Definition

Noun: - The basic unit of money in India; equal to 100 paise: The Indian rupee is the official currency of the Republic of India. It is issued and controlled by the Reserve Bank of India.

Usage Examples

• Noun:
  • The price of the book is 500 Indian rupees.
  • You can exchange your dollars for Indian rupees at the airport.
  • The cost of living in some Indian cities is often discussed in terms of thousands of rupees.

Advanced Usage

• Symbol and Code: The Indian rupee is commonly represented by the symbol '₹'. Its international currency code (ISO 4217) is INR.
  • The amount was listed as ₹1,250 (INR).
• Historical Context: The modern Indian rupee was decimalized in 1957, dividing it into 100 paise (singular: paisa).
  • Before decimalization, the rupee had a more complex system of annas and pice.

Variants and Related Words

• Rupee (noun): The general term for the currency unit used in India and several other countries like Pakistan, Sri Lanka, and Nepal. When used alone, context usually specifies which country's rupee is meant.
  • The Nepalese rupee is pegged to the Indian rupee.
• Paise (noun): The subunit of the Indian rupee. 100 paise equal one rupee. (Note: Due to inflation, paise coins are now rarely used in everyday transactions).
  • The price was rounded to the nearest rupee as paise coins are seldom seen.

Synonyms

• INR: The official three-letter currency code for the Indian rupee.
• ₹: The currency symbol for the Indian rupee.

Related Phrases

• Rupee sign: Refers specifically to the '₹' symbol.
  • The new rupee sign was adopted by the Indian government in 2010.
• Convertible rupee: A historical term referring to a period when the rupee's value was pegged to a foreign currency basket.
• Rupee diplomacy: A term sometimes used in international relations, referring to the use of Indian aid or currency agreements as a tool of foreign policy.

Noun

1. the basic unit of money in India; equal to 100 paise