USD INR ₹ 83.94
GBP INR ₹ 108.17
CAD INR ₹ 60.61
News

Why Is the USD to INR Increasing Today?

Updated on April 07, 2022 11:16 am
today's usd to inr

The Indian rupee (INR) hit a record low against the US dollar on March 7 amid the sharp surge in global crude oil prices following Russia's invasion of Ukraine and the continued withdrawal of foreign investments (FIIs). 

The partially convertible rupee (restrictions on certain capital account transactions) fell to INR 75.98 for 1 USD, its weakest level ever. The previous record low of the rupee against the US dollar was 76.91 in April 2020 during the COVID-19 pandemic.

What is USD to INR Exchange Rate Today?

Today's USD to INR stands at 75.98 (at the time of writing).

What Influences INR to USD Exchange Rate?

The INR to USD exchange rate is influenced by a combination of factors. In the foreign currency market, the value of a currency is controlled by the basic economic concept of supply and demand.

The exchange rate is the value of one currency in terms of another currency (for example, 1 USD to INR today is 75.54). A currency with more demand has a higher value. 

The exchange rate between two currencies is always changing depending on the market conditions. This is called a floating exchange rate, where the currency value of a country is determined by the foreign exchange market based on supply and demand relative to other countries currencies.

How to Transfer Money From USD to INR

If you are looking to send money online abroad, you have to take dollar rupee exchange rates into consideration since it will determine how much money your recipient will receive when it finally arrives in the destination country via USD to INR or INR to USD conversion.

This is because online money transfer USD to INR exchange rates fluctuate depending on the market. To get the best deal for your money, it is best to time your money transfer when the rate reaches its desired rate. Subscribe to CompareRemit USD to INR exchange rate alerts to get notified of the best rates. 

Most banks and money transfer specialists do not offer interbank exchange rates or mid-market (the ones you see on Google). Each offers its exchange rates. The difference in the rates is how they make money. 

If you're looking for how to transfer INR to USD, you can compare banks and various money transfer companies to find out what the INR to USD exchange rate is today before making your transfer along with how to calculate INR to USD. 

The best ways to send money from India to the USA should offer you the best USD/INR exchange rate.

India's Exchange Rate System

India has a floating exchange system (market-determined). However, the Indian rupee is a partially convertible currency whereby some important restrictions are put in place for higher amounts, and some transactions are prohibited or require approval.

No single authority or institution of a country has little or no control over the value of the currency, especially its demand. The demand for a currency is influenced by many factors such as fiscal and monetary policies of the country, inflation rate, trade, political and economic situations of the country, etc.

Although the central bank of the respective country can intervene whenever the currency destabilizes. This is done by adjusting the supply of the currency, among other measures.

For instance, the Reserve Bank of India maintains a US dollar reserve to ensure stability in the dollar rupee exchange rate. When the demand for the US dollar rises, the dollar value appreciates with respect to the rupee. In response to this, RBI would inject US dollars into the market from its reserve to meet the demands and thus bring down the rising value of the dollar currency. 

But overall, it is the demand of a particular country that sets its value. 

Current Volatility of the Rupee

Expert economics expects the volatility in the value of the rupee to remain high. The Reserve Bank of India (RBI) intervened to prevent the sharp moves in the rupee by selling dollars via state-run banks. Up to $1.5 billion have been estimated to be sold in the spot market to curb the volatility soon after the rupee hit its lowest level.

Reasons Behind Increasing INR to USD Exchange Rate

Several factors are at play for why USD to INR is increasing today. Discussed following are the major factors causing the depreciation of the rupee against the USD.

  • Rising crude oil prices 
  • Sell-off in Equities 
  • Geopolitical Tension
  • Stronger Dollar 

Global crude oil prices soared to $139 a barrel, more than 6%, reaching their highest since the 2008 global financial crisis on March 7 after the United States and European allies considered a Russian oil import ban. 

India is the world's third-largest importer of crude oil, importing close to 80% of its fuel requirements. This means INR is very sensitive to rising oil prices. It can potentially skyrocket India's import bills and thus a widening current account deficit. A higher current account deficit means a weakened rupee which further increases inflationary expectations prompting foreign investors to sell more Indian assets. 

