1 GBP to INR
December 28, 2018
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1 GBP to INR in 1947 till 2018| Decade Wise Rate Analysis

1 GBP to INR

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1 GBP to INR in 1947 till 2018| Decade Wise Rate Analysis

History of British Pound

The Pound Sterling is the official currency of the UK, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Island, the British Antarctic Territory, and Tristan da Cunha. The pound is a very common name for the British currency and some people call it Sterling as well. GBP is the 3rd most traded currency in the world after USD and Euro. It is also the 3rd highest reserve currency as well, about 4%.

£ is the symbol of the currency. The symbol of Pound comes from medieval Latin. The Roman words librasolidus, and denarius (£sd) refer to pounds, shillings and pence in the British pre-decimal currency system and the black-letter “L” was the abbreviation for libra, the basic Roman unit of weight.

First Use of Pound

The first use of Pound as currency was in Anglo-Saxon England. 1 GBP was equal to 240 silver pennies or one pound weight of solver. It went through multiple changes and eventually became the currency of modern Britain. Here is how pound was divided:

4 farthings¹ = 1 Penny

12 Pence = 1 shilling

20 shillings = 1 Pound

¹The British farthing ( 14d) coin, from “fourthing“, was a unit of currency of one-quarter of a penny, or 1960 of a pound sterling. It was minted in bronze and replaced the earlier copper farthings. 

The pound sterling was introduced in the rule of King Offa of Mercia in the 7th century. In 1663, silver was replaced by Gold.  The Bank of England was founded in 1694, followed by the Bank of Scotland a year later. Both began to issue paper money. British Pound was used and circulated throughout the British Empire.  Several colonies and dominions adopted the pound as their own currency. These included Australia, Barbados, British West Africa, Cyprus, Fiji, British India, the Irish Free State, Jamaica, New Zealand, South Africa and Southern Rhodesia.

History of 1 GBP to INR

Dollar and Rupee were never equal, nor in 1947, neither in any other century. When India got independence in 1947, India’s currency was pegged to Pound. The exchange rate was a shilling and six-pence for a rupee and when you convert it, it works out to be around 13.33/Pound Sterling. So at the time of India’s independence, 1 GBP to INR was equal to 13.33 Indian Rupees. One Pound in 1947 was equal to 4.03 US Dollars and comparitevly, 1 USD to INR in 1947 was equal to Rs 3.30.

Since Rupee is pegged to US Dollar, any changes or devaluation of GBP did not have any effect on Indian Rupee.

British Pound saw devaluation in 1949 and from 4.03 US Dollars equal to 1 Pound, it became 2.80/USD. Because India at that time was still part of the Sterling area, hence Rupee saw a devaluation too. So 1 USD to INR in 1949 was equal to Rs 4.76 and 1 GBP to INR in 1949 was equal to 13.30 Rupees approximately. Indian Rupee saw a further devaluation in 1966 and 1 USD to INR was equal to 7.50 and 1 GBP to INR in 1966 was 21 Rupees.

1 GBP to INR in 1947 til 2018

Here is the value of 1 GBP to INR from 1947 till 2018.

    YEAR     1 GBP to INR    YEAR        1 GBP TO INR
1947      13.33 2001       67.92
1949      13.33 2002       72.85
1966     17.76 2003       76.05
1987     21.18 2004      80.96
1988      24.75 2005      80.15
1989     26.52 2006      83.36
1990      31.07 2007      82.73
1991     40.10 2008      79.97
1992     45.48 2009     74.56
1993     45.73 2010     70.65
1994     48.01 2011     74.77
1995     51.17 2012     84.41
1996     55.28 2013    91.60
1997     59.44 2014    100.41
1998     68.33 2015    98.00
1999     69.66 2016    90.72
2000     67.99 2017    87.56

As of December 2018, 1 GBP to INR is equal to 88.73

Source: xe, http://fx.sauder.ubc.ca/etc/USDpages.pdf

1 GBP to INR Last 10 Years Performance (in Graph)

1 GBP to INR

1 GBP to INR Dec 2008- Dec 2018

Decade-wise Changes – 1 GBP to INR

1 GBP to INR

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