History Of The Rupee
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The history of the rupee traces back to ancient Indian subcontinent. The mention of ''rūpya'' by
Pāṇini , era = ;;6th–5th century BCE , region = Indian philosophy , main_interests = Grammar, linguistics , notable_works = ' (Sanskrit#Classical Sanskrit, Classical Sanskrit) , influenced= , notable_ideas=Descript ...
is seemingly the earliest reference in a text about coins. The term in Indian subcontinent was used for referring to a coin. The word "rupee" is derived from a
Sanskrit Sanskrit (; attributively , ; nominally , , ) is a classical language belonging to the Indo-Aryan branch of the Indo-European languages. It arose in South Asia after its predecessor languages had diffused there from the northwest in the late ...
word "rūpya", which means "wrought silver", and maybe also something stamped with an image or a coin. As an adjective it means "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived from the noun ''
rūpa Rūpa () means "form". As it relates to any kind of basic object, it has more specific meanings in the context of Indic religions. Definition According to the Monier-Williams Dictionary (2006), rūpa is defined as: :* ... any outward appearance ...
'' "shape, likeness, image". ''
Arthashastra The ''Arthashastra'' ( sa, अर्थशास्त्रम्, ) is an Ancient Indian Sanskrit treatise on statecraft, political science, economic policy and military strategy. Kautilya, also identified as Vishnugupta and Chanakya, is ...
'', written by
Chanakya Chanakya (Sanskrit: चाणक्य; IAST: ', ; 375–283 BCE) was an ancient Indian polymath who was active as a teacher, author, strategist, philosopher, economist, jurist, and royal advisor. He is traditionally identified as Kauṭilya o ...
, prime minister to the first Maurya emperor
Chandragupta Maurya Chandragupta Maurya (350-295 BCE) was a ruler in Ancient India who expanded a geographically-extensive kingdom based in Magadha and founded the Maurya dynasty. He reigned from 320 BCE to 298 BCE. The Maurya kingdom expanded to become an empi ...
(c. 340–290 BC), mentions silver coins as ''rūpyarūpa'', other types including gold coins (suvarṇarūpa), copper coins (tāmrarūpa) and lead coins (sīsarūpa) are mentioned his claim is disputed Rūpa means form or shape, example, rūpyarūpa, rūpya – wrought silver, rūpa – form. In the intermediate times there was no fixed monetary system as reported by the
Great Tang Records on the Western Regions The ''Great Tang Records on the Western Regions'' is a narrative of Xuanzang's nineteen-year journey from Chang'an in central China to the Western Regions of Chinese historiography. The Buddhist scholar traveled through the Silk Road regions of ...
.Trübner's Oriental Series DA TANG XIYU JI Great Tang Dynasty Records of the Western World, translated by Samuel Beal TWO VOLUMES Kegan, Paul, Trench, Teubner & Co. London • 1906 irst Edition ‐ London • 1884/ref>
Sher Shah Suri Sher Shah Suri ( ps, شیرشاه سوری) (1472, or 1486 – 22 May 1545), born Farīd Khān ( ps, فرید خان) , was the founder of the Sur Empire in India, with its capital in Sasaram in modern-day Bihar. He standardized the silver coin ...
, during his five-year rule from 1540 to 1545, set up a new civic and military administration and issued a coin of silver, weighing 178
grain A grain is a small, hard, dry fruit (caryopsis) – with or without an attached hull layer – harvested for human or animal consumption. A grain crop is a grain-producing plant. The two main types of commercial grain crops are cereals and legum ...
s, which was also termed ''Rupiya''.Mughal Coinage
at RBI Monetary Museum. Retrieved on 4 May 2008.
The Mughal ruler issued coins honouring the Hindu deities in 1604–1605. The coins depicting Ram and Sita were issued in both silver and gold; minting ended right after Akbar's death in 1605. The silver coin remained in use during the
Mughal period The Mughal Empire was an early-modern empire that controlled much of South Asia between the 16th and 19th centuries. Quote: "Although the first two Timurid emperors and many of their noblemen were recent migrants to the subcontinent, the d ...
, Maratha era, as well as in
British India The provinces of India, earlier presidencies of British India and still earlier, presidency towns, were the administrative divisions of British governance on the Indian subcontinent. Collectively, they have been called British India. In one ...
. Among the earliest issues of paper rupees include the '' Bank of Hindostan'' (1770–1832), the ''General Bank of Bengal and Bihar'' (1773–75, established by
Warren Hastings Warren Hastings (6 December 1732 – 22 August 1818) was a British colonial administrator, who served as the first Governor of the Presidency of Fort William (Bengal), the head of the Supreme Council of Bengal, and so the first Governor-Genera ...
), and the ''Bengal Bank'' (1784–1791). The Indian rupee was a silver-based currency during much of the 19th century, which had severe consequences on the standard value of the currency, as stronger economies were on the
gold standard A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the la ...
. During British rule, and the first decade of independence, the rupee was subdivided into 16
annas Annas (also Ananus or Ananias;Goodman, Martin, "Rome & Jerusalem", Penguin Books, p.12 (2007) , ; grc-x-koine, Ἅννας, ; 23/22 BC – death date unknown, probably around AD 40) was appointed by the Roman legate Quirinius as the first High ...
. Each anna was subdivided into 4 pices. So one rupee was equal to 64 pice (paisa) and 192 pies as 1 Pice was equal to 3 pies In 1957,
decimalisation 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 ...
occurred and the rupee was divided into 100 naye paise (Hindi/Urdu for ''new paisas''). After a few years, the initial "naye" was dropped. For many years in the early and mid-20th century, the Indian rupee was the official currency in several areas that were controlled by the British and governed from India; areas such as East Africa, Southern
Arabia The Arabian Peninsula, (; ar, شِبْهُ الْجَزِيرَةِ الْعَرَبِيَّة, , "Arabian Peninsula" or , , "Island of the Arabs") or Arabia, is a peninsula of Western Asia, situated northeast of Africa on the Arabian Plate. ...
and the
Persian Gulf The Persian Gulf ( fa, خلیج فارس, translit=xalij-e fârs, lit=Gulf of Persis, Fars, ), sometimes called the ( ar, اَلْخَلِيْجُ ٱلْعَرَبِيُّ, Al-Khalīj al-ˁArabī), is a Mediterranean sea (oceanography), me ...
.


