Indian currency is known as the Indian Rupee (INR). It is known as rupaiyah or rupaiye in India.
It is derived from
a Sanskrit word rupyakam, which means a silver coin. It is believed that the first currency in rupees was introduced by the Mughal emperor Sher Shah Suri (1486-1545). After that many countries other than India started using Indian currency for transaction. But, after the Indian Independence in 1947, Indian rupee was confined to India only.
Today, the Reserve Bank of India issues and circulates the Indian currency notes and coins. One rupee is divided into 100 paisa. 1 Rupee is termed as Re. 1 and any amount more than that as Rs. whereas, paisa is termed as p.
At present, Indian rupee is
available in the denomination of Re.1, Rs.2 and Rs. 5 coins and notes ranging from Rs.5 to Rs.1000. Though 25p and 50p coins are also available, they are not used much today. Every Indian Rupee depicts its denomination in 15 of the 22 official languages of India.
Despite of the harsh market conditions, Indian economy and trade is booming day by day leading to a distinctive growth in the value of Indian Rupee. Generally, 1 US Dollar (USD) is
equivalent to 49 INR, 1 Great Britain Pound (GBP) is equivalent to 80 INR and Euro is equivalent to 57 INR. However, the rates fluctuate on basis changing market conditions. Hence, prior to any kind of Forex trading it is recommended to check the latest exchange rates to avoid loss.