Description

The Indian rupee (INR) is the official currency of the Republic of India and is issued by the Reserve Bank of India. The rupee is subdivided into 100 paise. The symbol of the Indian rupee is ₹.

Economy

• In 2020, India ranked as the sixth largest national economy by nominal GDP, with the country’s GDP being estimated at over USD1.6 trillion.
• India has one of the fastest-growing economies in the world.
• The country’s economy relies on the services sector, accounting for over 54 percent of GDP.
• Exports include precious metals and stones, jewellery, mineral fuels, oils, vehicles, parts and accessories, pharmaceutical products.
• Imports include fuels and mining products, electrical machinery and equipment.

History

• One of the world’s first coins was issued by India circa 6th century BC.
• After India’s independence in 1947, the Indian rupee replaced all the currencies of previously autonomous states.
• In 1957, the rupee was divided into 100 naye paise (Hindi for ‘new paise’), with ‘naye’ dropped later.
• The Indian rupee was pegged to the British pound from 1927–1946 and then to the US dollar until 1975.