to INR
INR PLN 0.0534 INR to PLN 18.735 PLN to INR
INR RON 0.0562 INR to RON 17.7994 RON to INR
INR RUB 0.6171 INR to RUB 1.6204 RUB to INR
INR SEK 0.1172 INR to SEK 8.5338 SEK to INR
INR CHF 0.0154 INR to CHF 65.0189 CHF to INR
INR TRY 0.0362 INR to TRY 27.6432 TRY to INR
INR UAH 0.2133 INR to UAH 4.6884 UAH to INR
Updated: 2019-10-21
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INR ARS 0.1381 INR to ARS 7.2421 ARS to INR
INR BOB 0.1135 INR to BOB 8.8073 BOB to INR
INR BRL 0.0376 INR to BRL 26.5836 BRL to INR
INR CAD 0.0182 INR to CAD 55.0686 CAD to INR
INR KYD 0.0135 INR to KYD 74.2136 KYD to INR
INR CLP 9.681 INR to CLP 0.1033 CLP to INR
INR COP 32.4617 INR to COP 0.0308 COP to INR
INR CRC 8.9047 INR to CRC 0.1123 CRC to INR
INR DOP 0.7178 INR to DOP 1.3932 DOP to INR
INR SVC 0.1437 INR to SVC 6.9572 SVC to INR
INR FJD 0.0303 INR to FJD 32.966 FJD to INR
INR HNL 0.3475 INR to HNL 2.8774 HNL to INR
INR JMD 1.8494 INR to JMD 0.5407 JMD to INR
INR MXN 0.2172 INR to MXN 4.6033 MXN to INR
INR ANG 0.0294 INR to ANG 33.9973 ANG to INR
INR PYG 70.5643 INR to PYG 0.0142 PYG to INR
INR PEN 0.0469 INR to PEN 21.3153 PEN to INR
INR TTD 0.1043 INR to TTD 9.5864 TTD to INR
INR USD 0.0164 INR to USD 60.8551 USD to INR
INR UYU 0.3982 INR to UYU 2.5116 UYU to INR
INR VEF 0.1033 INR to VEF 9.6784 VEF to INR
Updated: 2019-10-21
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INR AUD 0.0181 INR to AUD 55.334 AUD to INR
INR BDT 1.2726 INR to BDT 0.7858 BDT to INR
INR BND 0.0208 INR to BND 48.1774 BND to INR
INR CNY 0.1007 INR to CNY 9.9274 CNY to INR
INR IDR 195.0482 INR to IDR 0.0051 IDR to INR
INR JPY 1.7593 INR to JPY 0.5684 JPY to INR
INR MYR 0.0525 INR to MYR 19.0589 MYR to INR
INR MVR 0.2526 INR to MVR 3.9593 MVR to INR
INR NPR 1.6029 INR to NPR 0.6239 NPR to INR
INR NZD 0.0201 INR to NZD 49.6998 NZD to INR
INR PKR 1.681 INR to PKR 0.5949 PKR to INR
INR PGK 0.0407 INR to PGK 24.5855 PGK to INR
INR PHP 0.7216 INR to PHP 1.3857 PHP to INR
INR SCR 0.2133 INR to SCR 4.689 SCR to INR
INR SGD 0.0205 INR to SGD 48.7344 SGD to INR
INR KRW 17.0355 INR to KRW 0.0587 KRW to INR
INR LKR 2.1407 INR to LKR 0.4671 LKR to INR
INR TWD 0.4936 INR to TWD 2.026 TWD to INR
INR THB 0.5288 INR to THB 1.8911 THB to INR
Updated: 2019-10-21
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INR BHD 0.0062 INR to BHD 161.3768 BHD to INR
INR EGP 0.1175 INR to EGP 8.5082 EGP to INR
INR HKD 0.1274 INR to HKD 7.8517 HKD to INR
INR ILS 0.0596 INR to ILS 16.7656 ILS to INR
INR JOD 0.0116 INR to JOD 85.8808 JOD to INR
INR KWD 0.0047 INR to KWD 212.3867 KWD to INR
INR LBP 24.8623 INR to LBP 0.0402 LBP to INR
INR OMR 0.0063 INR to OMR 158.0857 OMR to INR
INR QAR 0.0598 INR to QAR 16.7106 QAR to INR
INR SAR 0.0616 INR to SAR 16.2246 SAR to INR
INR AED 0.0604 INR to AED 16.5673 AED to INR
INR YER 3.5314 INR to YER 0.2832 YER to INR
Updated: 2019-10-21
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INR DZD 1.3294 INR to DZD 0.7522 DZD to INR
INR KES 1.4608 INR to KES 0.6845 KES to INR
INR MUR 0.5209 INR to MUR 1.9197 MUR to INR
INR MAD 0.1416 INR to MAD 7.0645 MAD to INR
INR NAD 0.1802 INR to NAD 5.5495 NAD to INR
INR NIO 0.4306 INR to NIO 2.3223 NIO to INR
INR NGN 2.6752 INR to NGN 0.3738 NGN to INR
INR SLL 71.8073 INR to SLL 0.0139 SLL to INR
INR ZAR 0.1804 INR to ZAR 5.5441 ZAR to INR
INR TZS 27.335 INR to TZS 0.0366 TZS to INR
INR TND 0.029 INR to TND 34.4787 TND to INR
INR UGX 42.8063 INR to UGX 0.0234 UGX to INR
INR XOF 8.3452 INR to XOF 0.1198 XOF to INR
INR ZMK 86.4899 INR to ZMK 0.0116 ZMK to INR

Indian Rupee (INR)

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
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 Live Currency Converter for INR

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