Authorities have raised duties on gold import and raised levies on petroleum exports. The Reserve Bank of India has foreign-exchange reserves of almost $600 billion, which it has been deploying to protect the rupee. Strategists at Nomura Holdings Inc and Morgan Stanley continue to remain bearish on the rupee, forecasting the currency may decline to 82 to a dollar by September.
India’s central bank is for an orderly appreciation or depreciation in the currency and is intervening in all market segments to curb volatility, Governor Shaktikanta Das said earlier this month. The currency has declined 7% this year as a shortfall in India’s current account - the broadest measure of external finances - will probably widen to 2.9% of gross domestic product in the fiscal year ending March 31, according to a Bloomberg survey in late June, nearly double the level seen in the previous year. Rupee vs Dollar: INR rises 44 paise to 79.30 against on account of foreign fund inflows Indian Rupee Rises To 1-Month High, Appreciates Rs 1.25 Against US. Watch | How RBI's Rupee Settlement System will promote India's global trade “Oil prices, especially, remain a bit volatile, while external headwinds on account of Fed tightening may continue. Historical Exchange Rates For United States Dollar to Indian Rupee 120-day exchange rate history for USD to INR Quick Conversions from United States Dollar to Indian Rupee : 1 USD 79.852151 INR. “The risks for the rupee remain to weaken further,” said Dhiraj Nim, economist and FX strategist at Australia & New Zealand Banking Group Ltd. Other emerging market currencies are also feeling the heat as a hawkish Federal Reserve lures capital toward the US. India policymakers have sought to arrest the currency’s decline with a raft of measures – from intervention to raising duties on gold imports – with a weaker rupee adding to imported inflation pressures.
The currency has been buffeted by nearly $30 billion of foreign outflows from the nation’s equities so far this year – a record sum – and concerns over a deteriorating current-account deficit amid elevated oil and commodity prices. Some of the main factors that determine the exchange rates are inflation. Includes a live currency converter, handy conversion table, last 7 days exchange rate history and some live Dollars to Rupees charts. As of 23 December 2021, the value of the rupee against the dollar is Rs.75.31. The rupee declined to 80.06 per dollar on Tuesday. Latest Currency Exchange Rates: 1 US Dollar 79.9181 Indian Rupee On this page convert USD to INR using live currency rates as of 02:11. The Indian rupee touched another record low as foreign investors continued to sell the nation’s equities.
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