The local equities plummeted by over 2.5%, about $1 billion on March 7. In the first three months of the calendar year, overseas investors withdrew a net of $12.3 billion in local investments, including debt and equities. According to the National Securities Depository Ltd, about $8.5 billion went out in February and the 1st week of March. 

The slower portfolio flows could also put pressure on the balance of payments.

Separately, the uncertainty over the initial share sale of India's largest state-run insurer Life Insurance Corporation of India, worsens the fall in the investment in Indian equities. Analysts estimated that if the sale had occurred, it would have raked in $5 billion-$ 6 billion of foreign investments, supporting the rupee.

Geopolitical issues between Russia and Ukraine seem to be far from over, leading to a stronger dollar index and pushing crude oil prices even higher. This will greatly impact India's fiscal math. 

In the aftermath of the Ukraine crisis, all emerging market currencies are set to lose against the dollar and the pound/euro as global investors seek the safety of dollar-backed assets. With forex reserves at $631.53 billion by early March, traders feel it has enough strength to forestall a much sharper fall in the currency. However, the increasing pressure on the rupee has the potential to upset India's fiscal math, but it is expected to calm down, as per expert currency analysts. We will have to keep an eye on the dollar rupee exchange rate and if the rupee continues to fall amid global crisis.

 15380 views
Rate article:
(5.0)
 
 
Money Transfer FAQ's
Related Articles
UK to Philippines
How to Send Money from the UK to Philippines

Sending money from the UK to the Philippines is a significant financial transaction that requires careful consideration to ensure efficiency, cost-effectiveness, and security. As an immigrant or someone supporting family and loved ones back home, understanding the process and selecting the right remittance service is crucial. Do not worry. CompareRemit is here to guide you through all of your remittance needs. In this guide, we'll walk you through the essential steps, considerations, and top remittance providers to help you make informed decisions and maximize the value of your money transfers.Things to Consider Before Transferring Money from UK to PhilippinesBefore initiating a money transfer, it's crucial to grasp two essential factors: exchange rates and transfer fees. The exchange rate refers to the value of one currency relative to another. For example, if the GBP to PHP exchange rate is 1 GBP to 71.81 PHP, it means one British pound is equivalent to 71.81 Philippine pesos. Transfer fees, on the other hand, are charges imposed by remittance companies for their services.It's worth noting that exchange rates and transfer fees can vary significantly across different companies. While some providers may offer competitive exchange rates, they might compensate by charging higher transfer fees. Conversely, others may provide lower transfer fees but offer less favorable exchange rates.It's essential to find a balance between favorable exchange rates and reasonable transfer fees to maximize the value of your remittance. Some companies may offer promotional rates or discounts for first-time users, while others may have ongoing promotions or loyalty programs. Comparing different remittance providers using platforms like CompareRemit can help you find the best combination of rates and fees for your transfer.Will GBP to PHP Increase or Decrease?As of the latest data, the GBP to PHP exchange rate stands at 1 GBP to 71.81 PHP. CoinCodex forecasts a potential 9.43% rise in the GBP to PHP exchange rate over the next year, reaching approximately ₱ 78.22 at some point during the year. While exchange rate predictions provide valuable insights, they are subject to change based on various economic and geopolitical factors. Monitoring exchange rate trends regularly can help you identify favorable opportunities for sending money to the Philippines.When is the Best Time to Send Money from the UK to Philippines?Determining the best time to send money involves strategic planning and analysis of exchange rate fluctuations. Referencing forecast predictions and using comparison sites like CompareRemit can help you track the best exchange rates and promotional offers from top remittance companies. By timing your transfers during periods of favorable rates or promotions, you can optimize the value of your remittance and save on transfer costs.How to Transfer Money from the UK to PhilippinesOnce you've finished comparing and contrasting the top providers and selected the best remittance provider through CompareRemit’s Compare Tool, the next step is to initiate the money transfer. Remittance services typically offer various transfer methods, including online transfers, bank deposits, and cash pickups.Sign up: Create an account with your chosen remittance provider and complete any required verification steps.Enter recipient details: Provide the recipient's information, including their name, address, and contact details.Select transfer amount: Enter the amount you wish to send, ensuring it meets any minimum or maximum transfer limits.Choose delivery method: Select the preferred delivery method for the recipient, such as bank deposit or cash pickup.Review and confirm: Double-check the transaction details, including exchange rate and fees, before confirming the transfer.Complete the transfer: Submit your payment and wait for confirmation of the successful transfer.Top Remittance Providers for Transferring Money from the UK to the PhilippinesXe Money TransferXe offers competitive exchange rates, low fees, and fast transfers, making it an excellent choice for sending money from the UK to the Philippines. Their user-friendly platform ensures a seamless remittance experience for users.Wise Money Transfer Formerly known as TransferWise, Wise provides transparent exchange rates and minimal fees, allowing users to send money with confidence. With millions of satisfied customers worldwide, Wise offers a reliable and cost-effective solution for international transfers. Instarem Money TransferInstarem offers competitive rates, no hidden fees, and real-time tracking, ensuring transparency and security throughout the transfer process. With Instarem, users can send money to the Philippines quickly and conveniently.PassToPassTo specializes in tailored remittance solutions for migrants, offering flexibility, convenience, and personalized service. With a focus on customer satisfaction and reliability, PassTo is an excellent choice for sending money to the Philippines and beyond.Frequently Asked QuestionsQ: What are the best rates from GBP to PHP?A: As exchange rates fluctuate, it's advisable to monitor platforms like CompareRemit to find the best rates from GBP to PHP offered by various remittance providers.Q: When is the best time to transfer money from the UK to Philippines?A: Monitor exchange rate trends and utilize comparison tools to identify favorable transfer windows.Q: How can I compare money transfer services from the UK to Philippines?A: Utilize comparison sites like CompareRemit to compare money transfer services based on exchange rates, fees, transfer speed, and customer reviews.Q: What is the best way to transfer money to the Philippines online?A: The best way to transfer money to the Philippines online is to use a reputable remittance provider, ensuring competitive rates and secure transactions.Q: How can I ensure the safety and security of my money transfers?A: Choose reputable remittance providers with robust security measures in place to safeguard your transactions.

