diff --git a/packages/desktop-client/src/components/settings/Currency.tsx b/packages/desktop-client/src/components/settings/Currency.tsx
index 4a4d8f3033..766b155aae 100644
--- a/packages/desktop-client/src/components/settings/Currency.tsx
+++ b/packages/desktop-client/src/components/settings/Currency.tsx
@@ -1,4 +1,4 @@
-import React, { ReactNode } from 'react';
+import React, { useMemo } from 'react';
 import { useTranslation, Trans } from 'react-i18next';
 
 import { Select } from '@actual-app/components/select';
@@ -17,6 +17,29 @@ import { useSyncedPref } from '@desktop-client/hooks/useSyncedPref';
 export function CurrencySettings() {
   const { t } = useTranslation();
 
+  const currencyTranslations = useMemo(
+    () =>
+      new Map<string, string>([
+        ['', t('None')],
+        ['AUD', t('Australian Dollar')],
+        ['CAD', t('Canadian Dollar')],
+        ['CHF', t('Swiss Franc')],
+        ['CNY', t('Yuan Renminbi')],
+        ['EUR', t('Euro')],
+        ['GBP', t('Pound Sterling')],
+        ['HKD', t('Hong Kong Dollar')],
+        ['INR', t('Indian Rupee')],
+        // ['JPY', t('Yen')],
+        ['PHP', t('Philippine Peso')],
+        ['SEK', t('Swedish Krona')],
+        ['SGD', t('Singapore Dollar')],
+        ['TRY', t('Turkish Lira')],
+        ['USD', t('US Dollar')],
+        ['QAR', t('Qatari Riyal')],
+      ]),
+    [t],
+  );
+
   const [defaultCurrencyCode, setDefaultCurrencyCodePref] = useSyncedPref(
     'defaultCurrencyCode',
   );
@@ -35,24 +58,6 @@ export function CurrencySettings() {
     },
   });
 
-  const currencyTranslations = new Map([
-    ['', t('None')],
-    ['AUD', t('Australian Dollar')],
-    ['CAD', t('Canadian Dollar')],
-    ['CHF', t('Swiss Franc')],
-    ['CNY', t('Yuan Renminbi')],
-    ['EUR', t('Euro')],
-    ['GBP', t('Pound Sterling')],
-    ['HKD', t('Hong Kong Dollar')],
-    // ['JPY', t('Yen')],
-    ['PHP', t('Philippine Peso')],
-    ['SEK', t('Swedish Krona')],
-    ['SGD', t('Singapore Dollar')],
-    ['TRY', t('Turkish Lira')],
-    ['USD', t('US Dollar')],
-    ['QAR', t('Qatari Riyal')],
-  ]);
-
   const currencyOptions: [string, string][] = currencies.map(currency => {
     const translatedName =
       currencyTranslations.get(currency.code) ?? currency.name;
diff --git a/packages/loot-core/src/shared/currencies.ts b/packages/loot-core/src/shared/currencies.ts
index 6a3607b05f..7776228b79 100644
--- a/packages/loot-core/src/shared/currencies.ts
+++ b/packages/loot-core/src/shared/currencies.ts
@@ -19,6 +19,7 @@ export const currencies: Currency[] = [
   { code: 'EUR', name: 'Euro', symbol: '€', decimalPlaces: 2 },
   { code: 'GBP', name: 'Pound Sterling', symbol: '£', decimalPlaces: 2 },
   { code: 'HKD', name: 'Hong Kong Dollar', symbol: 'HK$', decimalPlaces: 2 },
+  { code: 'INR', name: 'Indian Rupee', symbol: '₹', decimalPlaces: 2 },
   // { code: 'JPY', name: 'Yen', symbol: '¥', decimalPlaces: 0 },
   { code: 'PHP', name: 'Philippine Peso', symbol: '₱', decimalPlaces: 2 },
   { code: 'SEK', name: 'Swedish Krona', symbol: 'kr', decimalPlaces: 2 },
diff --git a/upcoming-release-notes/5483.md b/upcoming-release-notes/5483.md
new file mode 100644
index 0000000000..f0e8158b39
--- /dev/null
+++ b/upcoming-release-notes/5483.md
@@ -0,0 +1,6 @@
+---
+category: Enhancements
+authors: [emilgeo]
+---
+
+Add Indian Rupee (INR) currency