Which money unit do they use in india

General
1

which money unit do they use in india

2

Which money unit do they use in India?

Answer:
In India, the official currency used is the Indian Rupee. The symbol for the Indian Rupee is ₹, and its ISO code is INR.

Detailed Explanation:

  1. History and Overview:

    • The Indian Rupee has a rich history dating back several centuries. It is derived from the sanskrit word “Rupiya,” meaning a silver coin.
    • It was first introduced in India by Sher Shah Suri in the 16th century, replacing the old currency system.

  2. Currency Denominations:

    • The Indian Rupee is subdivided into 100 paise.
    • Coins are available in denominations of 1, 2, 5, and 10 rupees.
    • Banknotes are available in denominations of 10, 20, 50, 100, 200, 500, and 2000 rupees.

  3. Monetary Authority:

    • The Reserve Bank of India (RBI) is the central authority responsible for issuing and regulating the Indian Rupee.
    • The RBI plays a crucial role in managing the monetary policy of India to ensure economic stability.

  4. Exchange Rate and Global Use:

    • The value of the Indian Rupee fluctuates based on economic conditions, market demand, and international currency markets.
    • Although primarily used within India, the Indian Rupee can also be exchanged in other countries, especially those with significant Indian expatriate populations.

  5. Symbol and Notation:

    • The unique symbol ₹ was introduced in 2010 and is a blend of the Devanagari “र” (ra) and the Latin “R.”
    • This symbol was adopted to give the Indian Rupee a distinct identity, much like the US Dollar ($) or the Euro (€).

Solution By Steps:

  1. Determine the Currency:

    • Understand the name of the currency: Indian Rupee.
    • Recognize its symbol: ₹.
    • Note its ISO code: INR.

  2. Understand Denominations:

    • Coins: 1, 2, 5, and 10 rupees.
    • Banknotes: 10, 20, 50, 100, 200, 500, and 2000 rupees.

  3. Monetary Authority:

    • Responsible by: Reserve Bank of India (RBI).

  4. Global Exchange and Symbol:

    • Exchange rates vary.
    • The symbol ₹ represents both historical significance and modern identity.

Final Answer:
The currency used in India is the Indian Rupee, symbolized by ₹ and coded as INR.