Understanding USD to PHP
Understanding USD to PHP Exchange Rates in 2024

For many immigrants or individuals supporting their families in the Philippines, understanding the fluctuations in USD to PHP exchange rates is very tricky. Navigating the intricacies of these rates involves examining a spectrum of economic, political, and social factors.CompareRemit is here to make life easier for you, so you can make the best decision with little to no hassle on your part. In this guide, we'll unravel the complexities surrounding USD to PHP exchange rates, providing valuable insights to empower you in making informed decisions for your money transfers.​​Interest Rates: The Currency Tug-of-WarOne of the primary factors that influence exchange rates is  interest rates. When the U.S. Federal Reserve adjusts interest rates, it sends ripples through the currency market. Generally, higher interest rates attract foreign investment, strengthening the USD against the PHP. For individuals, keeping an eye on interest rate differentials between the U.S. and the Philippines can offer insights into potential shifts in exchange rates.Inflation: The Balancing ActInflation, the rise in the price of goods and services, plays a pivotal role in currency valuation. Countries experiencing lower inflation rates often witness an appreciation in their currency. Comparing inflation rates between the U.S. and the Philippines allows you to gauge the potential strength of the USD. A lower inflation rate in the U.S. compared to the Philippines may contribute to a stronger USD.Government Policies: Shaping Economic StabilityGovernment decisions and economic policies, both domestic and international, have large impacts on exchange rates. Policies promoting economic stability, prudent fiscal management, and sound monetary measures contribute to a stronger currency. Staying informed about the policies of both the U.S. and the Philippines will allow you to gain an understanding of the economic health and help predict dips and rises in exchange rates. Trade Balances: A Global PerspectiveThe dynamics of global trade, including exports and imports, definitely impact currency values. A country with a trade surplus, exporting more than it imports, may see a stronger currency. It might be very tedious to stay up to date with trade imbalances between the U.S. and the Philippines, but doing so can serve as an indicator of potential exchange rate movements.Historical Data: Patterns and PredictionsAnalyzing historical USD to PHP exchange rate trends can reveal patterns and provide insights. While past performance doesn't guarantee future results, understanding how rates responded to similar economic, political, or social events can guide your decisions. Historical data offers a valuable tool for predicting potential movements in exchange rates.Practical Tips for Informed Money TransfersStay Informed: Regularly follow financial news and updates from both the U.S. and the Philippines to understand the broader economic context. Regularly read our blogs to stay up to date with all the major money transfer news. Utilize Reliable Tools: Use CompareRemit’s online comparison tool and email alerts to track real-time exchange rates, ensuring you get the best value for your money transfers.Seek Professional Advice: Consulting financial experts or using professional services can provide personalized insights tailored to your specific situation, enhancing your decision-making process.In conclusion, comprehending the factors influencing USD to PHP exchange rates empowers you to make informed decisions when sending money to the Philippines. By staying attuned to economic indicators, leveraging historical data, and adopting a proactive approach, you optimize your money transfers, securing a more stable financial future for your loved ones.

