USD Dollar to INR Indian Rupee
USD Dollar to INR Indian Rupee
USD Dollar to INR Indian Rupee
1 USD to INR
1 USD to INR
USD to INR LIVE Exchange RATE US Dollar to Indian Rupee
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10 USD to INR
USD to INR LIVE Exchange RATE US Dollar to Indian Rupee
100 USD to INR
100 USD to INR
USD to INR LIVE Exchange RATE US Dollar to Indian Rupee
1000 USD to INR
1000 USD to INR
USD to INR LIVE Exchange RATE US Dollar to Indian Rupee
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The Indian rupee fell to a record low against the dollar, on Monday,
before an expected increase in the US interest rate this week in order to combat inflation.
For the first time, 78.2825 rupees were traded against one dollar,
as the US inflation report that exceeded expectations on Friday boosted the prospects of a tightening of monetary policy by the Federal Reserve, according to Agence France-Presse.
The Sensec index slipped 2.1% as foreigners pulled more than $24 billion from local stocks.
The Indian currency has been affected by higher oil prices,
and due to the strength of the Federal Reserve and capital outflows in emerging markets,
foreign investors are turning to risk aversion.
USD Dollar to INR Indian Rupee
In recent months, central banks have adopted more hawkish policies including in India,
where the Reserve Bank raised borrowing costs by 50 points last week for the second time in several months.
This comes as unrest continues in India against the background of statements offensive to Islam,
as officials said on Sunday that the police in the Indian part of Kashmir arrested a young man for publishing a video clip threatening to behead a former spokesman for the ruling party who had made insulting statements to the Prophet Muhammad.
USD to INR
The video clip, which was circulated on YouTube, was taken down by the authorities as part of a broader effort to curb the religious unrest that had spread across the country.
Muslims took to the streets to protest against Islamophobic comments made by two members of Prime Minister Narendra Modi’s Hindu nationalist party (BJP) a week ago.
India’s central bank governor, Shaktikanta Das, said the pace is expected to slow down inflation in the country from October,
reducing the need for drastic action by the bank.
“Our current assessment is that inflation may decline gradually in the second half of the 2022-2023 financial year,
which means ruling out the possibility of a hard landing,” Das added during an economic meeting in New Delhi on Saturday.
USD Dollar to INR Indian Rupee
face the central bank’s worldwide wave of worse-than-expected inflation,
driven by supply chain disruptions, rising commodity prices, and the repercussions of Russia’s invasion of Ukraine.
Since the beginning of the year, the pace of price gains has remained in India,
higher than the target rate of the Reserve Bank of India of 6%, forcing it to raise interest rates by 90 basis points in the past two months.
“Our quest was to ensure a smooth landing,” Dass said, adding that the supply outlook appears favorable,
with multiple and recurring indicators pointing to resilient recovery in the April-June quarter of the 2022-2023 fiscal year.
The governor’s outlook may trigger expectations for revisions in upcoming monetary policy updates.
Dollar to Indian Rupee
India’s central bank said in June that inflation is expected to average 6.7% during the fiscal year ending in March.
While prices will begin to slow down from the second half, starting in October,
the announced targets can only be achieved in the last quarter of the fiscal year, from January to March.
Rahul Bagoria, India’s economist at Barclays, said the downside risks to inflation materialize as commodity prices slow and the Reserve Bank of India’s inflation expectations may be lowered.
Bagoria expects inflation to be 6.5% for the fiscal year ending in March,
versus the Reserve Bank of India’s current forecast of 6.7%.
The central bank governor said that the influence of global factors on domestic inflation has increased over the past three years due to the epidemic and the war in Ukraine.
USD Dollar to INR Indian Rupee
He added that during this period, “India played an important and effective role in influencing global factors,
in a way that we have not seen in decades.” These factors have “a more pronounced impact on commodity-importing countries such as India”.
Das said that there should be greater recognition of global factors in domestic inflation dynamics and economic developments,
explaining that this calls for enhanced coordination between countries,
stressing that the Reserve Bank of India will remain flexible and transparent.
The exchange rate of the Indian currency fell to more than 80 rupees to the dollar,
for the first time, on Tuesday, at a time when the dollar strengthened its position and increased the flow of foreign capital abroad.
USD Dollar to INR Indian Rupee exchange rate
Bloomberg data showed that the rupee hit 80,0600 against the dollar, shortly after the start of trading.
The high level of inflation and interest rates in the United States,
coupled with fears of an imminent economic recession in the largest economy in the world, led to the rise in the price of the dollar in recent weeks, at a time when investors are trying to avoid risks.
The tightening of US monetary policy has exacerbated capital outflows from emerging markets such as India,
where foreign investors withdrew a net $30.8 billion in debt and equity this year.
Data published last week showed that consumer price inflation in the United States hit a new level in June,
the highest in 4 decades, exceeding market estimates and reinforcing expectations that the Federal Reserve will raise interest rates significantly next week.
USD Dollar to INR Indian Rupee
In a written statement to Parliament, India’s Finance Minister Nirmala Sitharaman attributed the massive depreciation of the rupee to external causes.
And she stated that “international factors such as the Russian-Ukrainian conflict,
high crude prices and tightening global financial conditions are the main reasons for the decline of the Indian rupee against the US dollar.”
She added, however, that the Indian currency improved against the British pound,
the Japanese yen, and the euro, during the year 2022.
However, the rise in crude prices led to the deterioration of the trade balance in a country that imports 80% of its oil needs.
USD Dollar to INR Indian Rupee live rate today
India’s merchandise trade deficit widened to a record $26.18 billion in June,
according to official data revealed last week, mainly due to higher import costs for crude and coal.
In its monthly economic review, the Ministry of Finance said that rising import costs would exacerbate the current account deficit and further depreciate the rupee.
