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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]
The Indian paisa (plural: paise) is a 1 ⁄ 100 (one-hundredth) subdivision of the Indian rupee. The paisa was first introduced on 1 April 1957 after decimalisation of the Indian rupee. [1] In 1955, the Government of India first amended the Indian Coinage Act and adopted the "metric system for coinage".
The long-planned 27.1 km $1.6 billion Orange Line of the Lahore Metro is regarded as a commercial project, [237] and does not qualify for the Exim Bank's 1.6% interest rate. It will instead be financed at a 2.4% interest rate [255] after China agreed to reduce interest rates from an originally planned rate of 3.4%. [256]