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When did the Indian rupee become a currency?

The Indian rupee replaced the Danish Indian rupee in 1845, the French Indian rupee in 1954 and the Portuguese Indian escudo in 1961. Following independence in 1947, the Indian rupee replaced all the currencies of the previously autonomous states.

Why is the rupee a currency?

The rupee symbol was adopted to represent the Indian Rupee internationally, and the currency conversion restrictions were lifted to promote foreign trade and investments. The Rupee continues to be an integral part of India's economy and its value is closely monitored by the Indian Government to ensure economic stability and growth.

Is Indian rupee a controlled exchange rate?

However, the Reserve Bank of India trades actively in the USD/INR currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate. This is sometimes called a "managed float".

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