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(USD to INR)Conversion Rate sucks this time

Discussion in 'Payments' started by dshah, Apr 27, 2007.

  1. #1
    Its been like this for last three months

    1:44
    1:42.90
    1:40.50
    SEMrush
    Bad part, less money this time - good part INR doing good against USD
     
    dshah, Apr 27, 2007 IP
    SEMrush
  2. Felu

    Felu Peon

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    #2
    If its Rupee gets more stronger against Dollar then it'll affect the Indian Economy badly :(. The RBI is unable to balance it currently. Its good for importers and bad one for exporters.
     
    Felu, Apr 27, 2007 IP
  3. berners-lee

    berners-lee Peon

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    #3
    I saw it's 1:41.09. Well, at least it's better than it was 2 months ago, and BSE index may return to 14000 soon. :)
     
    berners-lee, Apr 27, 2007 IP
  4. swapnil90

    swapnil90 Well-Known Member

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    #4
    It is because the RBI has stopped buying USD...Which it cant stop for long...

    So dont worry guys...Rates will be better in the coming days...
     
    swapnil90, Apr 27, 2007 IP
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  5. godmode

    godmode Well-Known Member

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    #5
    Swapnil,

    I replied to a similar thread and explain why this is happening. I suggest you all to read that thread.

    Once again for those missed the whole point behind the recent USD-INR plunge.

    US economy is not doing well. I read a report my research guys submitted to me last week. It claims that in austin alone, houses are selling cheaper than cars coz people believe cash balance is more important when there will be a massive slowdown in USA (expected around end of 2007).

    INR on the other hand is being pampered by NRI (like me :p). We send money to india and this year NRI inflows are way more than last few years.

    When the economy is getting FDI (foreign direct investment) , its set to rise. Thats also leading to a Supply-Demand mismatch and raising inflation to its highest levels. Suppliers are now inflating the rate coz there is a demand for the products and people are ready to pay coz they have money.

    These are just some of the reason influencing INR prices. I assume that USD will fall to the range of 37-38, RBI will buy dollars from the market to stabilize the rates at around 38.

    However don't expect it to go beyond 40 until late june. the old 44-45 rates would be unachievable unless USA economy stabilizes. No one is expecting that however.

    Reps appreciated for my gyan :D
     
    godmode, Apr 27, 2007 IP
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  6. dshah

    dshah Well-Known Member

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    #6
    What does that mean? I live in US and it would be impossible to believe houses are selling cheaper than cars. (ohhh...its not just figure of speech isn't it?)
     
    dshah, Apr 27, 2007 IP
  7. sachin410

    sachin410 Illustrious Member

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    #7
    There are various reasons why INR is going up against USD.

    1. USD is weakening against all currencies.
    2. Lot of foreign inflows for investing in India.
    3. Remittances from NRIs.
    4. People trying to take advantage of interest rates difference between India and other countries - borrowing in other countries and lending in India.
    5. RBI not supporting USD any more to curb inflation + RBI doesn't want to invest in a currency that is losing value (USD).

    INR may see a short term fall to 42-42.5 levels but don't expect much after that.

    It is better to convert all USD you have to INR as soon as possible...the long term trend for INR will be up from now onwards.
     
    sachin410, Apr 27, 2007 IP
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  8. godmode

    godmode Well-Known Member

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    #8
    no dshah. Its true. See i work for a massive investment bank and we regularly research on countries and economic stability in order to invest. This was in particular with austin. However the trend will continue with other states. You will soon notice that there is a huge fall in real estate prices in US.
     
    godmode, Apr 27, 2007 IP
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  9. godmode

    godmode Well-Known Member

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    #9
    I dont agree with your point. Buying USD will not lead to inflation. In fact its the reverse. The more rupees flow in the economy, it will lead to inflation. All countries has to balance out their foreign reserves and value of the currency.
     
    godmode, Apr 27, 2007 IP
  10. sachin410

    sachin410 Illustrious Member

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    #10
    For a net importing country like India, weaker INR would mean our import costs go down....especially of Crude Oil...which may be a great help in controlling inflation.
     
    sachin410, Apr 27, 2007 IP
  11. dshah

    dshah Well-Known Member

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    #11
    However much I want to be believe this (that houses are going cheaper than cars), I am finding it difficult. (I would love that scenario though)

    Could you give me some stats (like average house and car prices you are referring to - lets say in Austin)
     
    dshah, Apr 28, 2007 IP
  12. godmode

    godmode Well-Known Member

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    #12
    Crude Oil companies has little or no impact over USD price change coz they hedge their position with forward futures. In commodities market no one lives with spot prices anymore. Everyone cover their based and hedge long term positions. So it doesnt impact anyone besides companies doing spot Forex businesses and of course common people. hope u understand what i meant.
     
    godmode, Apr 28, 2007 IP
  13. godmode

    godmode Well-Known Member

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    #13
    Dshah, these reports can't be given out for free or else company will kick me out . These reports are only for our platinum level clients doing business (XXX millions per month).

    Nevertheless, the situation will be clear for you in some time.
     
    godmode, Apr 28, 2007 IP
  14. talsi123

    talsi123 Peon

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    #14
    its gonna come down even more ... which means less money for us..
    this month the exchange rate i got from google was 40.5
     
    talsi123, May 3, 2007 IP
  15. sameersha

    sameersha Peon

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    #15
    Cool Page to Compare Forex rates of ICICI, Remit2India and SBI

    http:// indiarealestatemap.com/irmv2/index.php?action=page_display&PageID=6
     
    sameersha, May 30, 2008 IP
  16. Shreyash

    Shreyash Active Member

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    #16
    You should be happy..
    Our rupee will get stronger so the cost of import will go down!
     
    Shreyash, Jun 1, 2008 IP
  17. cchetanonline

    cchetanonline Banned

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    #17
    Last month when i withdraw money from Paypal rate was abt 42 !!!
    and i got better currency at that time
     
    cchetanonline, Jun 1, 2008 IP
  18. huyhoa

    huyhoa Active Member

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    #18
    Dont wait on your current rate, it's dangerus when your current rate comming up.
     
    huyhoa, Jun 1, 2008 IP
  19. Erind

    Erind Peon

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    #19
    the Dollar sucks in pretty much all nations nowadays. 4 years ago I was converting the dollar in Albania for 150ish (shqip Lek), now its at like 78....

    (and for those who think 78 to 1 is a lot, try buying a pack of cigarettes at 450 :p. They just added a couple of zeros but its pretty much the same :p)
     
    Erind, Jun 1, 2008 IP
  20. davethewebb

    davethewebb Greenhorn

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    #20
    I've got terrible exchange rates here in Australia currently. Like, 95.2 US cents to the AUD. Which means that once my check is cashed, the $10 fee for cashing it brings my $100 USD check down to about $92 AUD! :(
     
    davethewebb, Jun 4, 2008 IP