Early uses

The word "rupee" is derived from a
Sanskrit Sanskrit (; attributively , ; nominally , , ) is a classical language belonging to the Indo-Aryan branch of the Indo-European languages. It arose in South Asia after its predecessor languages had diffused there from the northwest in the late ...
word "rūpya", which means "wrought silver", and maybe also something stamped with an image or a coin. As an adjective it means "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived from the noun ''
rūpa Rūpa () means "form". As it relates to any kind of basic object, it has more specific meanings in the context of Indic religions. Definition According to the Monier-Williams Dictionary (2006), rūpa is defined as: :* ... any outward appearance ...
'' "shape, likeness, image".
Pāṇini , era = ;;6th–5th century BCE , region = Indian philosophy , main_interests = Grammar, linguistics , notable_works = ' (Sanskrit#Classical Sanskrit, Classical Sanskrit) , influenced= , notable_ideas=Descript ...
used ''rūpya'' to mean beautiful or stamped (''ahāta''). The second meaning applies to a coin. Kasikakara expands upon this, these coins that stamped were the Dinara, Kedara and Karshapana. The term ''Rupataraka'' is mentioned by
Patanjali Patanjali ( sa, पतञ्जलि, Patañjali), also called Gonardiya or Gonikaputra, was a Hindu author, mystic and philosopher. Very little is known about him, and while no one knows exactly when he lived; from analysis of his works it i ...
in reference to one who checks the
Karshapana Karshapana ( sa, कार्षापण, IAST: ''Kārṣāpaṇa''), according to the Ashtadhyayi of Panini, refers to ancient Indian coins current during the 6th century BCE onwards, which were unstamped and stamped (''āhata'') metallic pi ...
coins. An early
Pali Pali () is a Middle Indo-Aryan liturgical language native to the Indian subcontinent. It is widely studied because it is the language of the Buddhist ''Pāli Canon'' or ''Tipiṭaka'' as well as the sacred language of ''Theravāda'' Buddhism ...
scripture uses the term ''Mashaka-rupa'', Mashaka being a token Karshapana. The term was no longer in much use to refer to a coin in later eras. In the
Rajatarangini ''Rajatarangini'' ("The River of Kings") is a metrical legendary and historical chronicle of the north-western part of India, particularly the kings of Kashmir. It was written in Sanskrit by Kashmiri historian Kalhana in the 12th century CE. The ...
, the term ''rupakas'' is used for gold coins, they are called ''svarna-rupakas''. The
Kathasaritsagara The ''Kathāsaritsāgara'' ("Ocean of the Streams of Stories") (Devanagari: कथासरित्सागर) is a famous 11th-century collection of Indian legends, fairy tales and folk tales as retold in Sanskrit by the Shaivite Somadeva. ...
calls the gold
Dinar The dinar () is the principal currency unit in several countries near the Mediterranean Sea, and its historical use is even more widespread. The modern dinar's historical antecedents are the gold dinar and the silver dirham, the main coin of ...
coins ''svarna-rupakas''. ''
Arthashastra The ''Arthashastra'' ( sa, अर्थशास्त्रम्, ) is an Ancient Indian Sanskrit treatise on statecraft, political science, economic policy and military strategy. Kautilya, also identified as Vishnugupta and Chanakya, is ...
'', written by
Chanakya Chanakya (Sanskrit: चाणक्य; IAST: ', ; 375–283 BCE) was an ancient Indian polymath who was active as a teacher, author, strategist, philosopher, economist, jurist, and royal advisor. He is traditionally identified as Kauṭilya o ...
, prime minister to the first Maurya emperor
Chandragupta Maurya Chandragupta Maurya (350-295 BCE) was a ruler in Ancient India who expanded a geographically-extensive kingdom based in Magadha and founded the Maurya dynasty. He reigned from 320 BCE to 298 BCE. The Maurya kingdom expanded to become an empi ...
(c. 340–290 BC), mentions silver coins as ''rūpyarūpa'', other types of coins including gold coins (suvarṇarūpa), copper coins (tāmrarūpa) and lead coins (sīsarūpa) are also mentioned. Rūpa means form or shape, example, rūpyarūpa, rūpya – wrought silver, rūpa – form. In the intermediate times there is no fixed monetary system as reported by the ''Da Tang Xi Yu Ji''. During his five-year rule from 1540 to 1546,
Sher Shah Suri Sher Shah Suri ( ps, شیرشاه سوری) (1472, or 1486 – 22 May 1545), born Farīd Khān ( ps, فرید خان) , was the founder of the Sur Empire in India, with its capital in Sasaram in modern-day Bihar. He standardized the silver coin ...
set up a new civic and military administration and issued a coin of silver, weighing 178
grain A grain is a small, hard, dry fruit (caryopsis) – with or without an attached hull layer – harvested for human or animal consumption. A grain crop is a grain-producing plant. The two main types of commercial grain crops are cereals and legum ...
s, which was also termed the ''Rupiya''. The silver coin remained in use during the
Mughal period The Mughal Empire was an early-modern empire that controlled much of South Asia between the 16th and 19th centuries. Quote: "Although the first two Timurid emperors and many of their noblemen were recent migrants to the subcontinent, the d ...
, the
Maratha The Marathi people (Marathi: मराठी लोक) or Marathis are an Indo-Aryan ethnolinguistic group who are indigenous to Maharashtra in western India. They natively speak Marathi, an Indo-Aryan language. Maharashtra was formed as a M ...
era (1674–1818) and in
British India The provinces of India, earlier presidencies of British India and still earlier, presidency towns, were the administrative divisions of British governance on the Indian subcontinent. Collectively, they have been called British India. In one ...
, as well.


