The origin of the word Rupee is found in the Sanskrit word rupya, meaning 'silver.' The derivative word Rupiya was used to denote the coin introduced by Sher Shah Suri during his reign from 1540 to 1545 CE. The original Rupiya was a silver coin weighing 178gm. The coin was used since then even during the times of British India. Formerly the rupee was divided into 16 annas, and the anna into 4 pice or 12 pies. Decimalization occurred in Ceylon (Sri Lanka) in 1869, India in 1957 and in Pakistan in 1961.
Large denominations of Rupees are often counted in lacs or lakhs (100,000) and crores(10,000,000). Pakistani Currency bills
A silver coin of 175 grains Troy, called tanka, approximating to the rupee, was struck by the Mahommedan rulers of Delhi in the 13th century; but the rupee itself, of 179 grains, was introduced by Sher Shah in 1542.
The weight of the rupee (one Iola) is also the unit upon which the Indian standard of weights is based.
Therefore a lakh of rupees, which before 1873 was worth Lio,000, is now only worth £6666, and a crore of rupees, which was formerly a million sterling, now only amounts to £666,666.
If the rupee hasnt depreciated to the extent of the won, baht and the ringgit, this is not the consequence of the inherent strength of economy or astute economic management.
The prime factor behind the relative stability of the rupee is the lack of national self-confidence resulting in procrastination on the issue of the full convertibility.
If the rupee had been convertible on the capital account as the currencies of the beleaguered Southeast Asian nations are, there would have been a massive flight of capital which would have been seen the value of the rupee drop like a stone into a deep abyss.
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