The currency abbreviation or currency symbol for the Indian rupee (INR), the currency of India. The rupee is made up of 100 paise and is often presented with the symbol (Rs). The Indian government has decided to find a new symbol for its currency and as of March 5, 2009 has announced a contest to design this symbol. |||The rupee was first seen in the middle ages, created by Sher Shah Suri at a value of 40 pieces of copper per rupee. Paper rupees began to be issued in 1770. The rupee was divided into 16 annas both during and after British rule. The rupee was pegged first to the British pound in 1898 and then to the U.S. dollar in 1966.
The currency abbreviation or currency symbol for the Indian rupee (INR), the currency of India. The rupee is made up of 100 paise and is often presented with the symbol Rs. The Indian government has decided to find a new symbol for its currency and on March 5, 2009, the goverment announced a contest to design this symbol. |||The rupee was first seen in the middle ages, created by Sher Shah Suri at a value of 40 pieces of copper per rupee. Paper rupees began to be issued in 1770. The rupee was divided into 16 annas both during and after British rule. The rupee was pegged first to the British pound in 1898 and then to the U.S. dollar in 1966.
A measure of the number of jobless claims filed by individuals seeking to receive state jobless benefits. This number is watched closely by financial analysts because it provides insight into the direction of the economy. Higher initial claims correlate with a weakening economy. |||The strength of a nation's economy will have an impact on the appreciation or depreciation of its currency against other major currencies. Therefore, forex traders typically look at the initial claims figure as part of their analyses when assessing a currency's prospects for the immediate future. Generally speaking, week-by-week numbers are too volatile to get an accurate picture of economic changes, so four-week moving averages are typically used for the initial claims metric.
The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. Central banks attempt to stop severe inflation, along with severe deflation, in an attempt to keep the excessive growth of prices to a minimum. Watch: Inflation |||As inflation rises, every dollar will buy a smaller percentage of a good. For example, if the inflation rate is 2%, then a $1 pack of gum will cost $1.02 in a year. Most countries' central banks will try to sustain an inflation rate of 2-3%.
A foreign exchange rate quoted as the foreign currency per unit of the domestic currency. In an indirect quote, the foreign currency is a variable amount and the domestic currency is fixed at one unit. |||For example, in the U.S., an indirect quote for the Canadian dollar would be C$1.17 = US$1. Conversely, in Canada an indirect quote for U.S. dollars would be US$0.85 = C$1.
In forex trading, a currency quote that is provided by a market maker to a trading party but that is not firm. In other words, when a market maker provides an indicative quote to a trader, the market maker is not obligated to trade the given currency pair at the price or the quantity stated in the quote. Contrast this to a firm quote, in which a market maker guarantees a specified bid or ask price to a trader up to the maximum quantity specified in the quote. |||Market makers will typically provide indicative quotes if a trader requests a quote for a currency pair but does not specify the quantity to be traded, or if there is some doubt as to the market maker's ability to transact the currency pair at the bid or ask quoted. The bottom line is that traders can rely on indicative quotes as a reasonable estimate of the exchange rate at which they can enter their currency trade, but there is no guarantee that this will be the rate they get.
A situation where one currency cannot be exchanged for another currency because of foreign exchange regulations or physical barriers. Inconvertible currencies may be restricted from trade due to extremely high volatility or political sanctions. |||Labeling a currency as inconvertible allows regulators to protect investors from storing funds in an unsafe investment. For example, if a nation were to begin experiencing hyperinflation, where the value of a unit of currency rapidly depreciates, its currency could be deemed inconvertible. This would prevent investors from converting funds into the unstable currency.
The currency abbreviation or currency symbol for the Israeli New Sheqel (ILS), the currency for Israel. The New Sheqel is made up of 100 agorot, and is often presented with the symbol __. This symbol represents a combination of the first letters in Hebrew of the words "sheqel" and "hadash". The currency itself is actually produced by a South Korean company, as there is no mint in Israel. |||The New Sheqel was first seen in 1986 when it replaced the original sheqel currency at a ratio of 1000 to 1. It became a freely convertible currency in 2003 and began trading derivatives in 2006. The currency became fully convertible in 2008.