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The rupee is a currency used in several countries, including India, and was originally made of silver. It is divided into subunits and has its own symbol. English speakers in India use special terms to denote large numbers of rupees. The currency celebrates historical figures in its designs and is controlled by central banks.
A rupee is a unit of currency. The most famous example is probably the Indian rupee, the official currency of India, although the rupee is also in use in Indonesia, Mauritius, Sri Lanka, Nepal, Pakistan, Maldives and Seychelles. In the case of the Indian rupee, the currency has its own symbol, introduced in 2010 following a design competition created to spark interest in India’s economy and financial activities. Exchange rates for all rupee denominations are readily available online and through banks that offer currency exchange.
The term “rupee” originates from a Sanskrit word meaning “wrought silver”, a reference to the fact that rupees were originally made of silver. Historically, various nations have used it, including some African countries with a history of Indian trade. This currency was once widely accepted and used even in countries with other currencies, a reflection of lively commercial activity in Asia and the Middle East.
The modern rupee is divided into 100 units known as cents, paisa or paise, depending on the country in which the currency is being used. Other subunits, such as annas, have been used and are sometimes referenced in novels and texts written in earlier times. They also remain in slang, even though they are no longer officially sanctioned for use. Merchants may sometimes give values in subunits depreciated by custom or regional tradition, although banks and financial institutions tend to frown on these practices.
In India, English speakers use special terms to denote large numbers of rupees. One lakh is 100,000 rupees and one crore is 10,000,000 rupees. So people might see prices quoted in terms like “four lakhs” instead of “400,000”. Terms like “thousand” are not widely used. This information may be relevant to readers of Indian novels, as well as people doing business in the region who might otherwise be confused by unfamiliar words.
Like other coins, the rupee celebrates a variety of politicians and historical figures in its designs. Depending on the country, currency and paper money may be printed with a variety of ornamental motifs, reflecting the region’s rich history and culture. Rupees are designed and printed by the central banks of their respective regions and these central banks also control the money supply as part of their monetary policy operations, with the aim of keeping the economy stable and healthy.
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