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And in this case, the value of the Indian rupee is affected a lot by the US dollar. The capital account of the BOP of the country also determines the value of its currency. So now, let’s find out why the US dollar is hiring the Indian rupee. Now we have gained some foundational knowledge about the INR and USD. Reasons Why US Dollar is Higher Than Indian Rupee But the Indian rupee has less exposure, and very few countries show interest in INR. And in this case, the US dollar is widely accepted, and most countries use the US dollar for international trade. However, the worldwide demand for the currency also impacts the value of the currency. Hence if the money needs to be called money, it should represent the value of the goods.Īnd all the conditions are fulfilled by the Indian rupee and US dollar both the currencies are worldwide recognized. It should represent the value of tangible goods or the economic item available for sale. The people should feel free to use for the exchange as we use Indian rupee to buy things like gold and other things. It is one of the essential criteria by which the legal tender becomes the currency or money. Moreover, the money can be stored in various places, such as in a piggy bank or a physical bank for wealth creation. Can Be StoredĪnother feature of money is that it can be stored, and its value remains the same as in the current market. And also, the seller feels free to accept the deal and consider the transaction for exchange. When we need to buy some services or products, we use our Indian rupee without any restriction. The first criteria say the currency should be widely accepted in the nation as the Indian rupee. It’s Widely Accepted Without Any Condition But what makes legal tender money, so to learn this, read the below-mentioned criteria. On the other hand, the US dollar is the currency of the USA, and most of the countries use the US dollar for trading. The Indian rupee is the national currency of India and is also accepted internationally. Indian rupee and US dollar both are legal tenders that are considered as currencies. Thus, stay with us if you want to learn why the US dollar is more powerful than the Indian rupee. Do you wish to know why dollar is higher than rupee? It is one of the widely asked questions by most people. Handbook of Statistics on Indian Economy. ^ "Table 140 : Exchange Rate of the Indian Rupee vis-à-vis the Sdr, US Dollar, Pound Sterling, D.M./Euro and Japanese Yen (Financial Year-Annual Average and end-Year Rates)".^ "Table 139 : Exchange Rate of the Indian Rupee vis-à-vis the Sdr, US Dollar, Pound Sterling, D.M./Euro and Japanese Yen (Calendar Year - Annual Average)".^ "Rupee's journey since Independence: Down by 65 times against dollar".January 1, 1999.ġ974 to 2022 Exchange Rate of the Indian Rupee vis-a-vis the SDR, USD, GBP, DM and JPY (FY, annual average and end-year rates) Year The Euro replaced the Deutsche Mark w.e.f.Data from 1971 to 1972–73 for the Deutsche Mark and the Japanese Yen are cross rates with the US Dollar.Data from 1992 to 1993 onward are based on FEDAI (Foreign Exchange Dealers' Association of India) indicative rates.
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Data from 1971 to 1991–92 are based on official exchange rates.The end year rate for 1998–99 pertain to Maof Deutsche Mark rate.The data on exchange rate for Japanese Yen is in per 100 Yen.The US dollar was worth ₹3 in 1947 not 1, and ₹69.9 in 2018. This is a list of tables showing the historical timeline of the exchange rate for the Indian rupee (INR) against the special drawing rights unit (SDR), United States dollar (USD), pound sterling (GBP), Deutsche mark (DM), euro (EUR) and Japanese yen (JPY).