Business, Legal & Accounting Glossary
The rupee is a unit of currency. The rupee as used in India for its official currency is called the Indian rupee. One hundred paise make one rupee. In English, rupee stands for silver. INR is the currency code for the Indian rupee and Rs is the symbol used for the Indian rupee. Historically, the Indian rupee has been pegged to the pound sterling (i.e. British pound: GBP). The Indian rupee is no longer pegged to the pound sterling (GBP) but follows a managed float against several currencies. The Reserve Bank of India distributes the Indian rupee. Other countries using the rupee are Pakistan (Pakistani rupee), Nepal (Nepalese rupee), Mauritius (Mauritian rupee), Seychelles (Seychellois rupee), and Sri Lanka (Sri Lankan rupee).
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This glossary post was last updated: 9th February, 2020 | 1 Views.