Indian Rupee vs. US Dollar: History
Indians are majorly employed in US, UK, Canada, and Singapore. Many Indian students also travel to these countries for school trips. For both groups, knowledge of currency conversion from INR to USD is essential because exchange rates have a major role in the process. INR is determined in terms of the US Dollar as a benchmark. Any change in the dollar directly affects the INR/USD exchange rate.
Currently, 1 US Dollar (USD) is equivalent to 71.34 Indian Rupees. The FII flows also impacts the INR value. When the FII flows increases, Indian rupee strengthens as foreign currency inflows increases in India. Similarly, when FII sells, the INR value weakens.
Over the years, Indian rupee has recorded the lowest value against the USD at Rs 74.39 in October 2018. The Indian Rupee had breached the 70-mark for the first time in August 2018. The currency recorded the biggest monthly loss within 6 years in August 2018. Foreign funds withdrawal was $2.28 billion from the Indian equity and purchased was $1.51 billion in the debt segment in August which resulted in rupee down by 3.5% against the US Dollar.
With the end of phase-one of the trade deal of US-China before 2019 and the expected new industrial policy by Indian, the government couldn’t breach the high exchange rate. It is therefore important to note that you should expect a small spurt in USD/INR to trade between 71.50 and 72.
Transfer Money from USA to India Best Exchange Rate
If you are an NRI sending money to India, you are amongst millions of migrants who send billions of dollars to India every year. India is the world’s largest remittance recipient with approximately $69 billion sent to the country in year 2015, according to World Bank. This is over 12 % share of the world’s total remittances. India has experienced continuous growth in remittances since 2009 and the figures are steady ever since. Even when it dropped by approx $1 billion USD in 2015, India still holds its position being number 1 remittance recipient. The major share of this remittances comes from West Asia, North America and Europe. Total amount of Remittance from USA to India is over $10 Billion.
What are the best money transfer services from USA to India?
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