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Does Indian rupee have a market-determined exchange rate?

Officially, the Indian rupee has a market-determined 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.

What currency is rupiah & rufiyaa?

In Indonesia and the Maldives, the unit of currency is known as rupiah and rufiyaa respectively, cognates of the word rupee. The Indian rupees ( ₹) and Pakistani rupees ( Rs.) are subdivided into one hundred paise (singular paisa) or pice. The Nepalese rupee (रू) subdivides into one hundred paisa (singular and plural) or four sukaas.

When did the rupee become a currency?

The immediate precursor of the rupee is the rūpiya —the silver coin weighing 178 grains minted in northern India, first by Sher Shah Suri during his brief rule between 1540 and 1545, and later adopted and standardized by the Mughal Empire. The weight remained unchanged well beyond the end of the Mughals until the 20th century.

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