The USD/INR is the quote for the US Dollar, the base currency, quoted against the Indian Rupee, the quote currency.
The INR is the legal tender of India but in official use by Bhutan and Nepal. It traces its origins to the 6th to 4th century BC, and India was one of the first countries to issue coins besides China and no longer existent Lydia. The original Rupee was a silver coin, but some texts mention gold, copper, and lead coins alongside silver coins.
India is an emerging market economy and the most populous economy globally, with ambitions to transition to a developed economy over the next 25 years. The Indian economy has many challenges to transform, including dated infrastructure, inefficient manufacturing, high unemployment, and poverty. Therefore, the Indian Rupee is one of the worst-valued national currencies against the US Dollar.
BRICS membership highlights the importance of India and the Indian Rupee globally. India is the Asian counterpart to China, aiming to offer Western economies an alternative for outsourcing and supply chain management. The USD/INR is a thinly traded currency pair and is not widely available at most online Forex brokers. India also has domestic restrictions on Forex trading.
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The USD/INR pair is near the 83.7310 realm as of this writing with the typical amount of rather fast changes occurring across the screen because of its large spread between bid and ask prices.
The US dollar initially pulled back just a bit in the early hours on Monday, only to turn around and show signs of life and rally against the Indian rupee.
It’s clear to me that we don’t really have anywhere to be at the moment.
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The US dollar has fallen rather hard during trading session here on Monday to reach down to the 83.39 Rupee region.
The US dollar has bounced a bit during the trading session on Wednesday as we continue to see a lot of noisy behavior in the US dollar versus Indian rupee pair.
The US dollar has rallied again during the trading session on Friday as the greenback continues to go higher against the Indian rupee.