Coinage since the British period

The British settlements in Western India,
South India South India, also known as Dakshina Bharata or Peninsular India, consists of the peninsular southern part of India. It encompasses the Indian states of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and Telangana, as well as the union territo ...
, and the Eastern Province of
Bengal Bengal ( ; bn, বাংলা/বঙ্গ, translit=Bānglā/Bôngô, ) is a geopolitical, cultural and historical region in South Asia, specifically in the eastern part of the Indian subcontinent at the apex of the Bay of Bengal, predom ...
(
Calcutta Kolkata (, or , ; also known as Calcutta , List of renamed places in India#West Bengal, the official name until 2001) is the Capital city, capital of the Indian States and union territories of India, state of West Bengal, on the eastern ba ...
) independently developed different coinages in consonance with the local acceptability of the coins for the purposes of trade. There are many fake coins of East India Company, with Indian gods depicted on the obverse side as shown in side-bar. Original East India Company coins show only the coat of arms of the East India Company. The coins of Bengal were developed in the Mughal style and those of
Madras Chennai (, ), formerly known as Madras ( the official name until 1996), is the capital city of Tamil Nadu, the southernmost Indian state. The largest city of the state in area and population, Chennai is located on the Coromandel Coast of th ...
mostly in a South Indian style. The English coins of Western India developed along Mughal as well as English patterns. It was only in AD 1717 that the British obtained permission from the Emperor Farrukh Siyar to coin Mughal money at the
Bombay Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...
mint. The British gold coins were termed Carolina, the silver coins Anglina, the copper coins Cupperoon and tin coins Tinny. By early 1830, the British had become the dominant power in India. The Coinage Act of 1835 provided for uniform coinage throughout India. The new coins had the effigy of
William IV William IV (William Henry; 21 August 1765 – 20 June 1837) was King of the United Kingdom of Great Britain and Ireland and King of Hanover from 26 June 1830 until his death in 1837. The third son of George III, William succeeded h ...
on the obverse and the value on the reverse in English and
Persian Persian may refer to: * People and things from Iran, historically called ''Persia'' in the English language ** Persians, the majority ethnic group in Iran, not to be conflated with the Iranic peoples ** Persian language, an Iranian language of the ...
. The coins issued after 1840 bore the portrait of
Queen Victoria Victoria (Alexandrina Victoria; 24 May 1819 – 22 January 1901) was Queen of the United Kingdom of Great Britain and Ireland from 20 June 1837 until Death and state funeral of Queen Victoria, her death in 1901. Her reign of 63 years and 21 ...
. The first coinage under the crown was issued in 1862 and in 1877 Queen Victoria assumed the title the Empress of India. The
gold silver ratio Gold is a chemical element with the Symbol (chemistry), symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a Brightness, bright, slightly orange-yellow, dense, s ...
widened during 1870–1910. Unlike India, Britain was on the gold standard. To meet the Home Charges (i.e., expenditure in England) the colonial government had to remit a larger number of rupees due to the ratio change; this necessitated increased taxation and unrest. The 1911 accession to the throne of the King-Emperor
George V George V (George Frederick Ernest Albert; 3 June 1865 – 20 January 1936) was King of the United Kingdom and the British Dominions, and Emperor of India, from 6 May 1910 until Death and state funeral of George V, his death in 1936. Born duri ...
led to the famous "pig rupee". On the coin, the king appeared wearing the chain of the Order of the Indian Elephant. Through poor engraving, the elephant looked very much like a pig. The
Muslim Muslims ( ar, المسلمون, , ) are people who adhere to Islam, a monotheistic religion belonging to the Abrahamic tradition. They consider the Quran, the foundational religious text of Islam, to be the verbatim word of the God of Abrah ...
population was enraged and the image had to be quickly redesigned. Acute shortage of silver during the
First World War World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...
, led to the introduction of paper currency of one rupee and two and a half rupees. The silver coins of smaller denominations were issued in cupro-nickel. The
Second World War World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
led to experiments in coinage where the standard rupee was replaced by the "Quaternary Silver Alloy". The Quaternary Silver coins were issued from 1940. In 1947 these were replaced by pure Nickel coins. Immediately after independence, the British coinage was continued. The monetary system remained unchanged at One Rupee consisting of 64 pice, or 192 pies. The "Anna Series" was introduced on 15 August 1950. This was the first coinage of the
Republic of India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
. The King's image was replaced by the Ashoka's Lion Capital. A corn sheaf replaced the tiger on the one rupee coin. The monetary system was retained with one rupee consisting of 16 Annas. The 1955 Indian Coinage (Amendment) Act, that came into force with effect from 1 April 1957, introduced a "Decimal series". The rupee was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice. The "Naye Paise" coins were minted in the denominations of 1, 2, 5, 10, 20 and 50 Naye Paise. Both the Anna series and the Naye Paise coins were valid for some time. From 1968 onward, the new coins were called just Paise instead of Naye Paise because they were no longer 'naye' (English = new). With high inflation in the sixties, small denomination coins which had been made from bronze, nickel-brass, cupro-nickel, and
aluminium Aluminium (aluminum in American and Canadian English) is a chemical element with the symbol Al and atomic number 13. Aluminium has a density lower than those of other common metals, at approximately one third that of steel. I ...
-
bronze Bronze is an alloy consisting primarily of copper, commonly with about 12–12.5% tin and often with the addition of other metals (including aluminium, manganese, nickel, or zinc) and sometimes non-metals, such as phosphorus, or metalloids such ...
were gradually minted in aluminium. This change commenced with the introduction of the new hexagonal 3 paise coin. A twenty paise coin was introduced in 1968 but did not gain much popularity. Over a period, cost-benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise coins in the 1970s. Stainless steel coinage of 10, 25 and 50 paise was introduced in 1988 and of one rupee in 1992. The very considerable costs of managing note issues of Rs 1, Rs 2, and Rs 5 led to the gradual replacement of notes by coins for these denominations in the 1990s.


