INR and USD Exchange Rate Now
With the US Dollar on a nosedive in recent months, many forex traders holding on to the Indian Rupees are smiling. With an estimated 2.3 million Indian nationals living in various parts of the United States, there is always a strong exchange market for the Indian Rupee/ US Dollar currency pair.
Currently, 1 US Dollar trades at 44.20 Indian Rupees, or 1 Indian Rupee (INR) trades at 0.02262 US Dollar (USD).
In recent months, there is an estimated 10% increase in the remittance of US Dollar back to India. Most Indians residing in United States (and earning USD) realised that there is a possibility in the steep decrease in value of the greenback, resulting in some panic selling of the US Dollar for the Indian Rupee. The trend is likely to continue and the forex traders are now capping the release of the Indian Rupees, raking in big profits in the process. Likewise, remittance centers in Delhi, Lucknow, Mumbai, Chennai and Bangalore are sprouting up to compete against the growing pie in the INR/USD exchange rate market.
Even if the US Congress passes the debt ceiling of United States beyond the current USD14.3 trillion levels, confidence in the USD is already shaken. As such, the lure of the greenback is expected to weaken considerably as investors look for greener pastures within the forex markets – specifically the Euro and the Chinese RMB.
For Indian nationals within the United States, a tougher and way larger decision looms - whether it make sense to continue earning in USD or if it would be better earning the paycheck in the Eurozone countries like Britain, France, Germany or Italy.
Certainly, the INR/USD exchange rate requires a deep review in the coming weeks and most concerned stakeholders will probably been disliking the green colour a lot in time to come.
