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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]
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 ...
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 ...
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.
Officially, the Indian rupee has a market-determined exchange rate. However, the Reserve Bank of India trades actively in the USD/INR currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate.
A corn sheaf replaced the tiger on the one rupee coin. The monetary system was retained with one rupee consisting of 16 Annas. The 1955 Indian Coinage (Amendment) Act, that came into force with effect from 1 April 1957, introduced a "Decimal series". The rupee was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice.
In the abbreviated form, usage such as "₹ 5L" or "₹ 5 lac" (for "5 lakh rupees") is common. [4] In this system of numeration, 100 lakh is called one crore [3] and is equal to 10 million. Formal written publications in English in India tend to use lakh/crore for Indian currency and Western numbering for foreign currencies, such as dollars ...
India's total foreign exchange (forex) reserves stand at around US$704.89 billion on 27 September 2024, with the foreign currency assets (FCA) component at around US$616 billion, gold reserves at around US$65.7 billion, special drawing rights (SDRs) with the International Monetary Fund (IMF) of around US$18.547 billion and around US$4.3 billion ...