The basic unit of currency for India is the Indian Rupee (INR). The Indian Rupee is the official currency of India and is issued and regulated by the Reserve Bank of India.

The Indian Rupee is denoted by the symbol ₹ and has a currency code of INR. It is further divided into 100 smaller units called paise. However, due to inflation, the paise is no longer commonly used in everyday transactions, and the rupee is the more widely accepted form of currency.

The Reserve Bank of India is responsible for the issuance and distribution of currency notes and coins in the country. Currency notes are available in denominations of 10, 20, 50, 100, 200, 500, and 2000 rupees. Coins are available in denominations of 1, 2, 5, and 10 rupees.

The Indian Rupee plays a crucial role in the Indian economy and is widely accepted for all transactions within the country. It is also accepted for limited purposes in neighboring countries like Nepal and Bhutan, although the acceptance may vary.

The value of the Indian Rupee fluctuates in the foreign exchange market, and its exchange rate is determined by various factors such as supply and demand, interest rates, inflation, and economic policies. Foreign currency can be exchanged for Indian Rupees at authorized banks, currency exchange offices, and airports.

The Indian Rupee has a rich history dating back to ancient times, with its origins believed to be in the 6th century BC. Over the centuries, the currency has undergone various changes, including the introduction of different coins and notes of different denominations.

In conclusion, the Indian Rupee is the basic unit of currency for India. It is issued and regulated by the Reserve Bank of India and is denoted by the symbol ₹. The rupee is widely accepted for all transactions within India and is available in different denominations of currency notes and coins.

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