As the #bitcoin prices is soaring high and expecting it to touch the ATH of $ 69k, I kept on calculating the value in my home currency. Afterall, I needed to have a value in sight in my local traded currency to fulfill my targets or wishes. Being an Indian citizen, anything I needed to have must be traded in the Indian currency rather than any other foreign currency or even at digital currency. As the Indian currency have the acceptance around the Indian territory. The moment I move away from Indis, then I needed to look out for the currency of the desired destination for local trading ime shopping, dining or paying bills.
I remember, My Dad had 100 Dirhan with him, he wanted to encash it as value of Dirham is much greater than Indian rupee. Likewise I have a friend visiting me in 2012 and he wanted some amount in Indian rupee, he offered me his #euros and in return, I gave him the required amount at the forex rate. He is happy seeing he does not needed to pay the exchange commission. I kept that foreign currency for few years and encash them at higher rate in 2017, it was more than expected. I don't remember the exact value but it was close to double the amount I gave it to him. It was a nice trade executed giving me heslthy return in few years. Even though I paid the commission but was happy with whatever I got.
(denomination of Indian currency INR20)
Growing Economy
Indian currency is in limelight lately, as our government is focusing on 3 trillion economy in the coming years. It is important that our currency stay stronger. Currently, the Indian rupee represented by "INR" is ranked 15th in the world's strongest currencies, with a value of 82.9 per US dollar. Even after so many exploitation at the hands of foreign invaders during the pre independence, time, our currency has recovered strongly. Even though it is not as strong as the US dollar or the pound, or the euros but finding them ahead of many other foreign currencies feels good.
Lately, our country economy is booming at a rapid pace. We have so many development projects in sight, our stock market indices too set a new bench mark. This gives a stronger indication that out currency will get more stringer day by day. Currency of an economy gets stronger when demand for a currency grows and vice veraa. This represents the simple demand and supply economical theory, higher the demand less the supply and vice versa.
The major drawback, that makes our currency bit weaker is the lack of its convertibility, leading to potential trade challenges.
(denomination of Indian currency INR10)
Facts about Indian currency.
- One Rupee consists of 100 Paise.
- The symbol of the Indian Rupee is ₹
- The Rupee name comes from the Sanskrit word Rupya, which means "silver".
- The rupee was put into circulation in 1947 after the partition of India
- Sher shah Suri was considered to be father of introducing the currency Rupiya during his 5 years rule between 1540 to 1545.
- The Reserve Bank of India (RBI) controls and approves the indian currency.
- The Indian currency are available in denomination of 5, 10, 20, 50, 100, 500, 2000
- The color scheme of Indian currency notes is mainly yellow, green, mauve, and brown.
Being a growing economy and a stable government insight, we can a expect a stringer currency in future. However the strength of the currency is depends upon various factor, including the demand and supply, the economy inflation, the central bank interest rates etc. However there is a delight to have stronger currency, as it makes the foreign trip more cheaper and also make way for cheaper foreign goods. May be we could see a transformation sooner. We can only hope for the best.
This is my 4th content Inleo monthly writing prompt for the m/o March.