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The rupiah (symbol: Rp; currency code: IDR) is the official currency of Indonesia, issued and controlled by Bank Indonesia. Its name is derived from the Sanskrit word for silver, rupyakam (रूप्यकम्). [4] Sometimes, Indonesians also informally use the word perak (' silver ' in Indonesian) in referring to rupiah in coins.
A currency pair is the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market.The currency that is used as the reference is called the counter currency, quote currency, or currency [1] and the currency that is quoted in relation is called the base currency or transaction currency.
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.
The foreign exchange market (forex, FX (pronounced "fix"), or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices.
A currency [a] is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. [1] [2] A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. [3]
Like the other Indian rupee banknotes, the ₹ 1000 banknote had its value written in 17 languages. On the obverse, the denomination was written in English and Hindi . On the reverse is a language panel which displayed the denomination of the note in 15 of the 22 official languages of India , displayed in alphabetical order.
In terms of volume, the report stated that 24% (around 22.03 billion) of the total 90.26 billion (9026.6 crore) banknotes in circulation were ₹500 and ₹1,000 banknotes. [97] Before demonetisation (November 2016), there were banknotes worth ₹17.97 trillion in the market. The demonetised banknotes constituted 86.4% of it. [67]
All coins of this series have since been demonetised, with the 100 and 50 rupiah coins being stripped off its legal tender status since 30 November 2006, 25 rupiah coin being made invalid for transactions since 31 August 2010, and 500 rupiah coins (together with 1,000 rupiah coin from 1993 series and 500 rupiah coin from 1997 series, see below ...