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Chaulukya coins were often called "Gadhaiya Paise" (9th–10th century CE). [4] Until the 1950s in India and Pakistan (and before 1947 in British India), the paisa (back then spelled as pice in English) was equivalent to 3 pies, 1 ⁄ 4 of an anna, or 1 ⁄ 64 of a rupee.
An anna (or ānna) was a currency unit formerly used in British India, equal to 1 ⁄ 16 of a rupee. [1] It was subdivided into four pices or twelve pies (thus there were 192 pies in a rupee). When the rupee was decimalised and subdivided into 100 (new) paise , one anna was therefore equivalent to 6.25 paise .
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.
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 ...
A pie (abbreviated as Ps) was a unit of currency in India, Burma and Pakistan until 1947. It was the smallest currency unit, equal to 1 ⁄ 3 of a pice, 1 ⁄ 12 of an anna or 1 ⁄ 192 of a rupee. During the mid-nineteenth century, one pie was worth 12 cowry. [1] Minting of the pie ended in 1942, though it remained in circulation for a further ...
In 1850, the official conversion rate between the pound sterling and the rupee was £0 / 2s / 0d (or £1:₹10), while between 1899 and 1914, the official conversion rate was set at £1 to 1s to 4d (or £1:₹15). However, this was just half of market exchange rates between 1893 and 1917.
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]
The real exchange rate (RER) is the purchasing power of a currency relative to another at current exchange rates and prices. It is the ratio of the number of units of a given country's currency necessary to buy a market basket of goods in the other country, after acquiring the other country's currency in the foreign exchange market, to the ...