If the Indian government wants to change their currency from the Indian rupee to its own Indian dollar, is it possible? What would be the effect on the Indian economy?

Australian Dollar rate in India tomorrow

Whats in a name? That which we call a rosenBy any other name would smell as sweet.

,nThe above saying (from Shakespeares Romeo and Juliet) holds true for currencies as well.

There is absolutely nothing that stops the Government of India from rechristening the Rupee as Indian Dollar.

,The word dollar is itself derived from the German word thaler which is the short for Joachimsthal, a place from where silver was mined in the 16th century AD.

It began to be used (in slightly different forms) as a name for their currencies by the Czech, the Swedish, the Spanish, the Dutch, et al before the Americans picked up the term to describe their own currency.

,Be aware that all different currencies that are called dollar share only a common name and nothing else.

The Australian dollar, the Canadian dollar, the Singapore dollar, the Namibian dollar are all completely different from each other and from the US dollar.

Probably, the Australians, the Canadians, the Namibians or the Taiwanese were too lazy to think of a different name for their respective currencies.

,If tomorrow the Indian government decides that instead of rupee, we shall call our currency as dollar, then the only difference it would make is that a packet of Lays Chips would cost 10 Indian dollars instead of 10 rupees.

Calling the rupee as Indian dollar wont make the currency of India same as that of the United States of America.

One US dollar would still cost 63 Indian dollars (the current Exchange Rate).

Singapore Dollar to INR