Indian Rupee (INR)
Definition: The Indian Rupee (symbol: ₹; code: INR) is the official currency of India. It is managed by the Reserve Bank of India (RBI). The Rupee is subdivided into 100 paise, although paise coins are no longer in circulation.
History: The Indian Rupee has a long history dating back to ancient India. The modern Rupee was introduced in the 19th century, and the symbol ₹ was officially adopted in 2010. The currency's value is largely determined by market forces, though the RBI intervenes occasionally to manage volatility.
Usage: The INR is used primarily within India but is also accepted in neighboring countries like Nepal and Bhutan. It is a key currency in the South Asian region and is increasingly used in international trade and remittances.
US Dollar (USD)
Definition: The United States Dollar (symbol: $; code: USD) is the official currency of the United States and several other countries. It is the world's primary reserve currency and the most widely used currency in international transactions. The US Dollar is subdivided into 100 cents.
History: The USD was adopted as the official currency of the United States in 1792. It was originally backed by silver and gold, but since 1971, it has been a fiat currency, meaning its value is not directly tied to any physical commodity but is determined by market forces and government policy.
Usage: The USD is used as a standard currency in global trade, financial markets, and foreign exchange reserves. Many countries peg their own currencies to the USD for stability.