DEFINITION of 'INR (Indian Rupee)'
The currency abbreviation or currency symbol for the Indian rupee (INR), the currency of India, in forex trading. The rupee is made up of 100 paise and is often presented with the symbol Rs. The Indian government decided to find a new symbol for its currency and in July of 2010, adopted the "ra" on coins and banknotes which looks like this:
BREAKING DOWN 'INR (Indian Rupee)'
The rupee was first seen in the middle ages, created by Sher Shah Suri at a value of 40 pieces of copper per rupee. Paper rupees began to be issued in 1770. The rupee was divided into 16 annas both during and after British rule. The rupee was pegged first to the British pound in 1898 and then to the U.S. dollar in 1966.