Rupee


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Rupee

1. The currency of India. Prior to the independence of India, there were various Indian rupees and other currencies in circulation, many issued by different colonial powers. The modern rupee is descended from the rupee issued by the British. It was pegged to gold for much of its history, finally floating after the end of the Bretton Woods System in 1971.

2. The name of several now defunct currencies in South Asia and the Middle East. Examples include the Bhutanese rupee and the Gulf rupee.
References in periodicals archive ?
On Thursday, the rupee recovered as the dollar lost one paisa, changing hands at Rs110.
On a week-on-week basis, the dollar managed to appreciate by one paisa against the rupee on the interbank market.
LCCI former president and Punjab Thermal Power Company Limited chairman Abdul Basit expressed grave concern over the declining value of Pak rupee against greenback, urging the government to stop this trend as it may trigger a new wave of price hike as well as increases the import bill for the country.
He said the rupee depreciation may provide some incentives to the export sector of the country, but due to rise in the cost of imports, production cost would further go up that would affect the competitiveness of our exports.
The persistent depreciation of rupee is likely to fuel inflation.
Adeeb Ahamed, managing director, Lulu Exchange, noted that the rupee slid gradually from 105 to 110 against the US dollar during the week.
However, the International Monetary Fund has repeatedly said that Pakistan's rupee is overvalued by 5-20%.
Silver coins, including one rupee ones, were in existence for very long, some being traced to Sher Shah Suri's reign in 1540.
Sudhesh Giriyan, COO, Xpress Money, said: "The current level of the rupee is very attractive for customers, especially white collar remitters, to send money home.
G Padmanabhan, deputy central banker of India, in a 2013 speech spoke at length about the rupee becoming a currency of the world.
Gary Anderson, CEO of Dubai Gold and Commodities Exchange said, "The re-listing of the Indian Rupee options contract further widens opportunities to trade Emerging Market contracts on the Exchange.
This is the first time when the finance ministry has set an actual value at which the rupee should ideally be against the dollar.