The Indian Rupee (symbol: ₹) is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India. It is named after the silver coin, rupiya, first issued by Sher Shah Suri in the 16th century later continued by the Mughal Empire.
The modern rupee is subdivided into 100 paise (singular paisa), though as of 2011 only 50 paise coins are legal tender. Banknotes in circulation come in denominations of ₹1, ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1000. Rupee coins are available in denominations of ₹1, ₹2, ₹5, ₹10.
The Indian rupee symbol '₹' (officially adopted in 2010) is derived from the Devanagari consonant "र" (ra) and the Latin letter "R". The first series of coins with the rupee symbol was launched on 8 July 2011.