Indian Rupee (INR), denoted as ₹, is the official currency of India, which was introduced in 1947 after gaining independence from British rule. The Indian Rupee is divided into 100 paise and is issued and managed by the Government of India through the Reserve Bank of India, the country's central bank.
The currency comes in rupee coins and rupee notes of various denominations, featuring prominent figures such as Mahatma Gandhi. The Indian Rupee has had a significant impact on the country's economy and global trade, as it is used for domestic and international transactions of goods and services.
The Indian Rupee plays a crucial role in foreign exchange markets, with its value fluctuating against other major currencies such as the US Dollar and the British Pound. It is widely traded in the forex market, and its exchange rate against other currencies affects the country's balance of trade and economic growth.
The Indian Rupee is used by Indian nationals for both domestic and international transactions, and it is also accepted in neighboring countries such as Nepal where the Nepalese Rupee is pegged to the Indian Rupee.
The Indian Rupee's status as the currency of India has evolved over the years with new designs and security features being introduced to combat counterfeit currency. The rupee symbol was adopted to represent the Indian Rupee internationally, and the currency conversion restrictions were lifted to promote foreign trade and investments.
The Rupee continues to be an integral part of India's economy and its value is closely monitored by the Indian Government to ensure economic stability and growth.
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