The Indian Rupee is the official currency of the Republic of India and is issued and controlled by the Reserve Bank of India. The Indian Rupee is primarily used in India, but was once the official currency of several other countries including Aden, Oman, Dubai, Kuwait, Bahrain, Qatar, the Trucial States, Kenya, Tanganyika, Uganda, the Seychelles and Mauritius. However, these countries have since replaces the Indian Rupee with currencies of their own. Never the less, the Indian Rupee is a widely used currency as there are over 1.3 billion people residing in India. Therefore, the Indian Rupee currency is widely used among online trading brokerages operating in India. Traders looking to trade with the Indian Rupee as their primary currency should do so with Indian trading brokerages as they are plentiful and primarily accept Indian Rupees.show more
The Indian Rupee adopted a new symbol in 2010 to represent its currency. The “₹” sign is now used to represent all denominations of the currency. As well, the currencies code or ticker symbol of “INR” is often used to represent the Indian Rupee. The “₹” sign precedes the value of Indian Rupees while the code “INR” often follows the value of Indian Rupees. The currency is broken up into denominations of 1/100, with each being called a paisa “p”. Frequently used banknotes of the Indian Rupee are ₹10, ₹20, ₹50, ₹100, ₹200, ₹500, ₹2000 and frequently used coins are ₹1, ₹2, ₹5, ₹10.
Indian Rupees are primarily accepted by Indian trading brokerages, but are not widely accepted by trading brokerages outside of India. If you are a trader from a country outside of India and wish to trade with an Indian trading brokerage, there is a good chance you will need to deposit funds with Indian Rupees. Foreign currencies can easily be exchanged for Indian Rupees in a variety of ways. The easiest way would be to deposit your funds into an online broker and exchange them into Indian Rupees via the brokers built in exchange service.
However, not all online brokers have this exchange service built into their platforms, and traders will have to use a third-party exchange service. For example, traders can use an online exchange service, or simply exchange their currency at a bank. Whichever method is chosen, there will be a small fee incurred.
Traders who wish to make deposits with Indian Rupees have the most available deposit methods among Indian trading brokers. Usually, traders can choose from depositing funds through direct bank transfers, bank wires, debit/credit cards, and even cheques. Traders that deal with other currencies can apply for a foreign currency account of Indian Rupees with various banks depending on the country. This allow them to acquire Indian Rupees for the purposes of trading. For traders who do not have this option available to them, they can deposit and withdraw funds through e-wallets, digital vouchers, or prepaid credit cards. Either way, there are various methods for banking with Indian Rupees for everyone.