INR - Indian Rupee

The Indian Rupee is the currency of India. Our currency rankings show that the most popular India Rupee exchange rate is the USD to INR rate. The currency code for Rupees is INR, and the currency symbol is ₹. Below, you'll find Indian Rupee rates and a currency converter. You can also subscribe to our currency newsletters with daily rates and analysis, read the XE Currency Blog, or take INR rates on the go with our XE Currency Apps and website. More info ▶

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Currency Facts

Nicknames: Taaka, Rupayya, Rūbāi, Athanni (for 50 Paise coins)

Freq Used: ₹1, ₹2, ₹5, ₹10, p50

Freq Used: ₹5, ₹10, ₹20, ₹50, ₹100, ₹500, ₹2000

Rarely Used: ₹1, ₹2

Reserve Bank of India

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Indian Rupee History

The central bank in India is called the Reserve Bank of India. The INR is a managed float, allowing the market to determine the exchange rate. As such, intervention is used only to maintain low volatility in exchange rates.

Currency in British India

In 1825, British India adopted a silver standard system based on the Rupee and was used until the late 20th century. Although India was a colony of Britain, it never adopted the Pound Sterling. In 1866, financial establishments collapsed and control of paper money was shifted to the British government, with the presidency banks being dismantled a year later. That same year, the Victoria Portrait series of notes was issued in honor of Queen Victoria, and remained in use for approximately 50 years.

The Modern Day Indian Rupee

After gaining its independence in 1947 and becoming a republic in 1950, India's modern Rupee (INR) was changed back to the design of the signature coin. The Indian Rupee was adopted as the country's sole currency, and the use of other domestic coinage was removed from circulation. India adopted a decimalization system in 1957.

In 2016, the Rs 500 and Rs 1,000 ceased to be legal tender in India. The removal of the denominations is an attempt to stop corruption and illegal cash holdings. In November of the same year, the Reserve Bank of India began issuing ₹ 2000 denomination banknotes in the Mahatma Gandhi (New) Series.

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