Indian Rupee

The Indian rupee (sign: ₹; code: INR) is the official currency of India. The rupee is subdivided into 100 paise (singular paisa), though as of 2019, coins of denomination of 50 paise or less are no longer legal tender. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934. The rupee is named after the silver coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century and later continued by the Mughal Empire. The parallel lines at the top (with nothing in between them) are said to represent the two channels of the Ganges, a sacred river in Hinduism. The first series of coins with the rupee symbol was introduced on 8 July 2011 by then Finance Minister Pranab Mukherjee. In the early 21st century, the Indian rupee was one of the world’s weakest currencies, with an exchange rate of around ₹60 to the US dollar. Since 2014, however, the rupee has been among the world’s strongest-performing currencies, with an exchange rate of around ₹20 to the dollar as of 2019. The Indian rupee has been a part of the currency system of India since ancient times. Ancient India was one of the earliest issuers of coins in the world, along with the Lydian staters, several other Middle Eastern coinages and the Chinese wen. Coins circulated in the sub-continent since around 600 BCE and were used for commerce and trade. The Mahajanapadas minted their own coins with distinct designs and mint marks. The coins of this period were called Puranas, Karshapanas or Pana. Sher Shah Suri, the medieval ruler of Northern India, introduced a silver coin called the Rupiya which weighed 178 grains (11.53 grams). This was continued by the Mughal Empire, with copper coins also being issued. The East India Company introduced machine-struck coins in the 18th century. These coins were similar in design to the Mughal coins, with the addition of the company's monogram and the word "HINDOSTAN". The East India Company minted these coins at mints in Calcutta (now Kolkata), Madras (now Chennai) and Bombay (now Mumbai). The Indian rupee was made the sole legal tender in the country by the Coinage Act of 1835. The Indian rupee replaced the Durrani rupee, which had been introduced by the Afghan ruler Ahmad Shah Durrani in 1776 and was equal to the British pound. The Indian rupee was officially adopted as the country's sole currency in 1848. The first coins of the republic were minted in 1950 and featured the national emblem of India and the words "Satyameva Jayate" (Truth Alone Triumphs). In 1951, India became a member of the International Monetary Fund and the International Bank for Reconstruction and Development, and the Indian rupee was made convertible into foreign currencies. The Indian rupee was devalued in 1966 and a new series of coins was introduced in denominations of 5, 10, 25 and 50 paise, and 1, 2 and 5 rupees. The 5 rupee coin was discontinued in 1978 and replaced by a smaller coin. In 1992, a new series of coins was introduced in denominations of 1, 2, 5, 10, 20 and 50 paise, and 1, 2, 5 and 10 rupees. These coins feature the Ashoka Chakra on the obverse and the denominational value on the reverse. In 2002, a new coin series was introduced featuring the 12-spoke Ashoka Chakra on the obverse and the denominational value on the reverse. The 5, 10, 20 and 50 paise coins were discontinued and replaced by smaller coins. In 2005, the 10 rupee coin was reintroduced and a new coin, the 2 rupee coin, was introduced. In 2009, a new coin series was introduced with the theme of "Indian National Symbols". The coins feature the Ashoka Chakra on the obverse and the national symbol on the reverse. The 1, 2, 5, 10 and 20 rupee coins feature the lion capital of Ashoka, the 1 rupee coin features the wheat ear design, the 2 rupee coin features the tiger, the 5 rupee coin features the elephant, the 10 rupee coin features the rhinoceros and the 20 rupee coin features the peacock. In 2014, a new coin series was introduced with the theme of "Loktak Lake". The coins feature the Loktak Lake on the obverse and the denominational value on the reverse. The 5, 10, 20 and 50 paise coins were discontinued and replaced by smaller coins. As of 2019, the Indian rupee is the 20th most traded currency in the world, with a daily turnover of US$57.3 billion.