#EXCHANGE RATE TO RUPEE FREE#

So now that we understand the base year and base rate, let’s have a look at the USD vs INR exchange rate data for the last 70+ years.įor the purpose of analysis and quickly figuring out the years in which the INR was devalued the most, we’re also adding the YoY change (%) and absolute change (%). All the available records for USD vs INR exchange rate data follow the 1st theory as it assumes a practical scenario of existence of some form of trade between the involved nations at the time of India’s independence. A standard was established only after the Bretton Woods Agreement was passed in 1944. So by this logic, the value of USD vs INR in 1947 was $1 = ₹1īefore 1944, there was no standard system of comparing the world currencies. This would essentially mean that the rupee was valued at parity (equal) with all other foreign currencies including the dollar.

#EXCHANGE RATE TO RUPEE FREE#

It assumes that as India got its independence, it was a free and new nation with no foreign debt / credit on its national balance sheet. This theory is a comparatively easy and straightforward. It was only after this year that the INR was in a true sense compared to the USD on a one-to-one basis. So by this logic, the followers of theory 1 believe that the value of USD vs INR in 1947 was ₹4.76įun Fact: When the British left India in 1947, the exchange rate arrangement between pound and rupee (£1 = ₹13) was maintained until 1966. British Pound and US Dollar: £1 = $2.73īy equating the 2 above we get, $1 = ₹4.76.British Pound and Indian Rupee: £1 = ₹13.Since India was ruled by the British Empire before its independence, the INR essentially derived its value from the British Pound (£). 1 Omani rial is subdivided into 1000 baisa (100 baisa × 10 1 OMR) 100 baisa Rs 21.15 as well as 50 baisa Rs 10.58. As for the base rate there are 2 theories that go as below: Theory 1 OMR to INR Exchange rate as of today for example, 1 OMR to INR exchange rate 211.54 Rupees is quoted against 1 Omani Rial so one OMR would multiply Rs 211.54 INR by 1 Omani Rials to buy Rs 211.54 INR. We will consider 1947 as the base year as that is the year when India got its independence. Base Year & Rateīefore we dive into the data, we must understand the base year and the base rate. So how has rupee fared against the dollar in the last 70 years? Let’s take a look at it. Ever since India got its independence from the British Empire in 1947, the rupee has been on a long one-way journey of devaluation against the dollar. Our own currency, the Indian National Rupee (INR) is no exception when it comes to global trade. Some people might challenge USD’s dominance in the future but for now it’s here to stay. Currencies of almost all nations are pegged against the USD to decide their value in the global markets. More than 72% of international trade involves USD at some level or the other. USD is the most powerful currency in the world right now and it has been so for many decades now owing to America’s economic world dominance. The last 14 days currency values.The official currency of the United States of America, the US Dollar ($) is an universal symbol of money and is one of the most recognized symbols worldwide.

Sending money overseas over £2000? Free Transfers, No Fees! Request a quote today! Exchange Rate History For Converting Rupees (INR) to Dollars (USD)

Looking to make a Indian Rupee US Dollar international money transfer? Currency UK recommend TorFX as our preferred currency provider. Countries using this currency: American samoa, British indian ocean territory, Ecuador, El salvador, Guam, Haiti, Marshall islands, Northern mariana islands, Palau, Panama, Puerto rico, Timor-leste, Turks and caicos islands, United states, United states minor outlying islands, Virgin islands (british), Virgin islands (u.s.),

Exchange rate to rupee