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The rupee was worth one shilling and sixpence in sterling in 1947. The US dollar was worth ₹ 3 in 1947 not 1, and ₹ 82.62 in 2023 Notes. The data on exchange rate for Japanese Yen is in per 100 Yen. The end year rate for 1998–99 pertain to March 26, 1999 of Deutsche Mark rate. Data from 1971 to 1991–92 are based on official exchange rates.
An exchange rate between two currencies fluctuates over time. The value of a currency relative to a third currency may be obtained by dividing one U.S. dollar rate by another. For example, if there are ¥120 to the dollar and €1.2 to the dollar then the number of yen per euro is 120/1.2 = 100.
A widely traded currency pair is the relation of the euro against the US dollar, designated as EUR / USD. The quotation EUR/USD 1.2500 means that one euro is exchanged for 1.2500 US dollars. Here, EUR is the base currency and USD is the quote currency (counter currency). This means that 1 Euro can be exchangeable to 1.25 US Dollars.
An airline ticket showing the price with ISO 4217 code "EUR" (bottom left) and not with euro currency sign " € "ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about the relationships between individual currencies and their minor units.
v. t. e. This is a list of countries by their exchange rate regime. [1] De facto exchange-rate arrangements in 2022 as classified by the International Monetary Fund. Floating ( floating and free floating) Soft pegs ( conventional peg, stabilized arrangement, crawling peg, crawl-like arrangement, pegged exchange rate within horizontal bands ...
At the time of independence (in 1947), India's currency was pegged to pound sterling, and the exchange rate was a shilling and six pence for a rupee — which worked out to ₹13.33 to the pound. The dollar-pound exchange rate then was $4.03 to the pound, which in effect gave a rupee-dollar rate in 1947 of around ₹3.30.
Since 1991, the rupee is under a floating exchange rate regime. The first major impact on the rupee's exchange rate after independence was the devaluation of the pound sterling against the US dollar in 1949, which impacted currencies that maintained a peg to the sterling, which included the Indian rupee.
The value of the dollar continued to be set by reference to the British sovereign and the American eagle, at the rate of 4.8666 Canadian dollars equal to £1, and ten Canadian dollars equal to the ten-dollar American eagle, the same rates as set in the 1853 Province of Canada legislation.
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