World Trade: In the last few years, there has been a sharp decline in the value of the Indian currency rupee. The Indian rupee reached Rs 83.48 against one dollar, which is the lowest level in its history. However, it has improved in the last few days. According to experts, further improvements are likely. The currencies of major countries around the world have their own distinct and special identity. This identity is also called the currency symbol of that country.
The strongest currency is the US dollar ($)
You will be surprised to know that more than 80 percent of the world’s trade is done through US dollars. From this you can automatically estimate its power. Along with this, around 40 percent of loans worldwide are given through US dollars. US dollar is the national currency of USA. There are hundred cents in one dollar. A coin of fifty cents is called a half dollar, while a coin of twenty-five cents is called a quarter. At the same time, a ten cent coin is called a dime and a five cent coin is called a nickel. In the USA, one cent is known as a penny, while US dollar notes are available in denominations of one, five, 10, 20, 50 and 100 dollars. To represent the American dollar, the English word US i.e. United States was added, so that the American currency could be denoted with the dollar sign ($).
European countries use Euro (€)
Euro is the most popular currency of European countries. This currency is identified by the € symbol. It is the official currency of 19 out of 28 member countries of the European Union. The Eurozone includes France, Germany, Italy, Greece, Austria, Belgium, Cyprus, Finland, Ireland, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Slovakia and Spain. Apart from these, Euro is in circulation in many other European countries also. Euro is the second most popular and strongest currency in the world after the US dollar.
Japanese Yen (¥) the third strongest currency
The Japanese currency Yen is represented by ¥. This is the official symbol of the Yen currency and its code is JPY. After the US dollar and the euro, it is considered the third largest traded currency in the foreign exchange market. As a reserve currency, it is widely used after the US dollar, euro and British pound. Generally speaking, its symbol consists of the English capital Y. Equal sign ¥ is written on it.
Fourth Strongest Currency Pound Sterling (£)
The official currency of Britain (United Kingdom) is known as Pound Sterling. Commonly colloquially it is also called pound. The symbol of this currency is £. Visually it appears to be made up of the English letters L and E. It refers to livre or lira. In the international currency standard, this currency is recognized as GBP i.e. Great Britain Pound. The Great Britain Pound is the fourth most popular currency in the foreign market after the US dollar, euro and yen. Apart from the British pound, the Egyptian pound EGP, Lebanese pound LBP, South Sudanese pound SSP, Sudanese pound SDG and Syrian pound SYP are also currencies, but they do not have their own symbols.
Rupee (₹) becoming part of world trade
An official symbol for the Indian currency (₹) was selected on July 15, 2010. It has been designed by Professor D Uday Kumar of IIT, Guwahati. After the US dollar, Great Britain pound, yen and euro, the rupee is the fifth currency which is identified by its symbol. Rupee notes are available in denominations of 1, 5, 10, 20, 50, 100, 200, 500 and 2000. In our country we do transactions with the help of rupees. While we trade with most of the countries in the world through dollars, we have also started trading with many countries like Russia in our currency Rupee, which is a good sign for the future of Rupee.
Two names of China’s currency – Yuan and Renminbi
Chinese currency is known by two different names. One is known as Chinese Yuan and the other is known as People’s Renminbi. The history of China’s currency dates back thousands of years. The People’s Renminbi was declared the official currency of China after the establishment of the People’s Republic of China (communist government) in 1949. Its meaning is the currency of the people. Actually Yuan is a unit of Renminbi. The price of something can be one yuan or 10 yuan. Like the Japanese Yen, it is also represented by the symbol CN’¥’.
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