rupees

Rupees are the official currency units used by several countries in South Asia and parts of Africa. The term rupee is used in India, Pakistan, Sri Lanka, Nepal, Mauritius, and Seychelles, each with its own issuing authority and monetary system.

Etymology and history: The word rupee derives from Sanskrit rupya, meaning silver or a formed coin, and has medieval origins in the Indian subcontinent. The first standardized rupee coin was issued by Sher Shah Suri in 1540, and the rupee became a common monetary unit across many Indian empires. In the mid-20th century, most rupee systems adopted decimal subdivisions, typically 100 smaller units per rupee.

Modern usage: In India, the rupee (INR) is issued by the Reserve Bank of India and is the currency of a large economy. Pakistan uses the rupee (PKR); Sri Lanka uses the Sri Lankan rupee (LKR); Nepal uses the Nepalese rupee (NPR); Mauritius uses the Mauritian rupee (MUR); and Seychelles uses the Seychellois rupee (SCR). Each country maintains its own banknotes and coins, with denominations and designs tailored to national needs. The currencies are represented domestically by their respective denominations and, internationally, by their ISO codes (INR, PKR, LKR, NPR, MUR, SCR).

Subunits and symbol: Most rupees are subdivided into 100 smaller units, though the practical use of these subunits varies with inflation and coinage policies (for example, paisa or paisa-like units in some countries, cents in others). A notable exception is the Indian rupee, which has a distinctive symbol, ₹, used together with the INR code in pricing and accounting. Other rupees typically rely on their currency codes for international reference.