Inflation in consumer prices in India, the sixth largest economic power in the world,
decreased slightly, to 7% in June, after hitting an 8-year high in April, recording 7.79%.
USD Dollar to INR Indian Rupee
But the price hike remained above the 2-6% target, set by the central bank despite raising interest rates, in May and June.
Also, the central bank sold more than $34 billion of its foreign exchange reserves, hoping to keep the rupee stable.
The dollar rises on the carpet of the global crisis
Of course, what is remarkable is that the US dollar has not only risen against the euro but has risen by 8%, according to a report by “Reuters” on April 29, 2022, against a basket of other major currencies since the beginning of this year.
However, the rate of that rise escalated during the month of last April and reached its highest level against the Japanese yen,
then the Norwegian krone, then the New Zealand dollar,
then the Australian dollar, then the British pound, then the euro, then the Swiss franc, then the Swedish krona, and then the Canadian dollar.
USD Dollar to INR Indian Rupee exchange rates live
There is no doubt, then, that the dollar is going up.
As for the euro, it has not fallen against the US dollar only, but also against the pound sterling, since mid-April,
a decline that reinforces its general decline against the pound during the past year, despite the daily fluctuation.
We see the same trend in the euro’s decline over the past year against the Swiss franc, a trend that, despite its ups and downs, has strengthened since the start of the Russian special operation in Ukraine.
The Japanese yen is the exception here, as it is declining more than the euro against the US dollar.
But the general trend of the euro’s decline applies to the currencies of emerging and developing economies in general,
not only to the Russian ruble, the Chinese yuan, the Indian rupee,
the Brazilian real (the euro has fallen about 20% against the Brazilian real since the beginning of 2022), the South African rand, and the Indonesian rupiah, but also against the Mexican peso.
Colombian, Chilean, Philippine, and other currencies.
The funny thing is that the euro only rose against currencies that are racing to fall against the dollar, such as the Polish zloty, the Hungarian forint, the Turkish lira, and the Egyptian pound.
USD Dollar to INR Indian Rupee
Even the economic war against Russia is being waged by the United States with the economies of its allies,
which is something that those allies are supposed to consider well, especially while the dollar is getting stronger, on a global level,
despite the injection of American cash in huge quantities, except,
and let us pay close attention, in exchange for the Brazilian real and Russian ruble!
The Brazilian real has risen about 11%, and the Russian ruble has risen by about 4%, since the beginning of 2022, against the US dollar…
The rise of both came because they are major producers of basic commodities in the world,
on the one hand, that is, they depend on the real economy,
and they followed a policy of Raising interest rates to fight inflationary pressures, without fearing the economic basis.
It is obvious that the Brazilian economy is not besieged like the Russian one,
hence the performance of its indicators is higher than that of the Russian ones,
but Brazil remains a rising global power and an important component of the BRICS system.
In general, there is an improvement against the dollar in Latin America since the Ukrainian crisis,
especially in Colombia, which exports crude oil and its derivatives, coal, coffee, and gold, but this came against the backdrop of a cycle of severe economic downturn since 2014.
USD to INR: Understanding the Exchange Rate and Its Impact
The USD to INR exchange rate is the price at which one US dollar can be exchanged for Indian rupees. This rate is determined by the foreign exchange market, which is influenced by a range of factors such as economic performance, government policies, and global events. Understanding the USD to INR exchange rate is important for anyone who travels to India, does business with Indian companies, or invests in Indian markets.
Current State of the USD to INR Exchange Rate
As of March 7th, 2023, the USD to INR exchange rate is around 76.10. This means that one US dollar can be exchanged for approximately 76 Indian rupees. The exchange rate can fluctuate daily, sometimes even by a few percentage points, depending on market conditions.
Factors that Influence the USD to INR Exchange Rate
The USD to INR exchange rate is influenced by a range of factors, including economic performance, government policies, and global events. Some of the key factors that impact the exchange rate include:
- Interest Rates: Interest rates play a significant role in determining exchange rates. Higher interest rates attract foreign investment, which can increase demand for the currency and cause its value to appreciate. Conversely, lower interest rates can decrease demand for a currency, causing its value to depreciate.
- Inflation: Inflation is another important factor that affects the exchange rate. Countries with higher inflation rates typically have weaker currencies as their purchasing power decreases over time. India has struggled with high inflation rates in the past, which has weakened the value of the rupee.
- Political Stability: Political stability is important for a country’s economy and its currency. Countries with stable governments and consistent policies are generally viewed as more attractive to foreign investors, which can increase demand for their currency and cause its value to appreciate.
- Global Events: Global events such as natural disasters, geopolitical tensions, and trade disputes can have a significant impact on exchange rates. These events can cause uncertainty in financial markets, leading investors to move their money to safe-haven currencies such as the US dollar.
Impact of the USD to INR Exchange Rate
The USD to INR exchange rate has a significant impact on India’s economy and its people. A stronger US dollar can make imports cheaper for Indian consumers, while also increasing the cost of exports. This can hurt Indian businesses that rely on exports to generate revenue. Conversely, a weaker US dollar can make exports more affordable for foreign buyers, which can help boost the Indian economy.
The exchange rate also affects the purchasing power of Indian citizens who have US dollar-denominated assets such as investments or savings accounts. A stronger US dollar can increase the value of these assets, while a weaker US dollar can decrease their value.
Conclusion
The USD to INR exchange rate is a crucial component of India’s economy and its interactions with the rest of the world. Understanding the factors that influence the exchange rate can help individuals and businesses make informed decisions about investing, trading, and conducting business with Indian companies. While the exchange rate can be volatile, it is ultimately driven by the underlying economic and political conditions of both India and the United States.