The rate of exchange between the currencies of different counties keeps on changing every few hours and even minutes, as they are traded on the Forex market. In the past few weeks and months, the value of the Rupee (₹) has gone down noticeably compared to the value of the Dollar ($) There are many reasons that have led to the depreciation of the value of the Rupee, but one of the major ones is the Federal Reserve in the US raising interest rates multiple times recently. Although the value of the rupee has somewhat recovered over the past few days. Let’s take a look at the Dollar-Rupee exchange today.
At the time of writing this article on December 5, 2022, the rate of the Dollar to the INR is ₹81.72 for $1. In October 2022, the Rupee reached its highest value against the Dollar, going up to ₹83.26 for $1. As the Fed increased interest rates in the US, investors became risk-averse which directly or indirectly affects the exchange rate between currencies. Not just the Rupee but the value of many other currencies had gone down during this time. Other contributing factors include the Russia-Ukraine conflict and the rising rates of inflation in India and other countries over the past few months. Unstable economic conditions over the past 2-3 years due to the COVID-19 pandemic have also been one of the factors.
Now that we’ve looked at the rates of the Rupee against the Dollar, let’s also take a look at the exchange rate of other the Rupee against other major international currencies, as on December 5, 2022:
Euro to INR: The rate of Euro to INR is 1 Euro for ₹86.14, as of December 5, 2022.
British Pound: The rate of British Pound to INR for 1 British Pound is ₹100.49, as of December 5, 2022.
Australian Dollar: The rate of Australian Dollar to INR for 1 Australian Dollar is ₹55.65, as of December 5, 2022.
Canadian Dollar: The rate of Canadian Dollar to INR for 1 Canadian Dollar is ₹60.87, as of December 5, 2022.
Singapore Dollar: The rate of Singapore Dollar to INR for 1 Singapore Dollar is ₹60.59, as of December 5, 2022.
Swiss Franc: The rate of Swiss Franc to INR for 1 Swiss Franc is ₹87.27, as of December 5, 2022.
Japanese Yen: The rate of Japanese Yen to INR for 1 Japanese Yen is ₹0.69, as of December 5, 2022.
Chinese Yuan: The rate of Chinese Yuan to INR for 1 Chinese Yuan is ₹11.73, as of December 5, 2022.
Disclaimer: All of the exchange rates mentioned in the article have been recorded at the time of writing and are subject to change in the future.
