1 Euro Cent in Indian Rupees 2002
Introduction
In 2002, the Euro was introduced as the official currency of the European Union, replacing the European Currency Unit (ECU). At the same time, the Indian Rupee (INR) was the official currency of India. This article will explore the exchange rate of 1 Euro Cent in Indian Rupees in the year 2002.
Exchange Rate in 2002
In 2002, the exchange rate between the Euro and the Indian Rupee was around 1 EUR = 44.44 INR. This means that 1 Euro Cent, which is equal to 0.01 EUR, would be equivalent to approximately 0.44 INR.
Historical Context
2002 was a significant year for the European Union as it marked the introduction of the Euro as a single currency for 12 member states, including Germany, France, and Italy. On the other hand, India was experiencing rapid economic growth, driven by its growing IT industry and liberalization policies.
Impact on Trade and Economy
The exchange rate between the Euro and the Indian Rupee had a significant impact on trade and economy between the two regions. Indian exporters benefited from the weak Euro, making their products more competitive in the European market. On the other hand, European companies found it cheaper to outsource services to India, taking advantage of the low labor costs.
Conclusion
In conclusion, 1 Euro Cent was equivalent to approximately 0.44 Indian Rupees in 2002. The introduction of the Euro as a single currency for the European Union had significant implications for trade and economy between India and the EU. Understanding the exchange rate and its impact on trade and economy is essential for businesses and policymakers alike.
Note: The exchange rate mentioned in this article is an approximate value and may have varied slightly depending on the specific date and market conditions.
