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Data from 1971 to 1991–92 are based on official exchange rates. Data from 1992 to 1993 onward are based on FEDAI (Foreign Exchange Dealers' Association of India) indicative rates. Data from 1971 to 1972–73 for the Deutsche Mark and the Japanese Yen are cross rates with the US Dollar. The Euro replaced the Deutsche Mark w.e.f. January 1, 1999.
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]
In June 2020, India's foreign exchange reserves crossed the US$500 billion mark for the first time. [16] In June 2021, India's foreign exchange reserves crossed the US$600 billion mark for the first time. [17] [18] India's total forex reserves touched an all-time high of US$642.453 billion on 8 September 2021. [19]
On 17 March 2020, Finablr, of which UAE Exchange is a part, announced that it has engaged an accountancy firm to undertake rapid contingency planning for a potential insolvency appointment, [23] [24] On 18 March 2020, Finablr , of which UAE Exchange is a part, announced that the division had been placed under the supervision of the Central Bank ...
Indian rupee symbol in graphic form. The new sign is a combination of the Devanagari letter र ("ra") and the Latin capital letter R without its vertical bar. The parallel lines at the top (with white space between them) makes an allusion to the tricolour Indian flag and also depict an equality sign that symbolizes the nation's desire to reduce economic disparity.
As a result of the strain on India's foreign reserves, in 1959 the Indian government created the Gulf rupee, initially at par with the Indian rupee. It was introduced as a replacement for the Indian rupee for circulation exclusively outside the country. [2] Effectively, the common currency area now did not include India.
Afterwards, this was changed to approximately Rs.4/76 per U.S. dollar, a devaluation of 30%, to match the Indian rupee's value. [30] This fixed exchange rate was maintained until 11 May 1972, in which the rupee was devalued to Rs.11/- per dollar. [31] Initially, the Indian and Pakistani rupees were at parity until sterling was devalued in 1949 ...
India International Exchange (IFSC) Limited, also known as India INX, is a wholly-owned subsidiary of BSE (Bombay Stock Exchange) Ltd. It is India's first international exchange located at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City). India INX offers a wide range of products ...