The official currency of India is the Indian Rupee (INR). It’s managed by the Reserve Bank of India, which controls its value and circulation. The Indian Rupee is divided into 100 paise, and you can find it in 5, 10, 20, 50, 100, 500, and 1,000 rupee notes.
Key features of the Indian Rupee are:
- Currency Code: INR is its international code.
- Symbol: It’s represented by the ₹ symbol, inspired by the Indian flag’s stripes.
- Coins and Notes: There are coins for 50 paise, one rupee, two rupees, five rupees, and ten rupees. Banknotes come in 5, 10, 20, 50, 100, 500, and 2,000 rupee denominations.
- Security Features: The Reserve Bank of India continually updates rupee notes to prevent fraud.
- Exchange Rates: The value of the Indian Rupee changes based on things like trade, investments, and oil prices. As of January 25, 2023, $1 U.S. is about 231 INR.