10 Facts About Indian rupee

The Indian rupee is subdivided into 100 paise, though as of 2019, coins of denomination of 1 Indian rupee are the lowest value in use.

Immediate precursor of the Indian rupee is the rupiya—the silver coin weighing 178 grains minted in northern India by first Sher Shah Suri during his brief rule between 1540 and 1545 and adopted and standardized later by the Mughal Empire.

The silver Indian rupee coin continued as the currency of India through the British Raj and beyond.

Indian rupee Currency Committee or Fowler Committee was a government committee appointed by the British-run Government of India on 29 April 1898 to examine the currency situation in India.

Previously the Indian rupee was an official currency of other countries, including Aden, Oman, Dubai, Kuwait, Bahrain, Qatar, the Trucial States, Kenya, Tanganyika, Uganda, the Seychelles and Mauritius.

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Five-Indian rupee coins, made from brass, are being minted by the Reserve Bank of India.

Between 2005 and 2008 new, lighter fifty-paise, one-, two-, and five-Indian rupee coins were introduced, made from ferritic stainless steel.

Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate.

Almost a century following the Great Recoinage of 1816, and adoption of the Gold Standard, until the outbreak of World War I, the silver backed Indian rupee lost value against a basket of Gold pegged currencies, and was periodically devalued to reflect the then current gold to silver reserve ratios, see above.

In September 1975, exchange rate of Indian rupee started to be determined on the basis of basket peg.