The political turmoil of the United States of America has taken over the world. The current situations are volatile and are having consequences in all major sectors including the remittances targeted towards India from the US. The USD to INR exchange rate has been searched too often online. Presently, with the prevailing uncertainties for NRIs in the USA, as an effect of the restrictions on the H1-B Visa, remittances to India have shot up. NRIs are aiming to send money back to India to ensure a better retirement back home. In this article, we will focus on the conversion rates for usd to inr in order to trace what can be the best time to send money to India from the USA.
USD to INR Conversion Rate Today
United States Dollar VS Indian Rupee Trend: July 2021
|July 2021||USD to INR|
|1st July||74.38 INR|
|31st July||74.38 INR|
|Highest Rate||75 INR (19 July)|
|Lowest Rate||74.28 INR (30th July)|
The Factors effecting Exchange Rate
Converting one currency to another involves multiple factors that affect these exchange rates. The Forex market is the largest market in the world and the trade of currencies happens almost all the time. The exchange rate of the currencies is impacted by external factors like inflation, which refers to the rates at which the general price of goods and services increase in a country. The lowering of inflation is a healthy sign for the economy of the country resulting in the appreciation of the currency.
There are a lot of other factors that affect the rate of exchange such as interest rates, balance of payments, supply of money, etc. The economic, social and political conditions of a country defines how strong or weak its currency will be. With the positives falling in one place, the value of the currency rises and it becomes preferred by investors globally. The more the country exports its goods and services the more the currency strengthens. The balancing of imports with exports is a very essential factor to determine the strength and value of the currency.
These factors are very volatile and these exchange rates fluctuate every day. But worry not! We at SBNRI, trace these changes on a regular basis to help you with your investments and remittances. Connect to our experts using the button below to get advisory on choosing the best time to remit money to India capitalizing on the best exchange rates for USD to INR. Also, visit our blog and youtube channel for more details.