In fact, off late there has been tremendous. “A lot of it is dollar strength rather than rupee weakness,” said Rahul Bajoria, the chief economist for India at Barclays. On Wednesday, the rupee plunged below the 82-mark for the first time in intraday trade before settling 40 paise down at 81.93 against the dollar. The USD or the US Dollar has over the last few decades constantly been rising against the Indian rupee. The rupee closed at 218.75 per dollar after gaining 1.37 during the interbank market, down from yesterdays close of 220.12, according to the State Bank of Pakistans (SBP) data. Investors have pulled money out of India and other developing countries and poured it into the United States, where the Federal Reserve is raising interest rates aggressively to tame inflation. The rupee rebounded from its lifetime lows to close 25 paise higher at 82.75 (provisional) against the US dollar on Thursday amid weakness in the greenback overseas.
US Dollar to Indian Rupee conversion Last updated Oct 15, 2022, 14:09 UTC. The rupee rebounded from its lifetime lows to close 25 paise higher at 82.75 (provisional) against the US dollar on Thursday amid weakness in the greenback overseas. You won’t receive this rate when sending money. Prices of those commodities have climbed after Russia invaded Ukraine.Īnother factor behind the decline of the rupee is uncertainty about the global economy that has, in turn, propelled the dollar to a 20-year high against the currencies of its major trading partners. We use the mid-market rate for our Converter. The rupee has lost about 7 percent of its value against the dollar this year as India has spent more to import sources of energy like crude oil, natural gas and coal. The Indian rupee touched the weakest level on record against the dollar on Tuesday, another victim of higher energy prices and a stronger greenback. The value of the Indian rupee to the US Dollar works on a demand and supply basis.
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