Since 1947

Since its Independence in 1947,
Indian rupee The Indian rupee ( symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 ''paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use wh ...
was adopted as currency in the nation. During this period almost till mid 1960's Indian rupee was also a legal tender in
Trucial States The Trucial States ( '), also known as the Trucial Coast ( '), the Trucial Sheikhdoms ( '), Trucial Arabia or Trucial Oman, was the name the British government gave to a group of tribal confederations in southeastern Arabia whose leaders had s ...
,
Oman Oman ( ; ar, عُمَان ' ), officially the Sultanate of Oman ( ar, سلْطنةُ عُمان ), is an Arabian country located in southwestern Asia. It is situated on the southeastern coast of the Arabian Peninsula, and spans the mouth of t ...
,
Bahrain Bahrain ( ; ; ar, البحرين, al-Bahrayn, locally ), officially the Kingdom of Bahrain, ' is an island country in Western Asia. It is situated on the Persian Gulf, and comprises a small archipelago made up of 50 natural islands and an ...
and
Kuwait Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the nort ...
.


Decimalisation (1950's)

History of Indian Rupee (INR): The price of 16 Annas is 0.5 rupee in 1947. The demand for decimalization existed for over a century. Sri Lanka decimalised its rupee in 1869. The ''Indian Coinage Act'' was amended in September 1955 for the adoption of a decimal system for coinage. The Act came into force with effect from 1 April 1957. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 '
Paisa Paisa (also transliterated as ''pice'', ''pesa'', ''poysha'', ''poisha'' and ''baisa'') is a monetary unit in several countries. The word is also a generalised idiom for money and wealth. In India, Nepal, and Pakistan, the ''Paisa'' currently equa ...
' instead of 16
Annas Annas (also Ananus or Ananias;Goodman, Martin, "Rome & Jerusalem", Penguin Books, p.12 (2007) , ; grc-x-koine, Ἅννας, ; 23/22 BC – death date unknown, probably around AD 40) was appointed by the Roman legate Quirinius as the first High ...
or 64 Pice. For public recognition, the new decimal Paisa was termed 'Naya Paisa' until 1 June 1964 when the term 'Naya' was dropped. The coins of that period also mentioned their value in terms of the rupee to avoid confusion and cheating. For example, the one paisa coin carried the text "एक रुपये का सौंवा भाग"(One hundredth of one rupee).


1966 Economic crisis

Indian currency began with a devaluation in 1949 due to devaluation of
Pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and t ...
. However since India's trade was largely in
Pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and t ...
it did not register much impact like the two major devaluations of the rupee: In 1966 and 1991 in the face of economic crisis. From 1950, India ran continued trade deficits that increased in magnitude in the 1960s. Furthermore, the Government of India had a budget deficit problem and could not borrow money from abroad or from the private corporate sector, due to that sector's negative savings rate. As a result, the government issued bonds to the RBI, what increased the money supply, leading to inflation. In 1966, foreign aid, which had hitherto been a key factor in preventing devaluation of the rupee, was finally cut off and India was told it had to liberalise its restrictions on trade before foreign aid would again materialize. The response was the politically unpopular step of devaluation accompanied by liberalisation. Furthermore, the
Indo-Pakistan War of 1965 The Indo-Pakistani War of 1965 or the Second Kashmir War was a culmination of skirmishes that took place between April 1965 and September 1965 between Pakistan and India. The conflict began following Pakistan's Operation Gibraltar, which was d ...
led the US and other countries friendly towards Pakistan to withdraw foreign aid to India, which necessitated more devaluation. Defense spending in 1965/1966 was 24.06% of total expenditure, the highest it has been in the period from 1965 to 1989 (Foundations, pp 195). Another factor leading to devaluation was the drought of 1965/1966 which resulted in a sharp rise in prices. At the end of 1969, the Indian Rupee was trading at around 13 British pence. A decade later, by 1979, it was trading at around 6 British pence. Finally, by the end of 1989, the Indian Rupee had plunged to an all-time low of 3 British pence. This triggered a wave of irreversible liberalisation reforms away from populist measures.


Post Bretton Woods (1970's)

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...
and
Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...
adopted multiple adjustments to
Indian rupee The Indian rupee ( symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 ''paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use wh ...
following the Nixon shock of 1971 and
Smithsonian Agreement The Smithsonian Agreement, announced in December 1971, created a new dollar standard, whereby the currencies of a number of industrialized states were pegged to the US dollar. These currencies were allowed to fluctuate by 2.25% against the doll ...
. The currency gradually shifted from
Par value Par value, in finance and accounting, means stated value or face value. From this come the expressions at par (at the par value), over par (over par value) and under par (under par value). Bonds A Bond_(finance), bond selling at par is priced at 1 ...
system to pegged system and to basket peg by 1975.


