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A billion is called arab (ارب), and one hundred billion/arab is called a kharab (کھرب). Lakh has entered the Swahili language as "laki" and is in common use. Formal written publications in English in India tend to use lakh/crore for Indian currency and International numbering for foreign currencies. [7]
This is a list of tables showing the historical timeline of the exchange rate for the Indian rupee (INR) against the special drawing rights unit (SDR), United States dollar (USD), pound sterling (GBP), Deutsche mark (DM), euro (EUR) and Japanese yen (JPY). The rupee was worth one shilling and sixpence in sterling in 1947.
Decimalisation or decimalization (see spelling differences) is the conversion of a system of currency or of weights and measures to units related by powers of 10.. Most countries have decimalised their currencies, converting them from non-decimal sub-units to a decimal system, with one basic currency unit and sub-units that are valued relative to the basic unit by a power of 10, most commonly ...
Since 1991, the rupee has been under a floating exchange rate regime. [94] The first major impact on the rupee's exchange rate after independence was the devaluation of the pound sterling against the US dollar in 1949, which impacted currencies that maintained a peg to the sterling, which included the Indian rupee. [95]
For example 150,000,000 (one hundred and fifty million) rupees is written as "fifteen crore rupees", "₹ 15 crore". [1] In the abbreviated form, usage such as "₹ 15 cr" is common. [3] Trillions (in the short scale) of money are often written or spoken of in terms of lakh crore. For example, one trillion rupees is equivalent to: ₹ 1 lakh ...
The Reserve Bank of India's central bank-backed digital rupee was used to settle secondary market transactions in Indian government bonds worth 2.75 billion Indian rupees ($33.29 million) as part ...
Foreign exchange reserves of India reached milestone of $100 billion mark only in 2004. India was forced to sell dollars to the extent of close to US$35 billion in the spot markets in Financial Year 2009 due to 22% depreciation in rupee (against the dollar) in the same fiscal year 2009.
However, Indian rupees were being smuggled from India to the states of the Persian Gulf in exchange for gold. It was estimated in 1959 that the total amount of gold in private hands in India was about US$1.75 to 2 billion – roughly two-thirds of the value of paper money in circulation.