Today’s Exchange rate is the rate at which a particular currency is bought and sold. When anyone asks what is today’s dollar rate in India, they may be referring to the value or price of Dollar with respect to Indian Rupee in the Indian market. The exchange rate can be defined as the value of one currency in terms of another currency. However, Today’s rate or today’s dollar rate in India is a flimsy term. No such thing as ‘today’s rate’ exists. Currency rates are not stable and fluctuate. In this article, we will explain how banks and money exchangers fabricate the stories around currency exchange.
India’s Currency exchange market has its flaws and lacks transparency. Even though RBI in last few years has brought in new laws and regulations to remove these issues. But there is still a long way to go. To address the lack of transparency, the flaws, and few other reasons, BookMyForex.com came into existence. Although these services are available and extremely commonplace in every part of the country, certain practices and norms of this industry are designed to rip the common man off. BookMyForex has brought in quite a degree of transparency in the market.
Today’s Dollar Rate in India- A Myth or a reality?
It is a common yet a deceptive practice on the part of Money Exchangers and Banks to have a fixed exchange rate all day. Currency exchange rates fluctuate a lot throughout the day based on economic and political conditions. While the currency rates are fluctuating, it becomes impossible to have the same rate through out the day. For example, BookMyForex displays live and real rates through out the day. The rate list fluctuates/changes every 3 seconds. Not every currency value will remain steady and hence, the fluctuations.
The term “today’s dollar rate in India” is now part of the language of everyone who deals with buying or selling of foreign currency, money changers & customers alike. It’s almost like everyone who’s in the foreign exchange business is supposed to have a single rate for every currency every day.
Live Rates-What are they?
One of the reasons for BookMyForex’s remarkable success in just 5 years is our ‘live rates. A lot of our customers initially are in a state of bewilderment when they hear that we operate on live rates. As hard as it might sound to believe, the concept of today’s dollar rate in India is simply a myth. Foreign exchange markets, similar to any other market which trade electronically, are live. The rates of every currency pair changes in real time, sometimes several times a second! The fact is that even though dealers might provide a fixed “today’s dollar rate in India” to their clients, they themselves settle their foreign exchange positions at live real-time time rates with the banks and other foreign exchange firms.
Today’s Dollar rate in India is about Scamming customers for more Margins
The question that arises is what do these money changers do in case the market moves against them? It is obvious that no one is in business to make losses. The only way dealers can avoid making losses is by padding their so called “today’s dollar rate in India” with enough margin to avoid making losses even on the worse day. As a direct result of this, most money exchangers keep their margins anywhere from 2% – 10% over the live rates. This is exactly the reason why customers get a less than optimal deal by most currency exchange companies.
Ask for Live Dollar Rates & not today’s dollar rate in India
The concept of “today’s dollar rate in India” serves only one purpose–to pinch an extra penny of the customer. The reason why Banks & money exchangers use the terminology ‘today’s Dollar rate in India’ is to keep things economical and ensure maximum profits. It is not easy or feasible to display, quote or book foreign currency at live rates. As you need to have access to high-quality infrastructure and ability to match that of the likes of BookMyForex. Such an arrangement requires having access to expensive data connections and complex banking relationships that allow you to control foreign exposure risk in real time.
BookMyForex.com is the first online platform that provides customers in India the ability to book foreign currency at live rates in order to obtain the maximum savings. Our exchange rates are completely transparent and always available on our site. Check out BookMyForex for further information.