Currency Converter

The Indian Rupee is the official currency in use across the Republic of India and is denoted by the currency code INR in the forex market. Its currency symbol is ₹ and it is the 20th most traded currency globally. The Indian Rupee is issued and regulated by the Indian central bank, the Reserve Bank of India (RBI). India is one of the most popular emerging market economies, as a result of which the exchange rate of INR-based currency pairs experiences significant volatility based on the market sentiment, and offers several opportunities for forex traders to earn pips, as long as they place their trades after careful analysis of fundamentals and technical factors. Whenever markets trade with a risk-on sentiment, emerging market currencies like the INR generate higher levels of interest among investors. On the other hand, a risk-off sentiment drives a sell-off in such currencies, driving weakness in the value of the Indian rupee and affecting the currency rate of INR forex pairs.

The release of important economic data from India, including GDP, inflation, unemployment rate, imports and exports, foreign exchange reserves, current account, external debt, PMI readings from the manufacturing and services sectors and trade balance cause changes in the exchange rate of INR-driven currency pairs in the forex market. Additionally, changes to the monetary policy and interest rates announced by the RBI can also drive volatility in INR-pairs.

The conversion rate of INR-related forex pairs also sees ample fluctuations driven by political developments in India, e.g. elections. In addition, geopolitical tensions between India and its neighbors, including China and Pakistan also drive significant price action in the INR-driven pairs. Another key factor that influences the conversion rate of the pairs listed below is the amount ot foreign investment into India – higher levels of foreign investment signify increased investor confidence about the economy and strengthens the INR, and vice versa.