The Indian rupee symbol (INR) is the currency of India. INR is the International Organization for Standardization currency code for the Indian rupee, for which the currency sign is ₹.
- The Indian rupee is the currency of India; INR is its currency code, and the currency sign is ₹.
- Since India is a cash-based economy, phony money has been distributed by individuals involved in criminal activity.
- To avoid fraud, the Reserve Bank of India has modified and upgraded the rupee notes with additional security measures throughout the years.
- Various variables may influence the exchange rate of the Indian rupee, including trade flows, investment flows, and oil prices.
Understanding the Indian Rupee Symbol (INR)
The Indian rupee takes its name from the rupiya, a silver currency originally minted by Sultan Sher Shah Suri in the 16th century.
Coins : Rupee Symbol
Coins in India are produced in denominations of 50 paise, one rupee, two rupees, five rupees, and ten rupees. A paise is 1/100th of a rupee. Coins of 50 paise are termed tiny those, whereas coins equal or above one rupee are known as rupee coins.
Banknotes : Rupee Symbol
Paper money or banknotes are printed in denominations of 5, 10, 20, 50, 100, 500, and 2,000 rupees. On the back side of paper rupees, denominations are printed in 15 languages, whereas denominations are written in Hindi and English on the front side.
The banknotes are changed regularly with new designs, including significant changes from previous Mahatma Gandhi Series of banknotes to the current ones of the same name. The notes cover different topics of India’s rich history.
Security and Counterfeiting of the Rupee
India has a cash-based economy, which has led in phony money being distributed by individuals involved in criminal activity. The Reserve Bank of India (RBI) has had to modify and upgrade rupee notes with additional security measures throughout the years. Fake notes, which may look identical to legitimate notes, are counterfeited by money launderers and terrorists. Typically, the high denominations are typically the most counterfeited notes.
In 2016, the Indian government announced the demonetization of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series, saying it will cripple the underground economy, making the use of illicit and counterfeit currency in financing criminal activities and terrorism much more difficult. The 500 note has been replaced with one in the new Mahatma Gandhi Series with improved security measures.
Special Considerations: Capital and Convertibility Controls
The rupee has been subject to numerous capital controls and convertibility limitations throughout the years. For example, it is unlawful for foreign nationals to import or export rupees, while Indian citizens may only import and export rupees in restricted quantities.
The current account, which is composed of the country’s savings, investment flows, and the net trade in goods and services has no currency conversion limitations (apart from trade obstacles) (aside from trade barriers).
The capital account tracks foreign reserves, business, and institutional flows. The Indian government relaxes and tightens restrictions on foreign investment, setting limits or lifting them regularly to maintain a healthy and balanced capital account.
In recent years, the government eased foreign investment flow restrictions to improve the falling currency exchange rate and promote corporate investment in the nation.
Foreign institutional investors and local businesses may bring money in and take money out of the nation but need to check with the Reserve Bank of India for the latest laws and restrictions.
The Rupee’s Value in Modern Times
In the 19th century, significant increases in the amount of silver output produced a precipitous decrease in silver’s value, leading to a sharp fall in the rupee’s value. From 1927 until 1946, the rupee was linked to the British pound. It was then tied to the U.S. dollar until 1975. Currently, it mainly floats on the foreign exchange market, with the Reserve Bank of India actively trading the currency to control its value.
Various variables may influence the exchange rate of the currency, including trade movements, investment flows, and oil prices. India imports oil and an increase in costs may create inflation and compel the RBI to act to sustain the economy.
Examples of the Indian Rupee Symbol (INR)
Below are the pictures of the current coins and banknotes, along with their denominations, that are presently in circulation for the Indian rupee as published on the website for the Reserve Bank of India.
Please check with the central bank’s website for any updates and changes.
Example of Coins and Banknotes for the Indian Rupee.
Example of Coins and Banknotes for the Indian Rupee. Investopedia
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