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India - Indian Rupee - Currency Guide

 

Foreign exchange guide to India and the Indian Rupee (INR)

   

General Currency Info - Indian Rupee

The Indian rupee gets its name from the rupiya – a silver coin first produced in the sixteenth century.

Rupee trades make up around 1% of the total volume of the foreign exchange market. This market share is comparable to currencies from other major emerging market economies, such as South Africa, Brazil and Russia, but falls some way short of the 4% share taken by the Chinese yuan – the most actively traded emerging market currency.

When is the Indian Rupee stronger or weaker?

Importantly, the rupee has strong seasonal characteristics. The currency typically falls in value every second-quarter (April-to-June) due to India’s heightened gold demand heading into the Hindu festival of Akshaya Tritiya. Heavy rains between June and September can also depress industrial production in the country and weaken exports, which weigh on the currency.

What are the rupee’s all-time highs and lows?

The rupee’s all-time low against the US dollar came in February 2016 when USD/INR reached 68.80 (INR/USD 0.0145). It's all-time high came in March 1973 when USD/INR traded at just 7.19 (INR/USD 0.139). More recently, since 2007, the rupee was at its strongest in November 2007 when USD/INR fell to 39.10 (INR/USD 0.0256).

Which Indian banknotes were cancelled in 2016?

On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series. The cancelled ₹500 and ₹1000 notes are no longer exchangeable at any bank in India: they have since March 2017 effectively lost all monetary value.

In addition to the 500 and 1000 rupees, the Mumbai-based Reserve Bank of India has decided to withdraw all pre-2005 Indian Rupee notes. These discontinued Rupee bills have no year of issue printed on the back side. These Indian rupees without date on the back are no longer a valid means of payment in India or Bhutan.

Is Indian currency accepted in Bhutan?

Bhutan’s unit of currency is called the Bhutanese Ngultrum (BTN). A Ngultrum has the same value as the Indian rupee, the rupee is also legal in Bhutan.

INR 100 & 50 Rupee denomination may be used in Bhutan, but Ngultrum cannot be used in India. Indian Rupee denomination note of INR 500, INR 1000 and INR 2000 are not accepted in Bhutan.

   

INR News, Forecasts and Trends

NAB told Bloomberg TV that it sees a recovery in Asian currencies in the 2nd half of the year if the coronavirus comes under control.

In 2019 the rupee did remarkably well despite a 35 percent rise in the oil price last year (oil is India's largest import).

In early May 2019, by the narrowest of margins, the rupee reached a 16-month high against the Australian dollar (₹48.4), before falling back slightly. It rose towards long-term highs against the euro (₹77.3) and was flat on the year against the US dollar (₹69.2), although it was 8 percent higher against the greenback than it had been in October of 2018.

For more INR currency market forecasts you can read the full article Indian Rupee Forecasts. The below interactive chart shows the USD to INR exchange rate, trend and recent alerts for the last 90 days.

   
Recent USD to INR 90-day trend
 
ALERT:90-DAY LOWS |
USD/INR at 74.6 was trading 1.6% below AVG:75.78 with LO:74.6 and HI:76.96 (90 days). ALERT: USD/INR dropped to 90-DAY LOWS.

US Dollar to Indian Rupee - Historical Rates

USD/INR historic rateChange to 03-JulPeriod
75.6280  26 Jun 20201.3% ▼1 Week
75.3280  03 Jun 20200.9% ▼30 Days
76.4200  04 Apr 20202.3% ▼90 Days
68.6190  04 Jul 20198.8% ▲1 Year
63.4003  05 Jul 201517.8% ▲5 Years
46.8065  06 Jul 201059.5% ▲10 Years
USD/INR 10 year historic rates & changes to 03-Jul-2020 : 74.6794
 

U$1,000 USD
=
₹74,600 INR

Converted at USD/INR wholesale exchange rate, compare foreign transfer and spend/travel exchange rates.

 
 

US Dollar to Indian Rupee - Quick Conversions

USD INR
U$ 1 74.60
U$ 5 373.00
U$ 10 746.00
U$ 20 1,492
U$ 50 3,730
U$ 100 7,460
U$ 250 18,650
U$ 500 37,300
U$ 1,000 74,600
U$ 2,000 149,200
U$ 5,000 373,000
U$ 10,000 746,000
U$ 50,000 3,730,000
U$ 100,000 7,460,000
More amounts
USD INR
U$ 0.0134 ₹ 1
U$ 0.0670 ₹ 5
U$ 0.1341 ₹ 10
U$ 0.2681 ₹ 20
U$ 0.6703 ₹ 50
U$ 1.3405 ₹ 100
U$ 3.3513 ₹ 250
U$ 6.7025 ₹ 500
U$ 13.41 ₹ 1,000
U$ 26.81 ₹ 2,000
U$ 67.03 ₹ 5,000
U$ 134.05 ₹ 10,000
U$ 670.25 ₹ 50,000
U$ 1,341 ₹ 100,000
More amounts

Frequently Asked Questions

 

What currency should I use in India?

