Convert USD to INR
India is one of the key emerging markets in the world and attracts considerable interest from foreign investors in several aspects of its economy. An increase in foreign direct investments (FDIs) into the Indian economy denotes growing confidence in the economy and plays an important role in boosting the value of the Indian rupee as a result. On the other hand, higher FDI outflows serve to weaken the currency.
Unlike major currency pairs, trading USD/INR can be a tricky proposition, especially for newbie traders. This is because USD/INR is a highly volatile forex pair, mainly due to the volatility in the INR, whereas the USD is considered a stable currency. Beyond economic data and monetary policy decisions, the value of the INR is heavily dependent on external factors like the price of commodities and investor confidence in its economy. Any changes in global macroeconomics can drive high price action in the currency, and hence, in USD/INR.
The currency pair USD/INR touched a high of 77.010 on 22 April 2020. This has been the strongest level this forex pair has touched so far this year.