List of Countries Having Rupee As A Currency

The Hindustani word rupyā is taken from the Sanskrit word rūpya, meaning a "wrought silver, i.e., a coin of silver", in foundation an adjective that means "shapely", with an extra precise that means of "stamped, impressed", whence "coin". It is acquired from the noun (name) rūpa "shape, likeness, image". The word rūpa is similarly diagnosed as associated with the Dravidian root uruppu, which means "a member of the body". Also, the word rūpam is ingrained in Tamil as uru (shape) derived from ur (form), which itself is rooted in ul, which means "appear".

The rupee sign ₨ is a currency sign used to symbolise the economic unit of account in Pakistan, Sri Lanka, Nepal, Mauritius, Seychelles, and previously in India. It is similar and is often written as the Latin character succession of "Rs" or "Rs.". Currency signs exist for different nations that use the rupee; however, not this sign: their utilisation is likewise described as all country rupees name on this page.

We will also go through the countries that have rupees as currency along with facts and information on what country uses rupees as currency as well.

Now, let us go through all countries with rupees names:

Countries That Have Rupee As Currency - List of All Countries

The rupee is the most common currency among the following nations besides India, and the list is as follows:

Besides the above list, the rupee was the earlier currency of the following countries:

• Afghanistan, 

• Bahrain, 

• Kuwait, 

• Oman, 

• The UAE (as the Gulf rupee), 

• British East Africa (BEA), 

• Burma, 

• German East Africa (GEA), and 

• Tibet.

So, the above list consists of the names of countries that have rupees as a currency name. 

Now, let us go through the list of Top 10 Countries With The Highest Currency Value Against Indian Rupees in the World.

List Of Top 10 Countries With The Highest Currency Value Against Indian Rupees in the World: In A Chronology

When you think of all the powerful currencies in the world, you might get an answer of the US Dollar or British Pound or Euro. But you will definitely get surprised when you hear that the most expensive currencies of 2021 are none of those mentioned above. Also, they don’t hail from the wealthiest countries of the world. 

We confer from the above text that the ‘Highest Currency’ is ranked against the higher value of that particular nation’s currency when exchanged with INR. Likewise, the US Dollar may not be the most high-priced currency but it is the most traded and robust currency in the world.

So, now let us go through the List Of Top 10 Countries With The Highest Currency Value Against Indian Rupees in the World in ascending order.

*Subjected to fluctuations

From the above table, you can see how the value of INR fluctuates, i.e., the value of the US Dollar against the Indian Rupees is not the highest, as per the year 2021.

Points To Remember

If a question arises, which currency is the highest in the world? Your answer will be Kuwaiti Dinar.

Kuwaiti Dinar, in short KWD, has been conferred with the highest currency in the world. Dinars is the currency code of KWD, which is broadly used in the Middle East for oil-based transactions. 

As per the current value, 1 Kuwaiti Dinar is equal to 246.84 INR.

Did you know that KWD has recently reached the position of the highest currency in the world, and the economic stability of Kuwait is the reason behind this? Also, the INR to KWD rate is the most preferred Kuwait Dinar exchange rate. In Kuwait, the Indian expat community is robust, and therefore, KWD-INR is a popular currency pair.

Now, why is the US Dollar not the highest currency? Instead, it is the most traded currency in the world?

The US dollar has marked its presence in the world as the most traded currency in the world. The US Dollar or USD is the currency of the United States of America, which is also the chief reserve currency of the world as both the commercial and central banks all around the world, as the world holds the USD for operating international transactions. Though not at the top position (or lagging the top currency race) in the world, it is the most preferred currency for doing conversions. 

History Of Indian Rupees

The records of the rupees may be traced back to Ancient India across the sixth century BC. Ancient India had a number of the earliest coins in the world, in conjunction with the Chinese wen and Lydian staters. 

The rupee coin has been used due to the fact then, even during British India, when it contained 11.66 g (1 tola) of 91.7% silver with an ASW of 0.3437 of a troy ounce (that is, silver worth approximately US$10 at modern prices).

Valuation of the rupee based on its silver content material had extreme results in the nineteenth century, whilst the most powerful economies in the world had been at the gold standard. The discovery of giant quantities of silver in the United States and diverse European colonies ended in a decline in the price of silver relative to gold.

At the cease of the nineteenth century, the Indian silver rupee went onto a gold exchange standard at a set rate of 1 rupee to one shilling and fourpence in British currency, i.e. 15 rupees to 1 pound sterling.

Countries That Have Rupee As Currency - Facts And Information

• Currently, the value of the US dollar against the INR is 73.58 INR, and it keeps fluctuating quite frequently, as the value is totally market-driven and also upon the factors of Demand and Supply. The people hailing from countries other than the Gulf ones use the dollar as a standard currency.

• The rise of the value of a currency occurs due to the following things:

1. Stimulated economic growth.

2. Rate of inflation’s moderate bump (i.e., around 2% a year).

3. Modification of the trade balance, where the trade balance is the sum of the amount of income, goods, services, currency transference regarding other countries.

4. The government of the country is increasing the interest rates.

5. Introduction of the government policies that can influence supply-side economics.

• In 1947, when India got its independence - there were no significant credits on the Indian balance sheet that could bring the Indian Rupee at parity with the US Dollar.

• Another fact was, India was under British Raj before its independence; therefore, the Indian Rupee was set to Pounds for keeping the value stable at that moment, but that didn’t last long.

• As reported between the periods 1927 and 1966, 1 pound was valued at 13 INR. However, this arrangement concluded in the year 1966, and the rupee started noticing devaluation.

• As a matter of fact, after gaining independence, when India launched its 5 Year Plan, the Indian Rupee, as a result, used to peg with the U.S. dollar at a rate of 7.5 INR = 1 dollar until 1971.