Indian Rupee (INR)

The Indian Rupee has a long (over 500 years) and storied history that stretches back to ancient times.

The term “rupee” comes from the Sanskrit word “rupyakam”, meaning “silver coin.”

The first version of the rupee was introduced by Sher Shah Suri in the 16th century during the Mughal era, and it has been evolving ever since.

Over centuries, the Rupee evolved through different phases, including the Mughal period, the British colonial era, and eventually post-independence India.

During British rule, the Indian Rupee was linked to the British Pound, but after gaining independence in 1947, India established its own monetary policy, issuing new notes and coins under the Reserve Bank of India (RBI).

In recent years, the introduction of polymer banknotes and digital payment technologies has signaled significant innovations aimed at modernizing the currency and reducing fraud.

In the past year, the Indian Rupee (INR) has seen a fair share of volatility against major global currencies like the Euro (EUR), US Dollar (USD), and British Pound (GBP).

• EUR/INR: The exchange rate started the year at around 88.00 INR per EUR. In February, there was a sharp increase to approximately 90.00 INR, indicating the Euro gaining strength relative to the Indian Rupee. Following this initial spike, the rate fluctuated between 86.50 and 90.00 INR before rising significantly in July to over 92.00 INR. The latter half of the year experienced heightened fluctuations, with several peaks and dips, reaching its lowest value below 87.00 INR in October. Toward the end of the year, the rate spiked again, exceeding 92.00 INR, reflecting volatility but an overall strengthening of the Euro.
• GBP/INR: The exchange rate started the year at around 88.00 INR per EUR. In February, there was a sharp increase to approximately 90.00 INR, indicating the Euro gaining strength relative to the Indian Rupee. Following this initial spike, the rate fluctuated between 86.50 and 90.00 INR before rising in July to over 92.00 INR. The latter half of the year experienced fluctuations, with several peaks and dips, reaching its lowest value below 87.00 INR in October. Toward the end of the year, the rate spiked again, exceeding 92.00 INR, reflecting volatility but an overall strengthening of the Euro.
• USD/INR: In the first half of the year, the exchange rate fluctuated within a narrow range between 81.00 and 83.00 INR, showing relative stability. There was no significant upward or downward trend, indicating a balanced exchange rate during this period. The mid-year period exhibited slight fluctuations but generally remained within a narrow range of 82.00 to 84.00 INR. Similarly, the latter half of the year did not show any significant sustained movements, with the rate remaining stable within the 82.00 to 84.00 INR range. A sharp spike occurred in November, reaching a high above 85.00 INR, but this increase was short-lived, and the rate quickly returned to its previous range.