The domestic currency in India is the Indian Rupee.

What is the Indian Rupee currency code and symbol?

The three letter currency code for the Indian Rupee is INR — symbol is .

Which countries use the Indian Rupee?

It is the domestic currency in    India.

Is the Indian Rupee a closed currency?

Yes the Indian Rupee is a closed currency. Which means that you may find it difficult to purchase the currency (INR) before departure and will probably need to buy it upon arrival. If you do manage to buy some of the currency or have some left over from a previous trip, make sure you are aware if you are allowed to bring this closed currency into the country.

For more information and a full list of closed currencies please refer to our guide: What is a closed currency?

 

Travel, Currency and Money saving tips for India

India is a vibrant, colourful, and fascinating country to explore but can be a little intimidating for first time visitors. There are many magical places to visit so try to make a point of staying at least two nights in any one place.

You will be using the local currency (rupee) on the street, however credit cards are now widely able to be used at the more expensive locations. Though depending on your security concerns purchasing a Prepaid Travel Card before heading there may ease your mind. Never exchange foreign currency on the street.

For getting around cities its rickshaws, they are old looking but very cheap, and definitely add to the experience. On arriving at an airport you can avoid the crowd of taxi drivers waiting outside by going to a prepaid taxi counter inside the terminal. There you can purchase a fixed price fare to the hotel you want, pay on the spot, and they will give you a green slip. Then you can head outside and once the less scrupulous drivers see you holding a prepaid slip you won't get swamped with offers. For longer distance travels both bus and train are available and most hotels will be happy to organise this for you as they generally get a cut of the action.

The are also many small travel shops everywhere that will do this also but they may over charge. Trains are available as well and can be a good way to get around. Be aware however that they can be extremely crowded and often booking ahead at least a day or two is required. Another good option is you intend to travel around within a state for a few days is to hire a driver. This not expensive and certainly can make life easier. Only drink from bottles water and make sure it is properly sealed when you buy it. As tasty as it looks, don't eat from street vendors, and try to eat food you know has probably been prepared properly.

For a long time flights within India have been expensive and most travelers went by the bus system or by train. Now however, flights to major cities are very affordable and convenient, and can save a lot of time seeing more of the country. Doing a bit of looking around online can save you a lot of money on flights.

For female travellers you'll need to prepare for being stared at, this is usually out of curiosity more than anything else, and you will get used to it very fast. Dress conservatively, loose ankle-length pants or skirts, tops that cover your shoulders and shawls to avoid to most unwanted attention, and avoid travelling alone during festivals when thick crowds can be used as an excuse for a pinch or two.

Bringing India Rupee Travel Money into India

Only returning residents can bring rupee into India. If you're a foreigner, you can't bring rupee into India with you. There are exceptions if you're a returning resident, you can carry 7,500 INR into the country. There is no restriction to the amount of foreign currency you can bring with you. However, if you're carrying more than the foreign currency equivalent of US$5,000, you'll need to declare the cash at customs when you arrive.

 

Travel money for India

As mentioned above, the Indian Rupee is a closed currency. Which means that you may find it difficult (or be permitted) to purchase the currency (INR) before departure and will need to buy it upon arrival in India.

For these types of destinations, using a pre-paid travel card is a good solution. As no travel cards support loading closed currencies like the INR you will incur currency conversion or foreign transaction fees if you use a travel money card in India.

However, using a pre-paid travel card is still a good idea as you can avoid ATM fees and also you can avoid using (and losing!) your main bank or debit/credit card.

 
Provider ReviewAmount INR(₹)Exchange RateFee USDDeal Links
TransferWise
> Best Overall
73,117
1.99%
74.23U$15.00
Travelex Online
54,590
26.82%
54.58970^
U.S. Bank logo
U.S. Bank
52,950
29.02%
₹20,167 less
52.950
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
52,421
29.73%
₹20,696 less
52.9515
Wells Fargo Bank logo
Wells Fargo Bank
51,891
30.44%
₹21,226 less
52.95U$20
TransferWise
 
loading
TransferWise: Travel Money USD→INR
From Amount (USD)U$1,000
Fee:U$15.00 USD (1.5%)
Exchange Rate:74.23 (-0.5% from mid-rate)
To Amount (INR)73,117
Total Cost:1.99%
Time:19:29 Local
Currency Services:Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:5-7 days
Rating:
 
: 4.6/5.0
Review:


