The Indian rupee (sign: ₹; code: INR) is the official currency of the Indian subcontinent. It is also known as the "Rupaya" in Hindi, "Rube" in Urdu, and "Rupaiya" in Bengali. It is abbreviated as 'Rs.' The Indian Rupee has a floating exchange rate system which means that the INR exchange rate fluctuates according to supply and demand. The rupee is subdivided into 100 paise (singular: paisa). The issuance of the currency is controlled by the Reserve Bank of India (RBI), the nation's central bank. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.The Indian rupee is the largest economy in South Asia. The rupee is subdivided into 100 paise (singular: paisa). Among the major trading partners of India are China, United States, Japan, Saudi Arabia, Russia, the United Arab Emirates, and Iran. The Indian Rupee is now the world’s 9th most traded currency in the foreign-exchange market. It is also one of the most stable currencies in Asia.Indian Rupee has its own scrip symbol of '₹'. It is derived from the Devanagari letter र (ra). The earliest usage of "Ra" is found in a 3rd-century BCE coin.The Indian rupee was introduced on 1 April 1957, a year before India became a republic, to replace the British Raj currency. The commemorative corporation coin of 5 and 10 paise was minted in copper as a whole unit. The unit of denomination was called "Anandagsha" and the concept of decimal coinage was introduced to india by this coin.The term "rupee" is derived from the Sanskrit word रूप्रूप्यकम ् (rūpyakam) which means "wrought silver, a coin of silver", in origin an adjective meaning "shapely", with a more specific meaning of "stamped, impressed", whence "coin".The history of the Indian rupee traces back to Ancient India in circa 6th century BC, ancient India was one of the earliest issuers of coins in the world, along with the Chinese wen and Lydian staters.The term "rupee" was first used in a Tamil-language poem to refer to money.The rupee is issued by the Reserve Bank of India(RBI), the central bank of the Republic of India. The rupee is subdivided into 100 paise (singular: paisa) or, informally, into 100 "riyas" (singular: riya) in Hindi and other Indian languages, though the latter term is now obsolete.On 8 November 2016, the government announced the demonetisation of ₹500 and ₹1000 banknotes with effect from midnight of the same day, making these notes invalid legal tender; the remonetization process is likely to be completed by 31 December 2016.The Indian rupee was first introduced, issued and termed as "rupiya" (silver coin) by Sher Shah Suri, during his five years rule from 1540 to 1545. Suri also issued ₹1, ₹2, ₹4, ₹8, and ₹10 coins. The Indian rupee was first introduced, issued and termed as "rupiya" (silver coin) by Sher Shah Suri, during his five years rule from 1540 to 1545. Suri also issued ₹1, ₹2, ₹4, ₹8, and ₹10 coins.The history of the Indian rupee traces back to Ancient India in circa 6th century BC, ancient India was one of the earliest issuers of coins in the world, along with the Chinese wen and Lydian staters. The word "rupee" was derived from the Sanskrit word "rūpya", which means "wrought silver, a coin of silver", in origin an adjective meaning "shapely", with a more specific meaning of "stamped, impressed", whence "coin".
