Money changers or banks might look the safest option to exchange your money but think again! E-Mail Please enter valid email.
The most popular exchange that happens for Rupee is with the US Dollar. US dollar being among the strongest currencies in the world, the Indian rupee gets highly exchanged with it. This means a lot of exchange of not just manpower but money as well. Because of its popularity, it is cheaper to carry US Dollars even if the local currency of the country you're travelling to, is available.
This is because currency rates, especially of products such as cash currency and traveller's cheques are priced based on a demand-supply relationship. The traditional approach involved going to banks. You stand in the queue and wait for your turn. This was not only time consuming but pretty frustrating and even after all the effort, you end up paying a high cost. The second way was to search for a money changer where the first check is whether they have the desired USD or not.
With that starts the long process of rate haggling and being surprised that you are not getting the rate you saw in business news channels. The third way was to do it at Airport; however, people realized that the cost to exchange USD to INR was way higher and charges were exorbitantly high at airports. For more info on how we might use your data, see our privacy notice and access policy and privacy website. Or, read more articles on DailyFX. Your forecast is headed to your inbox.
An error occurred submitting your form. Please try again later. Upcoming Events Economic Event. Forex Economic Calendar A: You can even freeze the live US Dollar rates online on our site at any moment by paying a nominal amount. This means you actually get the best US dollar rate the rate you want and do the transaction only when the rate reaches your desired level. No such thing exists. Currency rates are not static, they change. Money changers have always used a static rate for Dollar to Rupee exchange purposes.
This rate is sometimes termed today's dollar rate or dollar USD rate today. American dollar rates, just like the rate of any other financial security vary every second.
Copyright © 2017 · All Rights Reserved · Maine Council of Churches