1991 Economic crisis

In 1991, India still had a fixed exchange system, where the rupee was pegged to the value of a basket of currencies of major trading partners. India started having the balance of payments problems since 1985, and by the end of 1990, it found itself in serious economic trouble. The government was close to default and its foreign exchange reserves had dried up to the point that India could barely finance three weeks’ worth of imports. As in 1966, India faced high inflation and large
government budget deficit The government budget balance, also alternatively referred to as general government balance, public budget balance, or public fiscal balance, is the overall difference between government revenues and spending. A positive balance is called a '' ...
s. This led the government to devalue the rupee. and now it is growing day by day At the end of 1999, the Indian Rupee was devalued considerably.


Revaluation (2000's)

In the period between 2000 and 2007, the Rupee stopped declining and stabilised ranging between 1 $ = Rs 44– Rs 48. In late 2007, the Indian Rupee reached a record high of 39 Indian national rupee per United States dollars, on account of sustained foreign investment flows into the country. This posed problems for major exporters, IT and BPO firms located in the country who were incurring losses in their earnings given the appreciation in rupee. The trend reversed with the 2008 world financial crisis as Foreign investors transferred huge sums out to their own countries. Such appreciations were reflected in many currencies, e.g. the British sterling pounds, which had gained value against the dollar and then has lost value again with the recession of 2008.


2013 Depreciation

Due to stagnant reforms, and declining foreign investment, rupee started depreciating in the early 2013. Measures were announced by the government before this drop to prevent it from dropping further, but none managed to slow down the depreciation. After continued depreciation, and high inflation, the then Prime Minister of India, Manmohan Singh, made a statement in the Parliament of India on the issue. He was of the view that, the present depreciation is partly led by global factors as well as domestic factors. He also asked the political parties to help his Government, tide over the crisis that the country was facing with rupee losing its value.


2016 Demonetisation

2016 saw the discontinuation of ₹500 and ₹1,000 notes due to the 2016 Indian bank note demonetisation and consequently the introduction of new a ₹500 note, and a ₹2,000 note- a first for the currency. Later on, new notes of old denominations viz. ₹10, ₹20, ₹50 and ₹100 were issued with old notes of the same value still being legal tender. A ₹200 note, also a first for the Indian Rupee, is currently in circulation.


Banknotes


Early paper issues

Notes issued by the Bank of Bengal can be categorised in the following three series. * Unifaced series: The early notes of the Bank of Bengal were printed only on one side and were issued as one ''gold mohur'' and in denominations of Rs. 100, Rs. 250, Rs. 500, etc. * Commerce series: Later notes had a vignette representing an allegorical female figure personifying 'commerce'. The notes were printed on both sides. On the obverse the name of the bank and the denominations were printed in three scripts, viz., (
Urdu Urdu (;"Urdu"
''
Bengali Bengali or Bengalee, or Bengalese may refer to: *something of, from, or related to Bengal, a large region in South Asia * Bengalis, an ethnic and linguistic group of the region * Bengali language, the language they speak ** Bengali alphabet, the w ...
and
Devanagari Devanagari ( ; , , Sanskrit pronunciation: ), also called Nagari (),Kathleen Kuiper (2010), The Culture of India, New York: The Rosen Publishing Group, , page 83 is a left-to-right abugida (a type of segmental Writing systems#Segmental syste ...
). On the reverse of such notes was printed a cartouche with ornamentation carrying the name of the Bank. * Britannia series: By the late 19th century, the motif 'commerce' was replaced by 'Britannia'. The new banknotes had more features to prevent forgery.


British India issues

The Paper Currency Act,1861 gave the Government the monopoly of note issue throughout the vast expanse of British India, which was a considerable task. Eventually, the management of paper currency was entrusted to the Mint Masters, the Accountant Generals and the Controller of Currency. * Victoria portrait series: The first set of British India notes were the '
Victoria Victoria most commonly refers to: * Victoria (Australia), a state of the Commonwealth of Australia * Victoria, British Columbia, provincial capital of British Columbia, Canada * Victoria (mythology), Roman goddess of Victory * Victoria, Seychelle ...
Portrait' series issued in denominations of Rs 10, Rs 20, Rs 50, Rs 100 and 1,000. These were unifaced, carried two language panels. The security features incorporated the watermark, the printed signature and the registration of the notes. * Underprint series: The unifaced Underprint series was introduced in 1867 as the Victoria Portrait series was withdrawn in the wake of a spate of forgeries. These notes were issued in denominations of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1,000 and Rs 10,000. * George V series: A series carrying the portrait of
George V George V (George Frederick Ernest Albert; 3 June 1865 – 20 January 1936) was King of the United Kingdom and the British Dominions, and Emperor of India, from 6 May 1910 until Death and state funeral of George V, his death in 1936. Born duri ...
were introduced in 1923, and was continued as an integral feature of all paper money issues of British India. These notes were issued in denominations of Rs 1, Rs , Rs 5, Rs 10, Rs 50, Rs 100, Rs 1,000, and Rs 10,000.


