Indian Rupee (INR) Exchange Rates on 29th January 2020 (29/01/2020)

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Exchange rates for Indian Rupee (INR)

Updated: 2020-01-29
Convert from Convert to 1 INR Conversion in currency Conversion
INR GBP 0.0108 INR to GBP 92.7529 GBP to INR
INR BGN 0.0249 INR to BGN 40.1059 BGN to INR
INR HRK 0.0948 INR to HRK 10.5436 HRK to INR
INR CZK 0.3216 INR to CZK 3.1096 CZK to INR
INR DKK 0.0953 INR to DKK 10.4977 DKK to INR
INR EEK 0 INR to EEK 0 EEK to INR
INR HUF 4.3093 INR to HUF 0.2321 HUF to INR
INR KZT 5.3444 INR to KZT 0.1871 KZT to INR
INR LVL 0.0085 INR to LVL 117.7261 LVL to INR
INR LTL 0.0415 INR to LTL 24.117 LTL to INR
INR MKD 0.7839 INR to MKD 1.2756 MKD to INR
INR MDL 0.2467 INR to MDL 4.0539 MDL to INR
INR NOK 0.128 INR to NOK 7.8147 NOK to INR
INR PLN 0.0544 INR to PLN 18.3679 PLN to INR
INR RON 0.0609 INR to RON 16.4187 RON to INR
INR RUB 0.8745 INR to RUB 1.1434 RUB to INR
INR SKK 0 INR to SKK 0 SKK to INR
INR SEK 0.1349 INR to SEK 7.4141 SEK to INR
INR CHF 0.0137 INR to CHF 73.1409 CHF to INR
INR TRY 0.0835 INR to TRY 11.9792 TRY to INR
INR UAH 0.3473 INR to UAH 2.8793 UAH to INR
Updated: 2020-01-29
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INR ARS 0.844 INR to ARS 1.1849 ARS to INR
INR BOB 0.0971 INR to BOB 10.3035 BOB to INR
INR BRL 0.0589 INR to BRL 16.9758 BRL to INR
INR CAD 0.0185 INR to CAD 54.1094 CAD to INR
INR KYD 0.0117 INR to KYD 85.4934 KYD to INR
INR CLP 11.0586 INR to CLP 0.0904 CLP to INR
INR COP 47.5556 INR to COP 0.021 COP to INR
INR CRC 7.9371 INR to CRC 0.126 CRC to INR
INR DOP 0.7465 INR to DOP 1.3395 DOP to INR
INR SVC 0.1228 INR to SVC 8.1421 SVC to INR
INR FJD 0.0307 INR to FJD 32.6134 FJD to INR
INR HNL 0.3457 INR to HNL 2.893 HNL to INR
INR JMD 1.9568 INR to JMD 0.511 JMD to INR
INR MXN 0.2627 INR to MXN 3.8062 MXN to INR
INR ANG 0.0231 INR to ANG 43.311 ANG to INR
INR PYG 91.5196 INR to PYG 0.0109 PYG to INR
INR PEN 0.0468 INR to PEN 21.3829 PEN to INR
INR TTD 0.0949 INR to TTD 10.5371 TTD to INR
INR USD 0.014 INR to USD 71.2113 USD to INR
INR UYU 0.5223 INR to UYU 1.9145 UYU to INR
INR VEF 0.1403 INR to VEF 7.13 VEF to INR
Updated: 2020-01-29
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INR AUD 0.0207 INR to AUD 48.1962 AUD to INR
INR BDT 1.1899 INR to BDT 0.8404 BDT to INR
INR BND 0.0191 INR to BND 52.4357 BND to INR
INR CNY 0.0974 INR to CNY 10.2657 CNY to INR
INR INR 1 INR to INR 1 INR to INR
INR IDR 191.3561 INR to IDR 0.0052 IDR to INR
INR JPY 1.5319 INR to JPY 0.6528 JPY to INR
INR MYR 0.0573 INR to MYR 17.4516 MYR to INR
INR MVR 0.217 INR to MVR 4.6091 MVR to INR
INR NPR 1.6014 INR to NPR 0.6244 NPR to INR
INR NZD 0.0215 INR to NZD 46.5296 NZD to INR
INR PKR 2.1702 INR to PKR 0.4608 PKR to INR
INR PGK 0.0479 INR to PGK 20.8936 PGK to INR
INR PHP 0.7138 INR to PHP 1.4009 PHP to INR
INR SCR 0.1924 INR to SCR 5.1978 SCR to INR
INR SGD 0.0191 INR to SGD 52.4388 SGD to INR
INR KRW 16.5337 INR to KRW 0.0605 KRW to INR
INR LKR 2.5474 INR to LKR 0.3926 LKR to INR
INR TWD 0.4225 INR to TWD 2.3669 TWD to INR
INR THB 0.4344 INR to THB 2.3018 THB to INR
Updated: 2020-01-29
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INR BHD 0.0053 INR to BHD 188.8824 BHD to INR
INR EGP 0.2219 INR to EGP 4.5073 EGP to INR
INR HKD 0.1092 INR to HKD 9.1597 HKD to INR
INR ILS 0.0485 INR to ILS 20.6167 ILS to INR
INR JOD 0.01 INR to JOD 100.4111 JOD to INR
INR KWD 0.0043 INR to KWD 234.3326 KWD to INR
INR LBP 21.2212 INR to LBP 0.0471 LBP to INR
INR OMR 0.0054 INR to OMR 184.9636 OMR to INR
INR QAR 0.0511 INR to QAR 19.5581 QAR to INR
INR SAR 0.0527 INR to SAR 18.9792 SAR to INR
INR AED 0.0516 INR to AED 19.3876 AED to INR
INR YER 3.5149 INR to YER 0.2845 YER to INR
Updated: 2020-01-29
Convert from Convert to 1 INR Conversion in currency Conversion
INR DZD 1.6871 INR to DZD 0.5927 DZD to INR
INR KES 1.4163 INR to KES 0.7061 KES to INR
INR MUR 0.5174 INR to MUR 1.9326 MUR to INR
INR MAD 0.1355 INR to MAD 7.379 MAD to INR
INR NAD 0.204 INR to NAD 4.9011 NAD to INR
INR NIO 0.4735 INR to NIO 2.112 NIO to INR
INR NGN 5.0905 INR to NGN 0.1964 NGN to INR
INR SLL 136.2145 INR to SLL 0.0073 SLL to INR
INR ZAR 0.204 INR to ZAR 4.9027 ZAR to INR
INR TZS 32.3754 INR to TZS 0.0309 TZS to INR
INR TND 0.0398 INR to TND 25.1519 TND to INR
INR UGX 51.6217 INR to UGX 0.0194 UGX to INR
INR XOF 8.3615 INR to XOF 0.1196 XOF to INR
INR ZMK 126.4013 INR to ZMK 0.0079 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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