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USD Profile
Name: United States dollar
Symbol: $
Minor Unit: 1/100 Cent
Central Bank: Federal Reserve Bank
Country(ies): United States, American Samoa
Rank in the most traded currencies: #1
INR Profile
Name: Indian rupee
Symbol: ₹
Minor Unit: 1/100 paisa
Central Bank: Reserve Bank of India
Country(ies): Bhutan, India, Nepal
Rank in the most traded currencies: #17
Key facts about USD-INR
The US Dollar is the most traded currency in the world, and Indian rupees are also among the 10 largest currencies in the world. Every day, around 2 billion USD are traded between the two currencies on the Forex Exchange Market.
The Dollar is of course the official currency of the United States, but is also used as official currency in 23 other countries. The US Central Bank, the Federal Reserve Bank (also called "The Fed"), is the official issuer of the US Dollar, while in India, the Reserve Bank of India has this responsibility. The rupees, also called Taaka or Rupayya, are also used in Bhutan and Nepal.
The two currencies have a very different inflation rate, as the Indian Rupee has a high inflation index at 4.90%, while the USD, a very stable currency which exist since 1792, is only at 0.10%.
In India, the frequently used coins include ₹1, ₹2, ₹5, ₹10 and the frequently used banknotes include ₹5, ₹10, ₹20, ₹50, ₹100, ₹500, ₹1000.
Today's USD-INR commentary
The current USD-INR interbank rate is as we're writting close to its highest value of the past 2-week period. The highest level recorded during this period was USD 1 = INR 68.3959, reached. This current high value of the USD-INR rate differs significantly from the much lower level (USD 1 = INR 66.6709) observed , when a transfer of 4,000 USD for example only gave you 266,683.65 INR (the exact same amount gives you 272,324.51 INR now - 5,640.87 INR more).