Indian Rupee (INR) Exchange Rates on 21st August 2014 (21/08/2014)

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Exchange rates for Indian Rupee (INR)

Updated: 2014-08-21
Convert from Convert to 1 INR Conversion in currency Conversion
INR GBP 0.0099 INR to GBP 100.5681 GBP to INR
INR BGN 0.0244 INR to BGN 41.006 BGN to INR
INR HRK 0.0947 INR to HRK 10.5649 HRK to INR
INR CZK 0.3451 INR to CZK 2.8977 CZK to INR
INR DKK 0.0925 INR to DKK 10.8056 DKK to INR
INR EEK 0 INR to EEK 0 EEK to INR
INR HUF 3.8939 INR to HUF 0.2568 HUF to INR
INR KZT 3.0016 INR to KZT 0.3332 KZT to INR
INR LVL 0.0087 INR to LVL 114.6964 LVL to INR
INR LTL 0.0429 INR to LTL 23.334 LTL to INR
INR MKD 0.7643 INR to MKD 1.3085 MKD to INR
INR MDL 0.2282 INR to MDL 4.3829 MDL to INR
INR NOK 0.1013 INR to NOK 9.8681 NOK to INR
INR PLN 0.052 INR to PLN 19.2421 PLN to INR
INR RON 0.0546 INR to RON 18.3008 RON to INR
INR RUB 0.5937 INR to RUB 1.6842 RUB to INR
INR SKK 0 INR to SKK 0 SKK to INR
INR SEK 0.1136 INR to SEK 8.803 SEK to INR
INR CHF 0.015 INR to CHF 66.5529 CHF to INR
INR TRY 0.0359 INR to TRY 27.8508 TRY to INR
INR UAH 0.2162 INR to UAH 4.6258 UAH to INR
Updated: 2014-08-21
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INR ARS 0.1382 INR to ARS 7.2359 ARS to INR
INR BOB 0.1139 INR to BOB 8.7819 BOB to INR
INR BRL 0.0372 INR to BRL 26.9151 BRL to INR
INR CAD 0.018 INR to CAD 55.4371 CAD to INR
INR KYD 0.0135 INR to KYD 74.0001 KYD to INR
INR CLP 9.6027 INR to CLP 0.1041 CLP to INR
INR COP 31.6427 INR to COP 0.0316 COP to INR
INR CRC 8.928 INR to CRC 0.112 CRC to INR
INR DOP 0.7173 INR to DOP 1.3941 DOP to INR
INR SVC 0.1441 INR to SVC 6.9372 SVC to INR
INR FJD 0.0307 INR to FJD 32.6151 FJD to INR
INR HNL 0.3474 INR to HNL 2.8788 HNL to INR
INR JMD 1.8548 INR to JMD 0.5391 JMD to INR
INR MXN 0.216 INR to MXN 4.6291 MXN to INR
INR ANG 0.0295 INR to ANG 33.8995 ANG to INR
INR PYG 70.2175 INR to PYG 0.0142 PYG to INR
INR PEN 0.0466 INR to PEN 21.4797 PEN to INR
INR TTD 0.1045 INR to TTD 9.5725 TTD to INR
INR USD 0.0165 INR to USD 60.68 USD to INR
INR UYU 0.3945 INR to UYU 2.5347 UYU to INR
INR VEF 0.1037 INR to VEF 9.6432 VEF to INR
Updated: 2014-08-21
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INR AUD 0.0177 INR to AUD 56.47 AUD to INR
INR BDT 1.2794 INR to BDT 0.7816 BDT to INR
INR BND 0.0206 INR to BND 48.577 BND to INR
INR CNY 0.1015 INR to CNY 9.8519 CNY to INR
INR INR 1 INR to INR 1 INR to INR
INR IDR 193.3869 INR to IDR 0.0052 IDR to INR
INR JPY 1.7123 INR to JPY 0.584 JPY to INR
INR MYR 0.0522 INR to MYR 19.1662 MYR to INR
INR MVR 0.2526 INR to MVR 3.9582 MVR to INR
INR NPR 1.6211 INR to NPR 0.6169 NPR to INR
INR NZD 0.0196 INR to NZD 50.9409 NZD to INR
INR PKR 1.6641 INR to PKR 0.6009 PKR to INR
INR PGK 0.0405 INR to PGK 24.6661 PGK to INR
INR PHP 0.7221 INR to PHP 1.3848 PHP to INR
INR SCR 0.2096 INR to SCR 4.7718 SCR to INR
INR SGD 0.0206 INR to SGD 48.6056 SGD to INR
INR KRW 16.8251 INR to KRW 0.0594 KRW to INR
INR LKR 2.1455 INR to LKR 0.4661 LKR to INR
INR TWD 0.4939 INR to TWD 2.0246 TWD to INR
INR THB 0.527 INR to THB 1.8974 THB to INR
Updated: 2014-08-21
Convert from Convert to 1 INR Conversion in currency Conversion
INR BHD 0.0062 INR to BHD 160.9425 BHD to INR
INR EGP 0.1178 INR to EGP 8.486 EGP to INR
INR HKD 0.1277 INR to HKD 7.8296 HKD to INR
INR ILS 0.0581 INR to ILS 17.2181 ILS to INR
INR JOD 0.0117 INR to JOD 85.7912 JOD to INR
INR KWD 0.0047 INR to KWD 213.5118 KWD to INR
INR LBP 24.86 INR to LBP 0.0402 LBP to INR
INR OMR 0.0063 INR to OMR 157.5899 OMR to INR
INR QAR 0.06 INR to QAR 16.6642 QAR to INR
INR SAR 0.0618 INR to SAR 16.1801 SAR to INR
INR AED 0.0605 INR to AED 16.5206 AED to INR
INR YER 3.5416 INR to YER 0.2824 YER to INR
Updated: 2014-08-21
Convert from Convert to 1 INR Conversion in currency Conversion
INR DZD 1.3206 INR to DZD 0.7572 DZD to INR
INR KES 1.4568 INR to KES 0.6864 KES to INR
INR MUR 0.5133 INR to MUR 1.948 MUR to INR
INR MAD 0.1385 INR to MAD 7.2218 MAD to INR
INR NAD 0.1761 INR to NAD 5.677 NAD to INR
INR NIO 0.4307 INR to NIO 2.3218 NIO to INR
INR NGN 2.6707 INR to NGN 0.3744 NGN to INR
INR SLL 72.512 INR to SLL 0.0138 SLL to INR
INR ZAR 0.1762 INR to ZAR 5.6748 ZAR to INR
INR TZS 27.4963 INR to TZS 0.0364 TZS to INR
INR TND 0.0284 INR to TND 35.2176 TND to INR
INR UGX 42.765 INR to UGX 0.0234 UGX to INR
INR XOF 8.1509 INR to XOF 0.1227 XOF to INR
INR ZMK 86.719 INR to ZMK 0.0115 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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