Indian Rupee (INR) Exchange Rates on 24th July 2014 (24/07/2014)

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Exchange rates for Indian Rupee (INR)

Updated: 2014-07-24
Convert from Convert to 1 INR Conversion in currency Conversion
INR GBP 0.0098 INR to GBP 101.9876 GBP to INR
INR BGN 0.0243 INR to BGN 41.2209 BGN to INR
INR HRK 0.0943 INR to HRK 10.6042 HRK to INR
INR CZK 0.3398 INR to CZK 2.943 CZK to INR
INR DKK 0.0922 INR to DKK 10.8442 DKK to INR
INR EEK 0 INR to EEK 0 EEK to INR
INR HUF 3.8032 INR to HUF 0.2629 HUF to INR
INR KZT 3.0563 INR to KZT 0.3272 KZT to INR
INR LVL 0.0087 INR to LVL 115.1157 LVL to INR
INR LTL 0.0427 INR to LTL 23.4209 LTL to INR
INR MKD 0.7573 INR to MKD 1.3205 MKD to INR
INR MDL 0.2316 INR to MDL 4.3186 MDL to INR
INR NOK 0.1033 INR to NOK 9.6768 NOK to INR
INR PLN 0.0512 INR to PLN 19.5373 PLN to INR
INR RON 0.0545 INR to RON 18.3589 RON to INR
INR RUB 0.5822 INR to RUB 1.7176 RUB to INR
INR SKK 0 INR to SKK 0 SKK to INR
INR SEK 0.1137 INR to SEK 8.7958 SEK to INR
INR CHF 0.015 INR to CHF 66.5308 CHF to INR
INR TRY 0.0348 INR to TRY 28.7017 TRY to INR
INR UAH 0.194 INR to UAH 5.1548 UAH to INR
Updated: 2014-07-24
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INR ARS 0.1361 INR to ARS 7.3496 ARS to INR
INR BOB 0.1151 INR to BOB 8.6908 BOB to INR
INR BRL 0.037 INR to BRL 27.0617 BRL to INR
INR CAD 0.0179 INR to CAD 55.8628 CAD to INR
INR KYD 0.0137 INR to KYD 73.2318 KYD to INR
INR CLP 9.3808 INR to CLP 0.1066 CLP to INR
INR COP 30.7655 INR to COP 0.0325 COP to INR
INR CRC 8.9808 INR to CRC 0.1113 CRC to INR
INR DOP 0.7257 INR to DOP 1.3779 DOP to INR
INR SVC 0.1457 INR to SVC 6.8652 SVC to INR
INR FJD 0.0302 INR to FJD 33.0692 FJD to INR
INR HNL 0.3491 INR to HNL 2.8649 HNL to INR
INR JMD 1.8726 INR to JMD 0.534 JMD to INR
INR MXN 0.2158 INR to MXN 4.6347 MXN to INR
INR ANG 0.0298 INR to ANG 33.5476 ANG to INR
INR PYG 72.0674 INR to PYG 0.0139 PYG to INR
INR PEN 0.0464 INR to PEN 21.5349 PEN to INR
INR TTD 0.1062 INR to TTD 9.4177 TTD to INR
INR USD 0.0167 INR to USD 60.05 USD to INR
INR UYU 0.3825 INR to UYU 2.6143 UYU to INR
INR VEF 0.1048 INR to VEF 9.5431 VEF to INR
Updated: 2014-07-24
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INR AUD 0.0177 INR to AUD 56.5271 AUD to INR
INR BDT 1.2907 INR to BDT 0.7748 BDT to INR
INR BND 0.0207 INR to BND 48.3981 BND to INR
INR CNY 0.1032 INR to CNY 9.6935 CNY to INR
INR INR 1 INR to INR 1 INR to INR
INR IDR 192.6751 INR to IDR 0.0052 IDR to INR
INR JPY 1.6957 INR to JPY 0.5897 JPY to INR
INR MYR 0.0529 INR to MYR 18.9164 MYR to INR
INR MVR 0.2565 INR to MVR 3.8994 MVR to INR
INR NPR 1.6118 INR to NPR 0.6204 NPR to INR
INR NZD 0.0194 INR to NZD 51.5136 NZD to INR
INR PKR 1.642 INR to PKR 0.609 PKR to INR
INR PGK 0.0406 INR to PGK 24.6204 PGK to INR
INR PHP 0.7223 INR to PHP 1.3844 PHP to INR
INR SCR 0.2049 INR to SCR 4.8802 SCR to INR
INR SGD 0.0208 INR to SGD 48.0216 SGD to INR
INR KRW 17.1356 INR to KRW 0.0584 KRW to INR
INR LKR 2.169 INR to LKR 0.461 LKR to INR
INR TWD 0.4997 INR to TWD 2.001 TWD to INR
INR THB 0.5301 INR to THB 1.8863 THB to INR
Updated: 2014-07-24
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INR BHD 0.0063 INR to BHD 159.2416 BHD to INR
INR EGP 0.1191 INR to EGP 8.3957 EGP to INR
INR HKD 0.1291 INR to HKD 7.7481 HKD to INR
INR ILS 0.0568 INR to ILS 17.6178 ILS to INR
INR JOD 0.0118 INR to JOD 84.7267 JOD to INR
INR KWD 0.0047 INR to KWD 212.4162 KWD to INR
INR LBP 25.1706 INR to LBP 0.0397 LBP to INR
INR OMR 0.0064 INR to OMR 156.0145 OMR to INR
INR QAR 0.0606 INR to QAR 16.4918 QAR to INR
INR SAR 0.0625 INR to SAR 16.0114 SAR to INR
INR AED 0.0612 INR to AED 16.3479 AED to INR
INR YER 3.5787 INR to YER 0.2794 YER to INR
Updated: 2014-07-24
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INR DZD 1.3268 INR to DZD 0.7537 DZD to INR
INR KES 1.4638 INR to KES 0.6832 KES to INR
INR MUR 0.5119 INR to MUR 1.9534 MUR to INR
INR MAD 0.1383 INR to MAD 7.2307 MAD to INR
INR NAD 0.1753 INR to NAD 5.7046 NAD to INR
INR NIO 0.4336 INR to NIO 2.3065 NIO to INR
INR NGN 2.6986 INR to NGN 0.3706 NGN to INR
INR SLL 72.7636 INR to SLL 0.0137 SLL to INR
INR ZAR 0.1754 INR to ZAR 5.7019 ZAR to INR
INR TZS 27.6184 INR to TZS 0.0362 TZS to INR
INR TND 0.0287 INR to TND 34.8924 TND to INR
INR UGX 43.7125 INR to UGX 0.0229 UGX to INR
INR XOF 8.119 INR to XOF 0.1232 XOF to INR
INR ZMK 87.7737 INR to ZMK 0.0114 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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