Nepalese rupees

Nepalese rupee
रुपैयाँ (Nepali)
रु1000 banknote (obverse)
ISO 4217
Code	NPR
Denominations
Subunit
1/100	Paisa
Symbol	रु Rs. (plural), Re. (singular)
Banknotes
Freq. used	रु5, रु10, रु20, रु50, रु100, रु500, रु1000
Rarely used	रु1, रु2, रु25, रु250
Coins
Freq. used	रु1, रु2
Rarely used	1, 5, 10, 25, 50 paisa, रु5, रु10
Demographics
Date of introduction	1932
User(s)	Kingdom of Nepal (1932 – 2008)    Federal Democratic Republic of Nepal (2008 – present)
Issuance
Central bank	Nepal Rastra Bank
Website	www.nrb.org.np
Valuation
Inflation	7.1%
Source	Nepal Rastra Bank, November 2015
Pegged with	Indian Rupee (₹, INR)
Pegged by	₹1 = रु1.6000 (buy) ₹1 = रु1.6015 (sell)

The Nepalese rupee (Nepali: रुपैयाँ, symbol: रु, Rs.; code: NPR) is the official currency of the Federal Democratic Republic of Nepal. The Nepalese rupee is subdivided into 100 paisa. The issuance of the currency is controlled by the Nepal Rastra Bank, the central bank of Nepal. The Nepalese rupee was introduced in 1932, when it replaced the Nepalese mohar at the rate 2:1.

Prior to 1994, the Nepalese rupee (रु) was pegged to the Indian rupee (₹) at the rate रु1.45 = ₹1, however since then it has been pegged at the rate रु1.60 = ₹1 currently.

The rupee was introduced in 1932, replacing the silver mohar at a rate of 2 mohar = 1 rupee. At first, the rupee was called the mohru in Nepali. Its value was pegged to the Indian rupee in 1994 at a rate of 1.6 Nepalese rupees = 1 Indian rupee.

The early banknotes which were issued between 1945 and 1955 during the rule of King Tribhuvan were not put into circulation by a Central Bank which did not exist in Nepal at that time. The issuing authority was the treasury which had the name Sadar Muluki Khana. Therefore, the notes of king Tribhuvan were not signed by a bank governor, but by a Kajanchi (head of the treasury) who was a high Hindu priest in the same time. Nepal’s early paper currency probably includes the only notes of the world which were signed by a high priest. These early notes were printed by the Indian Security Press in Nashik and do not have any security features, except for the water marks and the special paper on which they are printed.

Starting with King Mahendra who succeeded to his father Tribhuvan in 1955, the banknotes were issued by Nepal Rastra Bank (Nepal National Bank) which was founded in April 1956. The signature of the governors of this institution is found on the banknotes which were issued after this date.