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$6.6 trillion dollars – that’s the daily trading volume of the world’s largest financial market, forex. Every day, trillions of dollars in currency is traded around the world.
Even better, with a little knowledge in forex trading, you can be a part of that, trading assets like USD to INR – and possibly making a good profit every day.
Want to know more about USD to INR forex trading? Keep reading, our guide will tell you what you need to know to get started.
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USD/INR
First, let’s talk about currency pairing and forex. Forex, or foreign exchange, is the changing of one currency into another, usually for commerce or trading.
A currency pairing is the price quote of an exchange rate for two different currencies traded in a foreign exchange market. The first currency listed is the base, while the second currency is the quote.
When buying a currency pair, you purchase the base currency but sell the quote currency. When selling a currency pair the reverse is true.
So a USD to INR pairing simply means the currency pairing of the U.S. dollar and the Indian rupee are paired and traded on forex markets.
This trading occurs around the clock. Forex markets are open 24 hours a day, Monday to Friday.
The USD is the most traded currency on the market, so having the Indian rupee paired with it makes the USD to INR pairing a popular choice.
Although both are major currencies, the Indian rupee is an exotic currency. Exotic currencies are currencies that are not widely used in global financial transactions. Unlike major currencies like the USD or Euro which are based on the health of the economy and the interest rate, exotic currencies are subject to greater volatility, especially if there is political instability.
Another factor that can affect the USD/INR pairing is terms of trade. Terms of international trade refer to the ratio of export prices to import prices. If a country’s exports are greater than its imports, the terms of trade will improve.
In the case of India, its major exports include petroleum, garments, and gems. Major imports include oil, precious and semi-precious stones, and jewelry.
Let’s say demand for petroleum increases. India can improve their terms of trade by exporting more petroleum products. By improving their terms of trade, the Indian rupee is strengthened.
However, the reverse can also happen. Due to a recent spike in oil prices, the rupee fell to an all-time low of 79.11 against the U.S. dollar.
India’s central bank, the RBI, or Reserve Bank of India, participates in USD/INR buying and selling. Having the participation of the national bank in foreign currency trading helps mitigate volatility, and influences the price of the pairing.
Likewise, the economic policies of the U.S. and Indian governments can also influence the USD/INR currency pairing. In the U.S. the Federal Reserve controls policies such as interest rates. Such economic events can be tracked ahead of time with an economic calendar.
As forex trading becomes more popular worldwide, more Asian currencies like the rupee are being paired and traded.
Are you looking to understand the current exchange rate for USD to INR? We’ve got you covered. Use the below currency converter equipped with the latest live market rates to show you how many US dollars equal Indian Rupees right now in the forex market.
Are you interested in learning more about real-time forex trading? Our forex trading for beginners guide will teach you how to get started with trading assets, including the USD to INR currency pairing.
In only a few minutes, you can easily learn how to read forex pricing, what an exchange rate is, and the trading strategies you need to know.
When you’re ready to begin trading, you may create your account.
Start placing forex trades with a Baxia trading account
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