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71.34 is today's number. Or about $0.14 to 1 inr. The value of currencies generally reflects their value against goods and services that can be purchased. This is because they're traded on open markets. Keep in mind currencies are traded not converted, so every rupee sold for usd will eventually have to be spent in India again.
Supply and demand are the main factors that influenced open markets. Basically the more of the world that wants The rupee, the more any one nation will have to give up to have the rupee. The more any one nation wants a rupee the more demand there will be against that currency. Also because it's an m open market, other factors are considered besides it's goods and services (inflationary) value. The amount of other countries' reserve will enhance our negate inflationary values. The openness of the markets (legal rules) can in large part affect how much demand for that currency there is. Other corporate factors are out there as well. Open markets are also in large part influenced by the confidence of those trading,a simple news story can create hype or even fear influencing demand. |
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