But only those exporters who don’t have to depend on imports for components or raw materials will stand to gain. The gainers will be exporters as they can sell goods and services at much more competitive prices on the global market. Market experts feel the April numbers will remain on the higher side as the full impact of the phased fuel price hike in March will be felt. This is much higher than the Reserve Bank of India’s tolerance limit of 4%, with a margin of 2% on either side. In March, retail inflation rose to 6.95% – the third consecutive month the consumer price index breached the 6% mark. ![]() This in turn affects inflation, which is now running at record levels. Currency Converter - Convert USD to INR, INR to EUR Currency Converter Live Rates on The Economic Times Business News Markets Forex Currency Converter Currency Converter 1.0 USD 81.9850 INR Amount Convert: Commission Rate: Sell 1.0 USD 81.9750 INR For this Date: Buy 81.9850 USD 81. For manufacturers, it means increased prices of component parts among other things. The move was intended to curb inflation and strengthen the Indian currency.Ī weaker rupee means higher costs of imports, ranging from food to fuel and more expensive foreign travel. ![]() 100.00 US dollars 7455.6 Indian rupees Historical US dollar / Indian rupee History of daily rates USD /INR since Thursday, 27 January 2022. The exchange rate had fallen to its lowest value. There are two important data points before the Fed’s March 21-22 meeting - the US jobs report on Friday and the consumer inflation data on Tuesday.Īfter Powell’s speech, the market will be incredibly sensitive to the outcome of the US jobs report, Chris Weston, head research at broker Pepperstone, said in an email.Market analysts feel that last week’s surprise increase in the Reserve Bank of India’s interest rate by 40 basis points has so far done little to stem the currency’s fall. The rupee USDINR ended little changed at 82.04 per dollar last week but held up better than its Asian counterparts, which tumbled after the Federal Reserve Chair Jerome Powell effectively promised more interest rate hikes. 100.00 US dollars 8299.72 Indian rupees The worst day to change US dollars in Indian rupees was the Monday, 31 January 2022. Powell on Wednesday reaffirmed his message of higher and potentially faster interest rate hikes and noted that a decision would hinge on upcoming data. Most other Asian currencies were slightly lower for the day, weighed by worries over the Fed’s stance. India sees increased capital inflows in March, possibly related to FDI and inter-company loans, Nomura pointed out in a note released late last month. India’s March fiscal year-end may be an underlying factor helping the rupee, according to traders. Indian rupee declines but ends off day’s low, premiums fallĭollar inflows are helping negotiate the renewed Fed concerns, they added. It is to be expected that the rupee will do better than the rest of Asia when the dollar index rallies, but it is surprising to see this kind of resilience at near to 82, a spot trader at a private sector bank said. The Fed peak rate expectations have reached 5.66%. On the back of Powell’s comments, the odds of the Fed reverting to a 50-basis point (bps) rate hike at this month’s meeting have jumped to nearly 70%. ![]() ![]() The most commonly used symbols for the rupee are, Rs and Rp. The local currency is marginally higher than what it was before Fed Chair Jerome Powell’s hawkish comments. INR Indian Rupee Country India Region Asia Sub-Unit 1 100 paise Symbol In different parts of India, the currency is known as the rupee, roopayi, rupaye, rubai or one of the other terms derived from the Sanskrit rupyakam. The rupee had an average inflation rate of 7.22 per year between 1958 and today, producing a cumulative price increase of 9,209.68. The rupee has not been impacted by the change in the repricing of what the Federal Reserve is likely to do at this month’s meeting. The Indian Rupee has lost 99 its value since 1958 Updated: Febru100 in 1958 is equivalent in purchasing power to about 9,309.68 today, an increase of 9,209.68 over 65 years. IST compared with 82.0550 in the previous session. The rupee was at 81.8575 to the US dollar by 10:22 a.m. MUMBAI: The Indian rupee rose against the US currency on Thursday, supported by dollar inflows and the underlying positive momentum, traders said.
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