Reserve Bank issues during British India

The Reserve Bank of India was formally inaugurated on Monday, 1 April 1935 with its Central Office at Calcutta. Section 22 of the RBI Act, 1934, empowered it to continue issuing Government of India notes until its own notes were ready for issue. The bank issued the first five rupee note bearing the portrait of
George VI George VI (Albert Frederick Arthur George; 14 December 1895 – 6 February 1952) was King of the United Kingdom and the Dominions of the British Commonwealth from 11 December 1936 until Death and state funeral of George VI, his death in 1952. ...
in 1938. This was followed by Rs. 10 in February, Rs 100 in March and Rs 1,000 and Rs 10,000 in June 1938. The first Reserve Bank issues were signed by the second Governor, Sir James Taylor. In August 1940, the one-rupee note was reintroduced as a wartime measure, as a Government note with the status of a rupee coin. During the war, the Japanese produced high-quality forgeries of the Indian currency. This necessitated a change in the watermark. The profile portrait of George VI was changed to his full frontal portrait. The security thread was introduced for the first time in India. The George VI series continued till 1947 and thereafter as a frozen series till 1950 when post-independence notes were issued.


Republic of India issues

Following the
Independence of India The Indian independence movement was a series of historic events with the ultimate aim of ending British Raj, British rule in India. It lasted from 1857 to 1947. The first nationalistic revolutionary movement for Indian independence emerged ...
the Government of India brought out the new design Re.1 note in 1949. Initially, it was felt that the King's portrait is replaced by a portrait of
Mahatma Gandhi Mohandas Karamchand Gandhi (; ; 2 October 1869 – 30 January 1948), popularly known as Mahatma Gandhi, was an Indian lawyer, anti-colonial nationalist Quote: "... marks Gandhi as a hybrid cosmopolitan figure who transformed ... anti- ...
. Finally, however, the
Lion Capital of Ashoka The Lion Capital of Ashoka is the Capital (architecture), capital, or head, of a column erected by the Mauryan emperor Ashoka in Sarnath, India, . Its crowning features are four life-sized lions set back to back on a drum-shaped abacus (arch ...
was chosen. The new design of notes were largely along earlier lines. In 1953,
Hindi Hindi (Devanāgarī: or , ), or more precisely Modern Standard Hindi (Devanagari: ), is an Indo-Aryan language spoken chiefly in the Hindi Belt region encompassing parts of northern, central, eastern, and western India. Hindi has been de ...
was displayed prominently on the new notes. The economic crisis in the late 1960s led to a reduction in the size of notes in 1967. High denomination notes, like Rs. 10,000 notes were demonetized in 1978. The first "
Mahatma Gandhi Series The Gandhi Series of banknotes are issued by the Reserve Bank of India (RBI) as the legal tender of Indian rupee. The series is so called because the obverse of the banknotes prominently display the portrait of Mahatma Gandhi. Since its introd ...
" was introduced in 1996. Prominent new features included a changed watermark, windowed security thread, latent image and intaglio features for the visually handicapped. The five hundred (₹500) and one thousand rupee notes (₹1,000) were demonetised by an unscheduled address to the nation by Prime Minister Narendra Modi starting from midnight 8 November 2016. These notes are being replaced by the
Mahatma Gandhi New Series The Mahatma Gandhi New Series of banknotes are issued by the Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It ...
of notes.


Valuation history

The
rupee Rupee is the common name for the currencies of India, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, B ...
was never equal to the
dollar Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, U ...
. At the time of independence (in 1947), India's currency was pegged to
pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and t ...
, and the exchange rate was a shilling and six pence for a rupee — which worked out to Rs 13.33 to the pound. The dollar-pound exchange rate then was $4.03 to the pound, which in effect gave a rupee-dollar rate in 1947 of around Rs 3.30. The pound was devalued in 1949, changing its parity from 4.03 to 2.80. India was then a part of the sterling area, and the rupee was devalued on the same day by the same percentage so that the new dollar exchange rate in 1949 became Rs 4.76 — which is where it stayed till the rupee devaluation of 1966 made it Rs 7.50 to the dollar and the pound moved to Rs 21.


