US dollar to Indian rupee
The rate behind India’s oil bill, software exports, overseas fees and much of the money NRIs send home. Convert any amount and see how the rupee has moved.
What moves the dollar–rupee rate
Most of India’s trade is invoiced in dollars, so USD/INR is the rupee’s headline rate. It moves with crude oil prices, which raise India’s dollar demand; with foreign investors buying or selling Indian shares and bonds; and with the dollar’s strength worldwide. The Reserve Bank of India buys and sells dollars to smooth sharp swings but does not fix a level.
Over long periods the rupee has tended to weaken gradually against the dollar, largely because India’s inflation has usually been higher than America’s.
Questions
Is this the rate I will get at a bank?
No. This is the mid-market rate between buying and selling. Banks, forex cards and remittance services add a margin and sometimes a fee. Compare the rupees you actually receive, or pay, across providers.
How much can I send to the US from India?
Resident individuals can remit up to US$250,000 a financial year under the RBI’s Liberalised Remittance Scheme, for purposes such as education, travel, gifts and investment. Tax collected at source may apply on larger amounts depending on the purpose; your bank shows it before you pay.
When is the best time to convert?
Nobody can time currency moves reliably. For large sums such as tuition, many people split the amount over a few weeks to average the rate.