INR Exchange Rate
Ahh, India: the country that brought you chess, the Taj Mahal and, of course, the neti pot.
What influences the USD/INR exchange rate?
Since 2011, The dollar/rupee currency pair has seen an increase in popularity by trade volume.1
While the U.S. is the world’s oldest democracy, India is the world’s largest democracy and the two countries continue to build strong bilateral partnerships. These developing trade relationships influence the USD to INR exchange rate--especially as India's service exports grow. As of 2013, the U.S. had a trade deficit with India of $25 billion dollars due in part to American companies outsourcing both IT processes and business processes.
Additionally it’s important to keep in mind that the Reserve Bank of India (RBI) applies a ‘managed float’ exchange rate policy to the INR/USD relationship, which means that the RBI routinely trades in the forex market to ensure the USD/INR exchange rate is not too volatile.
“The vibrant Indian-American community [is] one of the most energetic and successful diaspora populations in the world.”2
The U.S. remains the world’s largest economy in terms of nominal GDP, and most commodities are priced in US dollars. Comparatively, India is the world’s 7th largest economy by GDP and home to the world’s second largest labor force.3
America’s largest service exports to India are tourism and education, while India is one of the world’s largest gold importers and often outpaces China in the demand for gold jewelry.4
The average cost of an Indian wedding in America is $65,000--more than double the cost of an average American wedding.5
Whether you’re paying for a lavish wedding or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to India, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalized service.
Currency Name: Indian Rupee
Currency Code: INR
Currency Symbol: ₹
Central Bank: The Reserve Bank of India
Countries Used In: The Republic of India. Unofficially used in Bhutan and Nepal
Major Unit: One Indian Rupee
Minor Unit: One Paise = 1/100 of one Indian Rupee
Note Denominations: 1, 2, 5, 10, 20, 50, 100, 500 and 1000
Coin Denominations: 50 paise,1, 2, 5, 10, 50, 75, 100 and 1000.
OFX fees not included in the conversion amounts shown above.
*Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it.
CCY Worldwide Delivery Times
Some destinations for this currency include:
*Delivery times are indicative and measured in business days from the time your funds are received by OFX.