Other issues

In
Mozambique Mozambique (), officially the Republic of Mozambique ( pt, Moçambique or , ; ny, Mozambiki; sw, Msumbiji; ts, Muzambhiki), is a country located in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi ...
the British India rupees were overstamped, and in
Kenya ) , national_anthem = "Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...
the British East Africa company minted the rupee and its fractions as well as pice. It was maintained as the florin, using the same standard, until 1920. In
Somalia Somalia, , Osmanya script: 𐒈𐒝𐒑𐒛𐒐𐒘𐒕𐒖; ar, الصومال, aṣ-Ṣūmāl officially the Federal Republic of SomaliaThe ''Federal Republic of Somalia'' is the country's name per Article 1 of thProvisional Constituti ...
the Italian colonial authority minted 'Rupia' to exactly the same standard, and called the paisa 'besa'. Early 18th-century E.I.C. rupees were used in Australia for a limited period. * Jammu and Kashmir issues: Maharaja Ranbir Singh introduced paper money on watermarked paper in 1877. The notes were not very popular and were in circulation for a very short period. The notes carried the 'Sun' motif of the
Dogra The Dogras or Dogra people, are an Indo-Aryan ethno-linguistic group in India and Pakistan consisting of the Dogri language speakers. They live predominantly in the Jammu region of Jammu and Kashmir, and in adjoining areas of Punjab, Himachal ...
family. * Hyderabad issues: The Government of
Hyderabad Hyderabad ( ; , ) is the capital and largest city of the Indian state of Telangana and the ''de jure'' capital of Andhra Pradesh. It occupies on the Deccan Plateau along the banks of the Musi River (India), Musi River, in the northern part ...
had made several efforts to organize private bankers to set up a banking company which could issue paper money. The British, however, resisted the attempts of Indian
princely state A princely state (also called native state or Indian state) was a nominally sovereign entity of the British Raj, British Indian Empire that was not directly governed by the British, but rather by an Indian ruler under a form of indirect rule, ...
s to issue paper currency. The acute shortage of silver during the
First World War World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...
and the contributions of
Hyderabad State Hyderabad State () was a princely state located in the south-central Deccan region of India with its capital at the city of Hyderabad. It is now divided into the present-day state of Telangana, the Kalyana-Karnataka region of Karnataka, and t ...
to the British war effort led them to accept, in 1918, paper currency in denominations of Rs.10/- and Rs.100/- issued under the Hyderabad Currency Act. The currency was designated the ''Osmania Sicca'' (OS). Rupee One and Rupees Five notes were issued subsequently in 1919 and Rupees One Thousand notes were issued in 1926. After the setting up of the India Currency Notes Press at
Nasik Nashik (, Marathi: aːʃik, also called as Nasik ) is a city in the northern region of the Indian state of Maharashtra. Situated on the banks of river Godavari, Nashik is the third largest city in Maharashtra, after Mumbai and Pune. Nashik ...
, Hyderabad notes came to be printed there. * Burma issues: Burma separated from India in 1938; however, the Reserve Bank of India acted as Banker to the Government of
Burma Myanmar, ; UK pronunciations: US pronunciations incl. . Note: Wikipedia's IPA conventions require indicating /r/ even in British English although only some British English speakers pronounce r at the end of syllables. As John Wells explai ...
and was responsible for note issue in terms of the Burma Monetary Arrangements Order, 1937. In May 1938 the Bank issued Burma notes which were not legal tender in India. * Indo-French issues: The French Indian rupee (FIR) was introduced by France's Bank of
Indochina Mainland Southeast Asia, also known as the Indochinese Peninsula or Indochina, is the continental portion of Southeast Asia. It lies east of the Indian subcontinent and south of Mainland China and is bordered by the Indian Ocean to the west an ...
in
French colonies From the 16th to the 17th centuries, the First French colonial empire stretched from a total area at its peak in 1680 to over , the second largest empire in the world at the time behind only the Spanish Empire. During the 19th and 20th centuri ...
of
India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
. * Indo-Portuguese issues : The Portuguese Indian Rupia was the currency of
Portuguese India The State of India ( pt, Estado da Índia), also referred as the Portuguese State of India (''Estado Português da Índia'', EPI) or simply Portuguese India (), was a state of the Portuguese Empire founded six years after the discovery of a se ...
until 1959. It was divisible into 16 Tangas or 960 Reis. In 1959, the currency was changed to the
Portuguese Indian Escudo The escudo was the currency of Portuguese India between 1958 and 1961. It was subdivided into 100 '' centavos'' and was equal in value to the Portuguese escudo. After Portuguese India was annexed by the Republic of India in 1961, the escudo was re ...
, at the rate of 1 Rupia for 6 Escudos. * Persian Gulf issues: For many years in the early and mid-20th century, the Indian rupee was the official currency in several areas that were controlled by the British and governed from India: areas such as East Africa, Southern
Arabia The Arabian Peninsula, (; ar, شِبْهُ الْجَزِيرَةِ الْعَرَبِيَّة, , "Arabian Peninsula" or , , "Island of the Arabs") or Arabia, is a peninsula of Western Asia, situated northeast of Africa on the Arabian Plate. ...
and the
Persian Gulf The Persian Gulf ( fa, خلیج فارس, translit=xalij-e fârs, lit=Gulf of Persis, Fars, ), sometimes called the ( ar, اَلْخَلِيْجُ ٱلْعَرَبِيُّ, Al-Khalīj al-ˁArabī), is a Mediterranean sea (oceanography), me ...
. The rupees used in the Persian Gulf had been bought by the Gulf states from the
Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...
, who held the sterling reserves by which the rupees had originally been purchased. However, Indian rupees were being smuggled from India to the states of the Persian Gulf in exchange for gold. It was estimated in 1959 that the total amount of gold in private hands in India was about $US1.75 to 2 billion – roughly two-thirds of the value of paper money in circulation. While it was legal to own and to trade in gold within India, it was illegal to import or export gold. The Gulf Rupee, also known as the Persian Gulf Rupee (PGR), was introduced by the
India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
n government as a replacement for the
Indian Rupee The Indian rupee ( symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 ''paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use wh ...
for circulation exclusively outside the country with the Reserve Bank of India Amendment Act, 1 May 1959. After India devalued the rupee in June 1966, those countries still using it –
Oman Oman ( ; ar, عُمَان ' ), officially the Sultanate of Oman ( ar, سلْطنةُ عُمان ), is an Arabian country located in southwestern Asia. It is situated on the southeastern coast of the Arabian Peninsula, and spans the mouth of t ...
,
Qatar Qatar (, ; ar, قطر, Qaṭar ; local vernacular pronunciation: ), officially the State of Qatar,) is a country in Western Asia. It occupies the Qatar Peninsula on the northeastern coast of the Arabian Peninsula in the Middle East; it sh ...
and what is now the
United Arab Emirates The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (The Middle East). It is located at th ...
(known as the Trucial States until 1971) – replaced the Gulf Rupee with their own currencies.
Kuwait Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the nort ...
and
Bahrain Bahrain ( ; ; ar, البحرين, al-Bahrayn, locally ), officially the Kingdom of Bahrain, ' is an island country in Western Asia. It is situated on the Persian Gulf, and comprises a small archipelago made up of 50 natural islands and an ...
had already done so in 1961 and 1965 respectively. * Emergency issues, Princely states: During the 1940s, when mints were occupied for use in the war, an acute scarcity of small coins was felt throughout India. Princely states in Western India like Balvan,
Bikaner Bikaner () is a city in the northwest of the state of Rajasthan, India. It is located northwest of the state capital, Jaipur. Bikaner city is the administrative headquarters of Bikaner District and Bikaner division. Formerly the capital of ...
,
Bundi Bundi is a city in the Hadoti region of Rajasthan state in northwest India and capital of the former princely state of Rajputana agency. District of Bundi is named after the former princely state. Demographics According to the 2011 Indian cens ...
, Gondal, Indergadh,
Junagadh Junagadh () is the headquarters of Junagadh district in the Indian state of Gujarat. Located at the foot of the Girnar hills, southwest of Ahmedabad and Gandhinagar (the state capital), it is the seventh largest city in the state. Literally t ...
,
Jasdan Jasdan city is famous for a handicrafted things, agriculture machinery and also famous for the diamond polishing in the Indian States and territories of India, state of Gujarat. Jasdan is the biggest sub district in the Rajkot district. Jasdan ...
, Kutch Mengni, Muli,
Morvi Morbi or Morvi is a city in the Morbi district in the state of Gujarat, India. It is situated on the Kathiawar peninsula. , the city's population was determined to be 194,947. The city is on the Machhu River, from the sea and from Rajkot. H ...
, Mangrol, Nawanagar, Nawalgarh Palitana,
Rajkot Rajkot () is the fourth-largest city in the Indian state of Gujarat after Ahmedabad, Vadodara, and Surat, and is in the centre of the Saurashtra region of Gujarat. Rajkot is the 35th-largest metropolitan area in India, with a population of ...
,
Sailana Sailana is a town in the Malwa region of the Indian state of Madhya Pradesh. Sailana is from Ratlam city and away from Banswara district of the neighboring state of Rajasthan. Sailana was once the capital of the Sailana State before it merged ...
,
Sayla Sayla is a sub-district of Surendranagar district, Gujarat, India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the mos ...
, Vithalgadh, issued "Cash Coupons" to meet the shortage. Image:Government_of_India_5_Rupee_Note_1858.jpg,
Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...
5 Rupee note (1858) Image:GULFINR.jpg,
Hyderabad State Hyderabad State () was a princely state located in the south-central Deccan region of India with its capital at the city of Hyderabad. It is now divided into the present-day state of Telangana, the Kalyana-Karnataka region of Karnataka, and t ...
OS Rs. 100 issue Image:INR1922.jpg, Five rupees, 1922 Image:Port_rupia.JPG, Portuguese Indian 1 rupee, 1924 Image:French1rupee.jpg, French Indian 1 rupee, 1938 Image:1937INRpro.jpg,
George VI George VI (Albert Frederick Arthur George; 14 December 1895 – 6 February 1952) was King of the United Kingdom and the Dominions of the British Commonwealth from 11 December 1936 until Death and state funeral of George VI, his death in 1952. ...
profile portrait, RBI, 1937 Image:KGVI rupee 1 note obverse.jpg, One rupee,
British India The provinces of India, earlier presidencies of British India and still earlier, presidency towns, were the administrative divisions of British governance on the Indian subcontinent. Collectively, they have been called British India. In one ...
Image:INR1943.jpg,
George VI George VI (Albert Frederick Arthur George; 14 December 1895 – 6 February 1952) was King of the United Kingdom and the Dominions of the British Commonwealth from 11 December 1936 until Death and state funeral of George VI, his death in 1952. ...
profile portrait changed to frontal portrait, RBI, 1943


