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 libra, solidus, 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 ( 1⁄4d) coin, from “fourthing“, was a unit of currency of one-quarter of a penny, or 1⁄960 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|
As of December 2018, 1 GBP to INR is equal to 88.73
Source: xe, http://fx.sauder.ubc.ca/etc/USDpages.pdf