Travelex Online
 
loading
Travelex Online: Travel Money USD→INR
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:54.5897 (-26.82% from mid-rate)
To Amount (INR)54,590
Total Cost:26.82%
Time:
Rate Fetched: Thu Feb 15 2018 16:45:03 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Review:


U.S. Bank
 
loading
U.S. Bank: Travel Money USD→INR
From Amount (USD)U$1,000
Fee:0
Exchange Rate:52.95 (-29.02% from mid-rate)
To Amount (INR)52,950
Total Cost:29.02%
Time:19:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Review:


Banks - Average Rate
 
loading
Travel Money USD→INR
From Amount (USD)U$1,000
Fee:15
Exchange Rate:65.28 (-12.49% from mid-rate)
To Amount (INR)52,421
Total Cost:29.73%
Currency Services:Branch
Delivery/Collect:-


Wells Fargo Bank
 
loading
Wells Fargo Bank: Travel Money USD→INR
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:52.95 (-29.02% from mid-rate)
To Amount (INR)51,891
Total Cost:30.44%
Time:19:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Review:


 
loading
Snapshot 07/06/2020 - View live rates

Sending money to India

When searching around for information on how to get a good exchange rate when sending money to India you need to start with finding out the latest Indian Rupee exchange rate for foreign-transfers, which can be very different to the wholesale rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save - we make that calculation easy in the below table.

 

USD to INR International Money Transfers

Provider ReviewReceive INR(₹)Exchange RateFee USDDeal Links
OFX
> Best Overall
72,660
2.6%
72.660^
XE
73,480
1.5%
73.480
HSBC logo
HSBC
71,243
4.5%
₹1,417 less
71.35U$1.50
U.S. Bank logo
U.S. Bank
71,060
4.75%
₹1,600 less
71.060
Bank of America logo
Bank of America
69,994
6.17%
₹2,666 less
71.06U$15
Wells Fargo Bank logo
Wells Fargo Bank
69,992
6.18%
₹2,668 less
71.42U$20
Banks - Average Rate
U.S. Bank logo Bank of America logo HSBC logo Wells Fargo Bank logo
70,572
5.4%
₹2,088 less
71.2215
OFX
 
loading
OFX: Foreign Transfer USD→INR
From Amount (USD)U$1,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:72.66 (2.6% from mid-rate)
To Amount (INR)72,660
Total Cost:2.6%
Time:
Rate Fetched: Mon Jul 06 2020 19:03:31 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Review:


Compare OFX Rates
XE
 
loading
XE: Foreign Transfer USD→INR
From Amount (USD)U$1,000
Fee:
Exchange Rate:73.48 (1.5% from mid-rate)
To Amount (INR)73,480
Total Cost:1.5%
Time:19:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers
Rating:
 
: 3.5/5.0
Review:


Compare XE Rates
HSBC
 
loading
HSBC: Foreign Transfer USD→INR
From Amount (USD)U$1,000
Fee:U$1.50 USD (.15%)
Exchange Rate:71.35 (4.36% from mid-rate)
To Amount (INR)71,243
Total Cost:4.5%
Difference:
₹1,417 INR less than using OFX
Time:19:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare HSBC Rates
U.S. Bank
 
loading
U.S. Bank: Foreign Transfer USD→INR
From Amount (USD)U$1,000
Fee:0
Exchange Rate:71.06 (4.75% from mid-rate)
To Amount (INR)71,060
Total Cost:4.75%
Difference:
₹1,600 INR less than using OFX
Time:19:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare U.S. Bank Rates
Bank of America
 
loading
Bank of America: Foreign Transfer USD→INR
From Amount (USD)U$1,000
Fee:U$15 USD (Minimum fee)
Exchange Rate:71.06 (4.75% from mid-rate)
To Amount (INR)69,994
Total Cost:6.17%
Difference:
₹2,666 INR less than using OFX
Time:19:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Bank of America Rates
Wells Fargo Bank
 
loading
Wells Fargo Bank: Foreign Transfer USD→INR
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:71.42 (4.26% from mid-rate)
To Amount (INR)69,992
Total Cost:6.18%
Difference:
₹2,668 INR less than using OFX
Time:19:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Wells Fargo Bank Rates
Banks - Average Rate
 
loading
Foreign Transfer USD→INR
From Amount (USD)U$1,000
Fee:15
Exchange Rate:70.91 (4.95% from mid-rate)
To Amount (INR)70,572
Total Cost:5.4%
Difference:
₹2,088 INR less than using OFX
Transfer Speed:
Services:


 
loading
Snapshot 07/06/2020 - View live rates

Get a better deal for foreign transfers to India

When sending money to India it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Indian Rupee amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted INR amount will be transfered to the recipient account you specify in India.

Use the above Send to Indian Rupee calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Indian Rupee deposited into the recipient bank account and less margins and fees kept by the banks!


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