INR TO USD Currency Converter xe india
Free INR to USD Currency Converter by xeindia
about currency code INR
The currency code INR refers to the Indian Rupee, which is the official currency of India. Here’s a breakdown of some key facts about INR:
- Currency Code: INR
- Symbol: ₹ (Indian Rupee symbol)
- Country: India
- Subunit: 1 INR is divided into 100 paise
- Issuing Authority: Reserve Bank of India (RBI)
Brief History
The modern Indian Rupee has evolved over centuries. The word “Rupee” is derived from the Sanskrit word “Rupya,” which means “wrought silver” or “a coin of silver.” India began issuing paper money in the 18th century, and the Indian Rupee as it is known today came into existence after the country gained independence in 1947.
Banknotes and Coins
Indian Rupee banknotes are issued in denominations such as ₹10, ₹20, ₹50, ₹100, ₹200 and ₹500 Coins are available in denominations like ₹1, ₹2, ₹5, ₹10, and occasionally, commemorative coins of higher denominations.
Exchange and International Usage
The INR is recognized globally and is often represented in international financial transactions, especially when dealing with Indian trade or investments. However, unlike global reserve currencies like the USD or EUR, the INR is generally not widely accepted outside of India.
Key Features
- Security: Indian banknotes are designed with multiple security features such as watermarks, security threads, microprinting, and latent images to prevent counterfeiting.
- Design: The design of Indian banknotes often features prominent Indian landmarks, cultural icons, and symbols that reflect the nation’s heritage. For instance, Mahatma Gandhi’s image appears on all Indian Rupee banknotes.
The exchange rate of INR fluctuates against other currencies depending on a variety of factors such as economic conditions, inflation, and geopolitical events.
About currency code USD
The currency code USD refers to the United States Dollar, which is the official currency of the United States of America and its territories. The USD is one of the most widely used and recognized currencies in the world. Here’s an overview of the USD:
- Currency Code: USD
- Symbol: $ (Dollar sign)
- Country: United States of America
- Subunit: 1 USD is divided into 100 cents
- Issuing Authority: The Federal Reserve (the central banking system of the USA)
History
The USD was officially adopted as the currency of the United States in 1792 with the Coinage Act, which established the U.S. Mint and regulated coinage. The word “dollar” is derived from the Spanish peso, which was commonly used in the Americas during colonial times. The U.S. dollar became prominent globally after World War II when the Bretton Woods Agreement positioned it as the world’s reserve currency, pegged to gold.
Banknotes and Coins
USD banknotes are available in denominations of $1, $2 (less common), $5, $10, $20, $50, and $100. Coins come in denominations of 1 cent (penny), 5 cents (nickel), 10 cents (dime), 25 cents (quarter), 50 cents (half dollar), and $1 (dollar coin). Each banknote features portraits of important American historical figures such as George Washington, Abraham Lincoln, and Benjamin Franklin.
Reserve Currency Status
The U.S. dollar holds the status of being the world’s primary reserve currency, meaning that central banks and governments around the world hold large amounts of USD to facilitate international trade and financial transactions. It is often considered a safe haven currency in times of global economic uncertainty.
Global Usage
The USD is widely accepted for international trade and investments. In addition to being used in the United States, the USD is the de facto currency in several countries and territories, including Panama, Ecuador, and El Salvador. Many other countries use it alongside their local currencies.
Exchange Rate Influence
The value of the USD is influenced by numerous factors, including U.S. interest rates, inflation, government policies, and global economic trends. Since the USD is a major currency used in forex trading, its value relative to other currencies (like the EUR, GBP, or JPY) fluctuates based on international market conditions.
Key Features
- Security: U.S. banknotes are designed with advanced security features such as watermarks, security threads, color-shifting ink, and microprinting to prevent counterfeiting.
- Design: Modern U.S. banknotes feature a combination of traditional and contemporary design elements, with historical American figures on the front and iconic American landmarks on the back.
The USD is often seen as a reliable and stable currency, used in transactions worldwide, from international trade deals to everyday purchases.
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