EUR/INR Historical Price Charts – Euro Price History
Arslan Butt • 3 min read
The EUR is the official currency for 19 of the 28 members of the European Union (EU), including Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Cyprus, Estonia, Latvia, Lithuania, Malta, Slovakia, and Slovenia. The EUR is also known as the Euro currency, and it is the second most traded currency globally, after the US dollar. The name “Euro” was introduced in 1995, to replace the former European Currency Unit (ECU), which was a non-circulating currency. However, as a general EU currency, it was only introduced on January 1, 1999, and began circulating in 2002. The Euro is broken down into 8 coins. namely 1, 2, 5, 10, 20 and 50 cent coins and 1 and 2 Euro coins, and the most frequently used Euro banknote denominations are 5, 10, 20, 50, and 100.
On the other hand, the Indian rupee (the quote currency) is India’s national currency, which is also known as the INR currency. The INR is usually represented by the symbol ₹. The Indian rupee (INR) derives its name from the rupiya, a silver coin first issued by Sultan Sher Shah Suri in the 16th Century. For the time being, the issuance of the currency is controlled by the Reserve Bank of India. Managing currency in India could be considered as one of the essential tasks of the Reserve Bank of India. Moreover, India’s reserve bank also plays an important part in the Development Strategy of the Government of India, the issuing of statements and decisions on the interest rates of the country.
From the historical view, the new rupee sign (₹) was officially approved in 2010. The creator of the symbol, D. Udaya Kumar, derived it by combining the Devanagari consonant “र” (ra) and the Latin capital letter “R” without its vertical bar (similar to the R rotunda). It should be noted that the first series of coins with the new rupee sign began to circulate on July 8, 2011. Before that, India used “₨” and “Re” as the symbols for multiple rupees and one rupee.
On the subject of the coins, let me remind you that India’s coins are issued in denominations of 50 paise, one rupee, two rupees, five rupees, and ten rupees. Hence, the paise is 1/100th of a rupee. Coins worth 50 paise are called small coins, while coins equal to or above one rupee are known as rupee coins.
The paper currency or banknotes of India are issued in denominations of 5, 10, 20, 50, 100, 500 and 2,000 rupees. It is worth mentioning that the denominations are printed in 15 languages on the reverse side of paper rupees. On the front, the denominations are printed in Hindi and English.
Typically, India’s banknotes are updated with new designs, including distinct differences from the old Mahatma Gandhi Series of banknotes to the new ones of the same name. The notes show various themes drawn from India’s rich culture.
Current EUR/INR Price: $
Historical Data Tables:
EUR/INR Historical Price Data
What is the EUR/INR (Euro/Indian Rupee)?
In forex pairs, one currency is always quoted against the other, as the currencies are traded in pairs. Thus, the EUR/INR currency pair represents the trading of the EUR versus the Indian rupee. In this case, the first currency (EUR) is the base currency, and the second (INR) is the quote currency. It shows how much the EUR is worth, as measured against the INR. For example, EUR/INR = 70.9272 indicates that one Euro can buy 70.9272 Indian Rupees.
Major Factors that Influence the EUR/INR Currency Pair
The value of the EUR/INR currency pair is mainly affected by geopolitical factors and global sentiment, as is the case for many emerging market currencies because foreign players have been withdrawing from the Indian equity market, which has contributed to the fall of the Indian rupee. Across the pond, the INR currency has a strong correlation with the crude oil prices, as WTI Crude accounts for a significant portion of India’s overall imports. Thus, the rise in the price of crude oil hurts the Indian economy. If WTI crude oil prices rise further, it will not only impact the rupee’s stability and the rise in stock markets, but it might also produce an inflationary effect.
On the EUR side, the Euro is mainly affected by the following factors.
1: European Central Bank (ECB) monetary policy,
2: Employment rates, job creation,
3: Budget deficits and national debt levels in Eurozone countries
4: Domestic and international policies
5: Economic growth in Eurozone countries.