INR stands for Indian Rupee, which is the official currency of the Republic of India. The Indian Rupee is symbolized by the currency code "INR" and the symbol "₹". It is issued and regulated by the Reserve Bank of India, which is the country's central banking institution.
The Indian Rupee is a fiat currency, meaning its value is not backed by a physical commodity like gold or silver but is determined by market forces of supply and demand. It is subdivided into 100 paise. However, due to its significantly low value, paise are rarely used in everyday transactions.
INR is widely accepted as legal tender within India and is used for all financial transactions within the country, including the purchase of goods and services, payment of bills, and exchange for foreign currencies. It is also accepted by some neighboring countries like Nepal and Bhutan.
The value of INR fluctuates against other major currencies on the international foreign exchange market. The exchange rate of the Indian Rupee is affected by various factors, including inflation, interest rates, government policies, and global economic conditions.
Overall, INR is the official currency unit of India, and its fluctuating value plays a significant role in the country's economy and international trade.
