Before you read How much 1 USD to INR was in 1947, read recent USD-INR updates below and check the live US Dollar buying and selling rates in your city, by clicking here.
Recent USD-INR Update
|Today’s Forecast||Expected High||Expected Low|
|September 18, 2019:
Rupee fell further yesterday as the impact of the drone attack on Saudi oil facilities continued to dominate the market. The rupee opened with a large negative gap at 71.81 against the previous day close of 71.61, fell to the day’s low of 71.9775 as crude prices remained at elevated levels during our trading day before closing around 71.77.
The market focus was totally on the events in the Middle East with apprehensions about when the Saudi will be able to restore production to pre-attack levels. Rupee will be better placed today after crude prices dropped sharply last night when reports came out that Saudi has already restored 50% of the damaged crude production and expected to recover completely by the end of the month.
Brent crude which was being traded above the $68.00 level through the day, slipped to below $65 and is currently trading around $ 64.50. There is still some small fear about any military retaliation by US-Saudi block but should nothing happen in the next 24/48 hours, we expect crude prices to drop further.
This will be supportive of rupee today as will the fact that PBOC fixed the mid-rate slightly firmer this morning against the previous day’s fix. Apart from the oil prices, focus today will also be on the Fed meeting ending tonight. Any statement by the Fed indicating that they will continue with their accommodative policy and further rates cuts are on the card, will lead to some selloff of dollars in the forex markets.
Rupee could also gain some further support from the inflows into our debt markets as a result of lower US yields. With the rupee holding on to the 72.00/10 support levels last two days, the worst in the near term looks to have been over and rupee could make further gains over the rest of the week.
We might see some resistance around the 71.00/10 levels but in the medium term. The next 48 hours will be crucial for oil prices and if as we expect, tensions are not escalated crude prices will slide further and rupee would recover some more ground. It is recommended to not to hedge any dollar payable for the time being.
We would also like to alert readers to the fact that last night short term lending rates in the US shot up to 5%, forcing the New York Fed to inject liquidity. It is not clear what the cause of this spike in rates was, but traders will take note if this problem persists. It could lead to some dollar selloff in the event the cause is found to be a fundamental problem.
*Please note that all opinions, research, forecast and analysis shared in this post are provided as general market commentary and do not constitute investment advice. BookMyForex is not liable for any loss or damage, which may arise due to reliance on such information
Find out the USD-INR forecast in the video below:
In its 73 years of Independence history, India and her citizens have been quite vocal about their doubts and confusion towards the value and worth of India on the face of the global map. Be it in any or every front, and moreover, economically. None of us has had a past or maybe present where the question of knowing about the value of INR at its time of independence against USD hasn’t touched us.
Moreover, since the upliftment of the Indians through all these years, the growth of India in its education and awareness front has been commendable. Resulting in, the urge to know more about the past of India and her situations at every front. The popular outrage of Social Media that has brought citizens closer has uplifted the question that ‘How the Indian rupee was equal to 1 US dollar on 15th, August 1947” as a trend.
What’s been the value of 1 USD to INR since 1947 to 2019?
Breaking the monotony on this legendary question–How the Indian rupee has devalued since 1947 till date? We’ve come up with a detailed answer that clarifies the smog from this long-lived question. Honestly, it is nothing more than a myth. If you are thinking that exchanging 1 USD to INR in 1947 would have got you 1 Rupee exactly, then, sadly, that’s not true. ‘Why‘ do you ask? Here’s the answer:
- When India got her independence in the year 1947- there were no outstanding credits on the
the balance sheet of India that kept Indian Rupee at parity with the US Dollar.
- Another fact that one should notice is that India was under British Raj prior to its independence thus, the Indian Rupee was pegged to Pounds then, keeping the value stable at that moment, which obviously, didn’t last long.
- As reported: from 1927 to 1966, 1 pound valued to 13 INR. The arrangement ended in the year 1966 and the rupee started witnessing devaluation.
