Indian Rupee (INR) and US Dollar (USD)
Many Indians travel abroad for work. The IT workforce from Indian is easily employed in countries like United States, United Kingdom, Singapore and Canada. While the global financial/economic crisis that started in Sep 2008 has stemmed part of this workforce flow, the situation is now picking up globally and Indians abroard are taking a breather, knowing that their jobs are secure and they can still remit money back home.
The Indian Rupee (INR) is pegged partly to the US Dollar (USD), one of the key employer of Indian workforce. Currently, 1 US Dollar (USD) is trading at 48.6 Indian Rupees. There has been so wild fluctuations since early 2009, with the exchange rate peaking at 1 USD = 52.1 INR in March 2009, to a low of 1 USD = 46.9 INR in May 2009. This is a difference of 5.2INR/US Dollar and those who remitted money from United States back to India in March 2009 must be laughing all the way to the bank.
Some Forex Traders forecast that the Indian Rupee (INR) may depreciate against the US Dollar (USD) in the near term, as signs that (more…)
