With that starts the long process of rate haggling and being surprised that you are not getting the rate you saw in business news channels. The second way was to search for a money changer where the first check is whether they have the desired USD or not. This was not only time consuming but pretty frustrating and even after all the effort, you end up paying a high cost. You stand in the queue and wait for your turn. The traditional approach of doing so involved going to banks. There are multiple ways to convert USD to INR in India. How Can I Convert Dollar (USD) to Rupee (INR) in India? BookMyForex offers the most updated foreign currency rates to its customers and thereby passes the benefit on to its clients in the form of a stronger exchange rate. You won’t be able to do better currency conversion anywhere else. Interbank rates are the same rates that you see on search engines or online currency converter websites or Business News Channels. allows you to check the rates which are interbank rates. Our Dollar to INR rates is LIVE and accurate to the last second. With BookMyForex currency calculator, you can convert Dollar to Indian Rupee at best exchange rates. dollar at a rate of 7.5 rupees = 1 dollar until 1971. When India launched its first 5 Year Plan, the Indian Rupee resultingly used to peg with the U.S. However, the sources state that British pound would have worth about 4 USD at that point of time – hence, concluding that the US Dollar would’ve been more than 3Rs then. Right after Independence however, the Indian rupee continued to peg to the British pound at a rate of 1 rupee = 1 shilling and 6 pence what can be withdrawn from the stated that as 13 1/3 rupees per British pound. As reported: from 1927 to 1966, 1 pound valued to 13 INR. Also, the Indian Rupee was pegged to Pounds then since India was under British Raj, keeping the value stable at that moment. If you believe that exchanging 1 USD to INR in 1947 would have got you 1 Rupee exactly, then, sadly, that’s not true reason being when India got her independence in the year 1947, there were no outstanding credits on theīalance sheet of India that kept Indian Rupee at parity with the US Dollar. To answer the legendary question–How the Indian rupee has devalued since 1947 till date?We’ve come up with a simple clarification. 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.ġ974to 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.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).
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