- In fact, after the independence when India launched its 5 Year Plan, the Indian Rupee resultingly used to peg with the U.S. dollar at a rate of 7.5 rupees = 1 dollar until 1971.
Another question that arises is that —What was the actual worth of 1 USD to INR in 1947 exactly?
Although, after Independence, the Indian rupee continued to peg to the British pound at a rate of 1 rupee = 1 shilling and 6 pence what can be withdrawn from the stated that as 13 1/3 rupees per British pound. However, the sources state that British pound would have worth about 4 USD at that point of time – hence, concluding that the US Dollar would’ve been more than 3Rs then.
Don’t have time to read the whole post now: Here’s an infographic that will help you in knowing what you need to know:
Along with the confusions, there are two theories that make their fair share of rounds across the web about the value of 1USD to INR are mentioned hereunder:
As suggested the infographic shows that there were two observations that are prevalently accepted by society. However, to break the truth, that none of them is true. The correct answer to this question is that whether 1 USD was equal to 1 INR in 1947 or not * as India was under the British rule until then, and as one of the British Colonies, the Indian Currency was then pegged against Pound during 1947 where 1Pound = 13 INR in 1947 until the Independence.
Note: India became a republic nation in 1950. The constitution of India came into existence in 1952. At that time 1 USD was equal to 4.16 INR or 1 USD =4.16 NCU. (NCU is National Currency Unit)
US Dollars: No wonder, the US Dollar is one of the most popular, powerful and wanted currency in the world. It has been a central point of discussion all around the globe. As a Supreme Nation, the US dollar holds an extreme power valuing more than a fortune to many currencies. As the most powerful currency in the world, it is obvious that every country accepts it and deals moreover in it.
Its universal nature can be trusted by the testimonials –185 recognized currencies by International Standards Organization very few are traded outside their countries. Listed as one of the three most traded currencies in the world along with the Euro and Yen, the USD makes up almost 64% of the global trade, thus, concluding it to be the de-facto global currency of the world. Every Indian is excited to know the value conversions of the US dollars for all the years since its independence in 1947. It would be interesting to see the journey of the dollar to rupee from 1947 to the latest.
What was the Value of USD to INR from 1947 till 2018?
Are you amongst those readers from around the world who’ve asked us about the highest or the lowest value of 1 USD to INR after 1947 till date? If yes, then trust us, your search finishes right here. Go through the researched data that we at Bookmyforex.com have curated for all of you that are mentioned hereunder:
|YEAR||1 USD TO INR||YEAR||1 USD TO INR|
|16 Aug, 18||70.30||10, Oct, 18||74.35|
Source: IMF, World Bank, OECD, Prof: Werner Antewelier, University of British Columbia
Exchange Value of one Indian Rupee to one US Dollar and other currencies from 1947 to 2007
|New Zealand Dollar||NZD||6.67||8.84||21.27||24.39||20.40||30.30||29.41||30.30|
|Hong Kong Dollar||HKD||0.8333||1.112||4.19||4.58||5.76||5.82||5.837||5.3|
|South African Rand||ZAR|
Exchange Value of 1 Indian Rupee to 1 US Dollar and other currencies 2007-2018
|New Zealand Dollar||NZD||30.59||30.08||32.94||48.05||50.62||44.73||46.776||49.49||49.52|
|Hong Kong Dollar||HKD||6.22||6.24||5.89||7.56||7.87||8.277||8.65||8.39||9.12|
|South African Rand||ZAR||5.20||6.51||6.50||6.59||5.57||4.90||5.01||5.25||5.60|
Source: “historical exchange rates”. fxtop.com. Retrieved 2018-04-18. FXHistory: historical currency exchange rates” (database). OANDA Corporation. xe.com
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Read our Quora answer: How many INR were equal to 1 USD on 15 Aug 1947?
Note: This blog post answers the frequently asked question about “the value of Rupee versus US Dollar n 1947”. We have used historical data from the research done by Prof Werner Antwelier of the University of British Columbia. The research and data can be found here. Rupee may have depreciated with respect to Dollar but has shown significant improvement against other currencies like Euro & Pound…