The Euro/Indian rupee pair is not a major. That said, the two currencies of this pair are supported by some of the world’s top economies. Forex traders do not trade the EUR/INS pair as heavily as they trade the EUR/USD and GBP/USD for instance.
The Euro is the currency of the 19 countries of the Eurozone. It is an ongoing experiment, aiming to boost the economies of the member countries, facilitating trade and cooperation. It also possesses a political dimension. It is one of the tools through which the Eurozone may eventually merge into a single federal entity.
The second most-traded currency in the world, after the USD, the Euro is not without its problems. Over the last decade, it has stumbled from one crisis to another. The lack of a common fiscal policy of its member countries may be its undoing.
The Euro was introduced on January 1, 2002, replacing the national currencies of all of its member countries. In addition to the Eurozone, several countries use the EUR de-facto. Montenegro and Kosovo are two such countries.
The managing/administrative entity behind the EUR is the ECB (European Central Bank).
EUR adoption has hit a snag in the wake of the 2008 crisis. Although compelled by treaty to eventually adopt the Euro, several EU member countries are reluctant to take the required steps towards its adoption.
The Indian Rupee is an ancient currency. It has gone through scores of changes, tweaks and radical transformations over history, however. In its current form, with its currently circulating banknotes, the Rupee has only been around since 2019.
The official subdivision of the rupee is the pais. The lowest currently circulating Rupee denomination is the one rupee coin, however.
Despite the size and strength of the economy that backs it, the Indian rupee is currently only the 16th most traded currency in the Forex Markets.
A non-governmental organization has issued zero rupee notes, which resemble the official 50 rupee banknotes. Citizens use such 0 rupee mock-banknotes to protest-pay bribe-demanding government officials.
The economies of India and the EU are entwined in perhaps unexpected ways. The EU is currently India’s largest trading partner. On the other hand, India is the EU’s 9th largest trading partner.
The largest share of bilateral trade comprises engineering goods, pharmaceutical products, chemicals, jewelry, and manufactured goods. Fluctuations in demand/raw materials affecting these sectors impact the EUR/INS exchange rate.