Money from India to UK
Best Way For An NRI to Repatriate Money From India to UK

 When it comes to repatriating large sums of money from India, it puts every NRI in a situation where he has to consider different obligations regarding monetary cross-transfer. Taxation, reliability and transfer timelines are a few things that influence these decisions.Personal finances have to be dealt with delicately and ensured that there is no loss during the due process of remittances. There are various options available in the marketplace today, be it via traditional banking or the modern ways of online transfers.CompareRemit offers a platform that allows you to compare different players in the market and pick the best rates that suit your needs.Repatriation from an NRE AccountAs a component of the liberalization scheme of the Reserve Bank of India, remitting funds from India has become relatively easier. Balances in NRE (Non-Resident External) accounts are freely repatriable. No formalities or requisite permissions are required for remittances abroad be it any amount. Funds in accounts are usually funds deposited from abroad or current income like interest or dividends on investments made through foreign funds.Repatriation from an NRO accountBalances in NRO (Non-Resident Ordinary) accounts are subject to certain conditions. The remittance of USD 1 million per financial year from NRO accounts is allowed subject to certain procedural formalities. NRO account balances include income earned locally or certain capital account transactions. Form 15-CA and 15-CB need to be submitted before a remittance can go through.Read more on difference between NRE and NRO account on CompareRemit.The Traditional Option - BanksThe most sought after choice for remittances to the UK are banks. Banks are the most popular means of transferring money to the UK because:There is a high level of trust owing to the various government regulations.Familiarity and the comfort of knowing the neighborhood-friendly banker.There are two ways one could remit funds using banking services:Online - If your bank has given you access to internet banking and allows repatriation through online instructions.In-Person - One could walk into the bank yourself and have the formalities completed there and then and have the satisfaction of seeing it to its destination with a receipt in your hand.However, it is important to note that INR to GBP/GBP to INR exchange rates may not always be competitive. The transfer fees can be high and the charges, not always transparent.Selection of Remittance Service ProviderShould you want to avoid remitting through banks, approaching a marketplace of money changers would be the next best option. A selection of remittance service providers should be made based on the following:- Transfer chargesSpeed of transferExchange ratesCharges on the conversion of currency (INR to GBP)Freeze option on exchange rate while process requirements are completedFlexibility of payment optionsAlternative Options for Remittance from India to UKWise - UK based transfer service supporters - Wise incorporates credit cards/debit cards, SWIFT, international transfers to bank accounts, domestic wire transfers and more. Wise offers competitive exchange rates for pound to rupee or rupee to pound conversions. It assures fast and low-cost online money transfers from India to the UK.ExTravelMoney - One of the easiest services for transferring funds from India to the UK, they also offer the facility of booking orders online.Western Union - In four easy steps available online and your money is sent from India to the UK. They offer competitive rates and faster transfers as well.Thomas Cook - Provides the best foreign exchange rates besides giving the assurance of secure and timely remittances for specific purposes.BookMyForex - With zero commission and zero charges, they claim to send money from India to the UK at guaranteed lowest exchange rates. The time span for the transfers to be effective is 12 to 48 hours.To select the right money transfer service one should keep the cost and time factors in mind. Convenience at a reasonable cost should be the mantra for selecting a suitable remittance service provider.

Download the CompareRemit App
Download the CompareRemit App
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.

Get Listed or Advertise

Download Our Free App

Try our faster, enhanced mobile app for a better experience

CompareRemit App