About the Indian Rupee (INR)
What Is the Indian Rupee (INR)?
The Indian Rupee (INR) is the official currency of India, issued and regulated by the Reserve Bank of India (RBI). Derived from the Sanskrit word "rupyakam" (meaning "silver coin"), the INR features the symbol ₹—a fusion of the Devanagari "Ra" and the Roman "R." As legal tender, it facilitates all domestic transactions and reflects India’s economic identity.
Key Features:
- Issuer: Reserve Bank of India (RBI).
- Denominations: Notes (₹10–₹2000) and coins (₹1–₹10).
- Symbol Adoption: Introduced in 2010.
History of the Indian Rupee
The INR’s evolution spans centuries:
- 1835: The Coinage Act standardized currency under British rule.
- 19th Century: Silver devaluation due to global discoveries shifted India toward the gold standard.
- 1957: Post-independence, India adopted a decimal system (1 rupee = 100 paise).
Modern INR: Notes and Coins
Current currency highlights:
- Notes: Vibrant designs across seven denominations (₹10–₹2000), each with distinct colors and security features.
- Coins: Minted in metals like stainless steel, featuring national emblems.
Economic Role and Policy
- 2016 Demonetization: Aimed at reducing illicit finance, replaced old ₹500/₹1000 notes with new ₹500/₹2000 bills.
- RBI Management: Uses market interventions to stabilize exchange rates without pegging to foreign currencies.
Digital Rupee (e₹)
India’s CBDC innovation:
- Launch: December 2022 by RBI.
Types:
- e₹-W: Wholesale (interbank settlements).
- e₹-R: Retail (public transactions).
- Technology: Blockchain-based, supports offline/online use.
- Advantages: Reduces physical currency costs, boosts digital economy growth.
👉 Learn about blockchain currencies
Converting Pi [IOU] (PI) to INR
Bitget’s crypto-to-fiat data indicates PI/INR as the primary exchange pair for Pi [IOU]. Use our calculator below to estimate conversions:
How to Calculate PI-to-INR:
- Check Live Rates: Verify current exchange values.
- Input PI Amount: Enter your PI quantity.
- View INR Equivalent: Instantly see the converted value.
Example: 100 PI = [Current Rate] INR.
FAQs
1. Is Pi [IOU] (PI) a stablecoin?
No, PI is a cryptocurrency and its value fluctuates against INR.
2. Where can I trade PI for INR?
Platforms like Bitget offer PI/INR trading pairs.
3. What’s the difference between Digital Rupee and PI?
e₹ is RBI-backed CBDC; PI is a decentralized crypto asset.
4. How does RBI regulate INR exchange rates?
Via foreign reserves and market operations.
5. Can I use PI for everyday purchases in India?
Currently, PI isn’t widely accepted as legal tender—convert to INR first.
6. What’s the future of Digital Rupee?
Expect expansion in retail and cross-border transactions.
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