Importance of INR
Due to India’s position as the world’s sixth-largest economy by Nominal GDP charts, INR has become an important currency in the world. Being the world’s largest populous country there is a huge amount of inflow and outflow of money every day. Even some central banks around the world use Inr as a reserve currency. India is a huge market of Information technology and outsourcing industries which makes Inr a key player in the world economy because these markets only deal in INR and proper management is needed to maintain such a huge amount of transactions daily RBI is doing it very well.
INR Full Form
INR Stands for Indian National Rupee. The INR was introduced in 1947 before this there was a British Indian rupee and it has been in circulation since the 16th century. The Indian rupee was made of silver at that time but after independence INR was introduced and was issued by the Reserve Bank of India. In 2010 Udaya Kumar configured a new way to represent the rupee replacing Rs with “₹”. The lowest denomination currently is the paisa 100 paisa accounts for 1 rupee you might find 25 paise or 50 paise but it is very rare because RBI has stopped issuing coins of value less than 1 rupee. INR is the official currency of India and it is a common term used in financial transactions and currency exchange all over the world.