This is the current USD-INR mid-market exchange rate. The Total Cost of buying foreign currency in the above table is calculated as the sum of all fees and the exchange rate margin, which is the difference between the provider's exchange rate and the mid-market USD-INR exchange rate.
Whenever you are researching a particular exchange rate you are actually interested in two currencies as the value of a currency must always be quoted relative to a second currency.
So it follows that if you are determining the best time to transact, in this case the USD vs INR, you should pay attention to both United States Dollar and Indian Rupee news and forecasts.
In the third week of April the Dollar Index was rallying strongly towards the mid-97s, slightly below major resistance at 97.70, a break of which would be massively positive for the greenback. The index was up 1.7 percent year-to-date.
The dollar’s strength comes in spite of a dovish surprise in March from the Federal Reserve, which ditched two interest rate hikes from its 2019 projections. Fortunately for dollar holders, the rest of the world has problems and other important central banks also turned dovish, removing much of the incentive for selling USD.
Bloomberg research warned in April of potential for a large upcoming move in the US dollar, up or down. Over the past quarter-century, three prominent troughs in the JPMorgan Global FX Volatility Index were followed by dollar moves over 6-month periods worth 10-15 percent. The index was trading in mid-April at a 5-year low.
In the second week of March, the rupee was little changed on the year (<1 percent difference) against the dollar at rates near ₹70. It was, however, considerably higher than its record low of ₹74.52, achieved in October. The rupee hasn’t done badly in 2019 considering the 23 percent rise in the price of oil (India’s biggest import). Political uncertainty (never good for a currency’s valuation) is likely to emerge as we approach May’s election. A tough battle is expected for current Indian Prime Minister Narendra Modi and his Bharatiya Janata Party. Should the BJP be defeated, “the rupee could potentially spike to 74,” a Radobank economist said. In March, the Economic Times reported the results of a poll of 50 foreign exchange experts, who collectively estimated a year-end USD/INR rate of ₹71.3. This differed from January’s forecast from the Fitch ratings agency, which said it expects ₹75 on the basis of further current account deterioration and tighter financing conditions.
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