The silver coin remained in use during the Mughal period, Maratha era as well as in British India. During Babur's time, the brass to silver exchange ratio was roughly 50:2. ĭuring his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin of silver, weighing 178 grains (or 11.53 grams), which was also termed the rupiya. In the intermediate times there was no fixed monetary system as reported by the Da Tang Xi Yu Ji. The silver Rūpaka ( Sanskrit: रूपक) coins were weighed approximately 20 ratis (2.2678g). The Gupta Empire produced large numbers of silver coins clearly influenced by those of the earlier Western Satraps by Chandragupta II. Rūpa means 'form' or 'shape' for example, in the word rūpyarūpa: rūpya 'wrought silver' and rūpa 'form'. 340–290 BCE), mentions silver coins as rūpyarūpa, other types including gold coins (suvarṇarūpa), copper coins (tamrarūpa) and lead coins (sīsarūpa) are mentioned. Īrthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya (c. The history of the Indian rupee traces back to ancient India in circa 6th century BCE: ancient India was one of the earliest issuers of coins in the world, along with the Chinese wen and Lydian staters. Rupiya issued by Sher Shah Suri, 1540–1545 CE Other types of coins, including gold coins ( suvarṇarūpa), copper coins ( tāmrarūpa), and lead coins ( sīsarūpa), are also mentioned. 340–290 BCE), mentions silver coins as rūpyarūpa. Arthashastra, written by Chanakya, prime minister to the first Maurya emperor Chandragupta Maurya ( c. Though Pāṇini mentions rūpya ( रूप्य), it is unclear whether he was referring to coinage. The weight remained unchanged well beyond the end of the Mughals until the 20th century. The immediate precursor of the rupee is the rūpiya-the silver coin weighing 178 grains minted in northern India, first by Sher Shah Suri during his brief rule between 15, and later adopted and standardized by the Mughal Empire. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934. The issuance of the currency is controlled by the Reserve Bank of India. The rupee is subdivided into 100 paise (singular: paisa), though as of 2023, coins of denomination of 1 rupee are the lowest value in use whereas 2000 rupees is the highest. The Indian rupee ( symbol ₹ code: INR) is the official currency in the Republic of India.

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