What is INR?

INR stands for Indian National Rupee and is the official currency of India. It is widely accepted as a legal tender throughout the country and is the most commonly used currency in South Asia. The INR is issued by the Reserve Bank of India (RBI).

History of INR

The INR has its roots in the ancient Hindu doctrine of the Cowrie shell. By the mid-sixteenth century, coinage made of metal began to be used for transactions in India, with the design of the coins being unchanged for the past 400 years.

In 1717, the East India Company began issuing coins in the Indian subcontinent, and over the following centuries, the currency underwent various name changes. By the mid-twentieth century, the Indian Rupee was established as the official currency of India.

The currency has been consistently strong and is often used as a safe-haven currency in times of global economic uncertainty. In fact, it was one of the few currencies that resisted severe depreciation during the 2008 downturn.

Today’s INR

Today, the INR is used not only in India but also in many other countries such as Bahrain, Kuwait, Nepal, Oman, Qatar, and the United Arab Emirates. The currency symbol is Rs, and it is divided into 100 paise (pa).

The current exchange rate of the INR is around 70-85 to one US dollar. The INR has suffered from bouts of weakness against the dollar in the past few years, although it has picked up significantly in recent months and is currently trading at its highest levels in nine years.

In summary, the Indian Rupee is the official currency of India and is used as a legal tender throughout the country. The INR has a long history and is often seen as a safe-haven currency in times of global uncertainty. Today it is widely accepted in many countries, including Bahrain, Kuwait, Nepal, Oman, Qatar, and the United Arab Emirates.