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CandleFocus Glossary Editor
The Indian Rupee, also known as the INR (International Numeric Representation) or the “rupee symbol” ₹ is the official currency of India. The Indian rupee is used as the medium of exchange for goods and services; it is used in almost all Indian monetary transactions. It is also used for foreign currency transactions as well.
The Reserve Bank of India (RBI) has the mandate to issue note and coins of Indian currency. The current notes issued by the RBI are of the denominations of Rs 10, 10, 20, 50, 100, 200, 500, and 2000. The coins are of values of up to 50 paise, and are issued in gold, nickel, and copper coins.
The Indian rupee has been subject to counterfeiting, which is believed to be the result of organized crime activities supported by black money. To reduce this risk, the RBI has implemented various strategies to improve the security features of its Indian rupee notes, such as introducing new denominations and upgraded security features.
The Indian rupee is pegged against the US dollar and is largely dependent on movements in global markets. Factors such as trade flows, investment flows, and oil prices all have the potential to significantly impact the exchange rate of the Indian rupee. For instance, when the US dollar strengthens, the Indian rupee is likely to weaken, and vice versa. Additionally, the global economic and political situations also have the power to influence the Indian rupee-US dollar exchange rate.
The Indian rupee has seen several revisions and reforms in recent times, including demonetization and the introduction of Goods and Services Tax (GST). These measures were taken by the Indian government in order to modernize the economy and protect it from undesirable activities. The effects of the reforms have led to increased global acceptance of the Indian rupee and more stability in the Indian currency market.
The Indian rupee is a part of the nation's identity and also symbolizes its economic might. The currency is a major factor that determines the purchasing power of the people of India and continues to be the main medium of exchange in the country.
The Reserve Bank of India (RBI) has the mandate to issue note and coins of Indian currency. The current notes issued by the RBI are of the denominations of Rs 10, 10, 20, 50, 100, 200, 500, and 2000. The coins are of values of up to 50 paise, and are issued in gold, nickel, and copper coins.
The Indian rupee has been subject to counterfeiting, which is believed to be the result of organized crime activities supported by black money. To reduce this risk, the RBI has implemented various strategies to improve the security features of its Indian rupee notes, such as introducing new denominations and upgraded security features.
The Indian rupee is pegged against the US dollar and is largely dependent on movements in global markets. Factors such as trade flows, investment flows, and oil prices all have the potential to significantly impact the exchange rate of the Indian rupee. For instance, when the US dollar strengthens, the Indian rupee is likely to weaken, and vice versa. Additionally, the global economic and political situations also have the power to influence the Indian rupee-US dollar exchange rate.
The Indian rupee has seen several revisions and reforms in recent times, including demonetization and the introduction of Goods and Services Tax (GST). These measures were taken by the Indian government in order to modernize the economy and protect it from undesirable activities. The effects of the reforms have led to increased global acceptance of the Indian rupee and more stability in the Indian currency market.
The Indian rupee is a part of the nation's identity and also symbolizes its economic might. The currency is a major factor that determines the purchasing power of the people of India and continues to be the main medium of exchange in the country.