<Tr> <Td_colspan="3"> Other </Td> <Td> 7.1% </Td> </Tr> <Tr> <Td_colspan="3"> Total </Td> <Td> 200.0% </Td> </Tr> <P> Officially, the Indian rupee has a market - determined exchange rate . However, the RBI trades actively in the USD / INR currency market to impact effective exchange rates . Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate . This is sometimes called a "managed float". Other rates (such as the EUR / INR and INR / JPY) have the volatility typical of floating exchange rates, and often create persistent arbitrage opportunities against the RBI . Unlike China, successive administrations (through RBI, the central bank) have not followed a policy of pegging the INR to a specific foreign currency at a particular exchange rate . RBI intervention in currency markets is solely to ensure low volatility in exchange rates, and not to influence the rate (or direction) of the Indian rupee in relation to other currencies . </P> <P> Also affecting convertibility is a series of customs regulations restricting the import and export of rupees . Legally, foreign nationals are forbidden from importing or exporting rupees; Indian nationals can import and export only up to ₹ 7,500 at a time, and the possession of ₹ 500 and ₹ 1,000 rupee notes in Nepal is prohibited . </P>

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