Friday, February 8, 2008

The history of Indian Rupee (INR)

INR(Indian national Rupee) is the official currency of India. The meaning of Rupee is "Silver", the name is due to the fact that it was first introduced as a silver coin. This had a severe impact on the Indian Economy because the largest economy in the world were using gold coins. The discovery of many silver mines in the U.S decreased the value of Rupee. This situation is called as the "fall of Rupee".

From 1951 to 1973, Indian Rupee was linked to Pound Sterling. Indian Rupee also maintained the link even when the Pound Sterling floated. These days Rupee comes in denominations of 1, 2, 5, 10, 20, 50, 100, 500 and 1000. Large denominations of rupees are counted in lakhs (100,000) crores (10,000,000).

1 comment:

manish said...

interesting facts....thanks!!


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