![]() ![]() The Indian rupee was a silver-based currency during much of the 19th century, which had severe consequences on the standard value of the currency, as stronger economies were on the gold standard. Among the earliest issues of paper rupees include the Bank of Hindostan (1770–1832), the General Bank of Bengal and Bihar (1773–75, established by Warren Hastings), and the Bengal Bank (1784–1791). The silver coin remained in use during the Mughal period, Maratha era, as well as in British India. The coins depicting Ram and Sita were issued in both silver and gold minting ended right after Akbar's death in 1605. The Mughal ruler issued coins honouring the Hindu deities in 1604–1605. Sher Shah Suri, during his five-year rule from 1540 to 1545, set up a new civic and military administration and issued a coin of silver, weighing 178 grains, which was also termed Rupiya. In the intermediate times there was no fixed monetary system as reported by the Dà Táng Xīyù Jì. Rūpa means form or shape, example, rūpyarūpa, rūpya – wrought silver, rūpa – form. 340–290 BC), mentions silver coins as rūpyarūpa, other types including gold coins (suvarṇarūpa), copper coins (tāmrarūpa) and lead coins (sīsarūpa) are mentioned. ![]() Īrthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. It is derived from the noun rūpa "shape, likeness, image". ![]() As an adjective it means "shapely", with a more specific meaning of "stamped, impressed", whence "coin". The word "rupee" is derived from a Sanskrit word "rūpya", which means "wrought silver", and maybe also something stamped with an image or a coin. The term in Indian subcontinent was used for referring to a coin. ![]() The mention of rūpya by Pāṇini is seemingly the earliest reference in a text about coins. The history of the rupee traces back to ancient Indian subcontinent. (Only the headline and picture of this report may have been reworked by the Business Standard staff the rest of the content is auto-generated from a syndicated feed.Silver coin of the Maurya Empire, known as Rūpyarūpa, with symbols of wheel and elephant. Meanwhile, the country's foreign exchange reserves declined by USD 3.007 billion to USD 561.046 billion in the week ended August 26, the Reserve Bank of India (RBI) data showed. On the domestic equity market front, the 30-share BSE Sensex was trading 243.2 points or 0.41 per cent higher at 60,036.34, while the broader NSE Nifty was up 76.55 points or 0.43 per cent to 17,909.90.įoreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth Rs 2,132.42 crore, as per exchange data. The dollar index eased further on Monday as investors await cues from US CPI data this week. "Markets now await India's August inflation data, which is likely to trend higher to 6.90 per cent from 6.71 per cent in July, as per a poll, adding pressure on RBI to hike interest rates more aggressively in coming months," said Sriram Iyer, Senior Research Analyst at Reliance Securities. The global oil benchmark Brent crude futures fell 1.49 per cent to USD 91.46 per barrel. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.23 per cent to 108.75. On Friday, the rupee appreciated by 12 paise to close at 79.57 against the American currency. In initial deals, the local unit also touched 79.64 against the dollar. The rupee depreciated by 10 paise to 79.67 against the US dollar in opening trade on Monday, even as the equity market opened on a positive note.Īt the interbank foreign exchange market, the rupee opened at 79.66 against the greenback, then fell to 79.67, registering a decline of 10 paise over its last close. ![]()
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