Indian currency began to be measured against the US dollar in 1947 after India gained its independence. The value of 1 INR then could be taken as 1 USD, considering that the national balance sheet was free from any credit or debit.
According to the Bloomberg data, the local currency's biggest
gain was seen after November 11, 2022, when it appreciated around 99 paise in a
single day.
Indian rupee registered a biggest single day gain in over two years on May 23 by appreciating around 79 paise to close at 85.2188 against the US dollar.
The local currency today ended at 85.2188 against the US dollar, as compared to 86.0050 against the greenback at previous close. Dileep Parmar – Senior Research Analyst, HDFC Securities said the rupee experienced its most significant single-day gain since November 11, 2022. This upward movement was primarily fueled by a weaker U.S. dollar and a strong performance in the domestic equity market.
“Additionally,
the central bank's efforts to encourage foreign investment in corporate bonds,
providing short-duration liquidity, further bolstered the rupee's
appreciation,” he added. The local currency opened 4 paise up at 85.97 against
the US dollar.
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The lowest Indian rupee to US dollars rate was on 8 February 2025 when 1 Indian rupee was worth 0,0114 US dollar.
At
the time of independence (in 1947), India's currency was pegged to pound
sterling, and the exchange rate was a shilling and six pence for a rupee -
which worked out to 13.33 to the pound. The dollar-pound exchange rate then was
$4.03 to the pound, which in effect gave a rupee-dollar rate in 1947 of around
3.30.
The exchange rate of the rupee is determined largely by the market forces of demand and supply. The Reserve Bank of India has intervened occasionally to maintain orderly conditions and curb excessive volatility in the foreign exchange market.
Choudharys Market
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