By Khushbu K
Copyright indiaobservers
Currency exchange rates are something which people always have to keep an eye on specially in India to check every day, so whether you are using your money for travel, business, or even sending money to loved ones. You should know that these rates keep changing throughout the day as per global demand and supply shift. Because knowing the latest values will help you save your money and avoid hidden charges when you exchange, just like you keep track of India News Today for the latest updates.
The Indian rupee is trading at the following approximate mid-market rates (1 unit of foreign currency equals these values in INR):
USD (US Dollar) – ₹88.08
EUR (Euro) – ₹103.89
GBP (British Pound) – ₹119.97
CAD (Canadian Dollar) – ₹63.96
AED (UAE Dirham) – ₹24.00
BDT (Bangladeshi Taka) – ₹0.72
PKR (Pakistani Rupee) – ₹0.31
The numbers you are seeing are the reference values, known as “mid-market” or “spot rates.” But when you are planning, banks along with forex counters or even online apps may show little different rates depending on if you are buying or selling currency. Lets take an example, if you are going to convert rupees into dollars for a trip, you may face a higher rate. On the other hand if you are receiving money from abroad, the bank may give a slightly lower sell rate compared to India currency rate yesterday, and this difference depends on the service margin they charge.
But the question is why do these exchange rates change so often? Well the Indian rupee’s value is totally influenced by international trade including foreign investments, oil prices, global news, and even market factors like Today’s gold price in India, which plays a role in demand and supply shifts.