See also

*
Exchange rate history of the Indian rupee 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 ...
* The Revised Standard Reference Guide to Indian Paper Money *
Rupee Rupee is the common name for the currencies of India, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, B ...
*
Indian rupee The Indian rupee ( symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 ''paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use wh ...
*
Mauritian rupee The Mauritian rupee (sign: Re (singular) and Rs (plural); ISO code: MUR; ) is the currency of Mauritius. One rupee is subdivided into 100 cents. Several other currencies are also called rupee. Coins In 1877, coins for 1, 2, 5, 10 and 20 cents w ...
*
Pakistani rupee The Pakistani rupee ( ur, / ALA-LC: ; sign: Re (singular) and Rs (plural); ISO code: PKR) is the official currency of Pakistan since 1948. The coins and notes are issued and controlled by the central bank, namely State Bank of Pakistan. In ...
*
Nepalese rupee The Nepalese rupee ( ne, रुपैयाँ; symbol: रु; code: NPR) is the official currency of the Federal Democratic Republic of Nepal. The Nepalese rupee is subdivided into 100 ''paisa''. The issuance of the currency is controlled by th ...
*
Coinage of India The Coinage of India began anywhere between early 1st millennium BCE to the 6th century BCE, and consisted mainly of copper and silver coins in its initial stage.Allan & Stern (2008) The coins of this period were ''Karshapanas'' or ''Pana''. A ...
*
Coins of British India British trading posts in the Indian subcontinent were first established by the East India Company (EIC) early in the seventeenth century, which quickly evolved into larger colonies covering a significant part of the subcontinent. Early settlement ...
*
History of the taka The history of the taka, also known as the tanka or tangka, refers to one of the major historical currencies of Asia, particularly in the Indian subcontinent and Tibet. It was introduced in the 14th century and became a currency of the Silk Road. ...


References


External links


Picture of original ''Rupiya'' introduced by Sher Shah Suri




{{DEFAULTSORT:History Of The Rupee Currencies of India Currencies of Pakistan Economic history of India
Rupee Rupee is the common name for the currencies of India, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, B ...
Financial history of India