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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.
4.5 Indian Rupee as exchange rate anchor. 4.6 Other. 5 Stabilized arrangement. Toggle Stabilized arrangement subsection. 5.1 US dollar as exchange rate anchor.
The Indian government introduced the Gulf rupee as a replacement for the Indian rupee for circulation outside the country with the Reserve Bank of India (Amendment) Act of 1 May 1959. [105] The creation of a separate currency was an attempt to reduce the strain on India's foreign reserves from gold smuggling.
It is estimated that India could save approximately ₹ 40,000,000,000 (equivalent to ₹ 42 billion or US$510 million in 2023) by reducing the need for physical currency production. [76] The Digital Rupee also aims to lower transaction costs, making both domestic and international money transfers more efficient and accessible.
This type of currency may be used to buy physical goods and services, but may also be restricted to certain communities such as for use inside an online game. [4] Digital money can either be centralized, where there is a central point of control over the money supply (for instance, a bank), or decentralized, where the control over the money ...
In 1991, India still had a fixed exchange system, where the rupee was pegged to the value of a basket of currencies of major trading partners. India started having the balance of payments problems since 1985, and by the end of 1990, it found itself in serious economic trouble. The government was close to default and its foreign exchange ...
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