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What is the India Rupee?
The official currecy of the Republic of India, the Indian rupee (code: INR), is currently controlled by the Reserve Bank of India. Subdivided into 100 paise, or paisa, but as of 2011, denominations less than 50 paise are no longer legal tender.
Coins are available in denominations of 1, 2, 5 and 10. Banknotes are available in values of 5, 10, 20, 50, 100, 500 adn 1000 rupees.
Understanding India Currency
The first rupee is believed to have been introduced by Sher Shah Suri in the early 1500s. Based on the ratio of 40 copper pieces per ruppee. Historically, the ruppe was a silver coin, when many of the strongest economies in the world were on the gold standard.
Even after the silver crisis of 1873, when a number of countries switched over to the gold standard, India held out and remained on the silver standard into the 20th century. In 1957, the rupee was divided into 100 naye paise, then in 1964 the initial naye was dropped.
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