The US economy has been going through a rough patch with high inflation and negative growth. The exchange rate of the United States Dollar in relation to the Indian Rupee on the chart, the table of. Hiking interest rates typically cool demand in the economy, thereby putting a brake on the inflation rate. The cost of 1 United States Dollar in Indian Rupees today is 79.66 according to the Open Exchange Rates, compared to yesterday, the exchange rate decreased by -0.0013 (by -0.0010). In the backdrop of an over four-decade high inflation, the US Federal Open Market Committee in late July raised its key policy interest rate by 75 basis points to 2.25-2.50 per cent, anticipating that the increase in the interest rates will be "appropriate". But a failure to restore price stability would mean far greater pain," Powell said at the conference. "These are the unfortunate costs of reducing inflation. The Federal Open Market Committee's (FOMC) focus right now is to bring inflation back down to 2 per cent target. Powell said in a speech to the central banking conference in Jackson Hole, Wyoming that the US economy will need tight monetary policy "for some time" before inflation is under control. The US dollar strengthened sharply today after US Federal Reserve Chair Jerome Powell after Federal Reserve Chair Jerome Powell said the central bank won't back off in its fight against rising inflation - which essentially means a further hike in interest rates. In mid-July too, the rupee July slipped below 80 against the US dollar for the first time as high crude oil prices amid tighter global supplies boosted demands for the US dollar. The US dollar being the reserve currency of almost all countries is detrimental to other currencies, especially in times of sharp volatility in financial markets as it weakens peer currencies. "The fight to tame inflation is expected to continue in the distant future and the rate hikes are expected to put pressure on the rupee and other emerging market currencies," said Santosh Meena, Head of Research, Swastika Investmart. On Friday, it closed at 78.87 per US dollar. We cannot guarantee 100% accuracy owing to the highly volatile and liquid nature of this market.Also Read World Currencies 10 Biggest Losers in 2022Īt 10.43 a.m., the rupee traded at 80.020 covering some of its early morning depreciation. All quoted exchange rates are indicative. We intend to merely bring together and collate the latest views and news pertaining to the currency markets - subsequent decision making is done so independently of this website. Indian rupee again breached the psychologically crucial 80 mark to touch an all-time low of 80.11 in early trade on Monday tracking firmness in the US dollar. If we are unable to resolve your complaint, or if you would like more information about IPSO or the Editors’ Code, contact IPSO on 03 or visit The news and information contained on this site is by no means investment advice. Latest Currency Exchange Rates: 1 US Dollar 79.3499 Indian Rupee Currency Converter Exchange Rate History For Converting Dollars (USD) to Rupees (INR). US USD/INR Rate on 1 USD Rate on 74.476 INR Latest Rate 79.657 INR Change +5.18 INR Change +6. If you think that we have not met those standards and want to make a complaint, please contact the Editor. This converter calculates the rate between US Dollars and Indian Rupees as of. We abide by the Editors’ Code of Practice and are committed to upholding the highest standards of journalism. Pound Sterling Live is a member of the Independent Press Standards Organisation (which regulates the UK’s magazine and newspaper industry). Any copying and reproduction of our content - verbatim or altered - will prompt a response from our legal representatives.
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