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Importance of the US Dollar
USD or the U. S Dollar is one the strongest currency in the global market. The USD or the U.S Dollar is the official currency of the United States of America. It is considered the global currency as it is accepted for trading by all countries. The US Dollar is the most powerful currency in the foreign currency exchange market it contributes to around 90% of the foreign trade market. The US Dollar is the world's reserve currency. Most of the central banks across the globe hold their monetary reserves in US Dollars.
Introduction of the US Dollar
The history of the US Dollar can be dated from the 16th century when the US initially used Spanish coins, Mexican pesos, and US dollar coins. These coins resembled the Spanish dollar or were similar to the current 8-dollar coin. The minting of the coin was started in the year 1792, by the United States Mint. The use of the Spanish dollar and the Mexican Pesos was discontinued as currency by the US after the acceptance of the Coinage Act, of 1857.
The 1st US Dollar currency noteswas introduced as a demand note during the civil war, of 1861. The standardised system of printing notes started in the year 1869. However, after the Bretton Woods Agreement of 1944, the USD came into existence as a global currency.
The US Federal Reserve and the US Treasury Department of Engraving and Printing both are responsible to look after the circulation and printing of currency respectively. Currently, the USD has banknotes of $1, $2, $5, $10, $20, $50, and $100. While the coin denominations currently available under the USD are 1 cent, 5 cents, 10 cents, 25 cents, 50 cents, and $1.
Factors that affect the exchange of the US Dollar to INR
The global foreign exchange rate is volatile and it fluctuates daily. The Dollar - Rupee exchange rates are determined by the following factors:
1. Inflation rate within the countries,
2. Interest rates,
3. Political and Economic health of the countries,
4. Public Debt, and
5. Current account deficit of the countries.
Convert US Dollar to INR Online as per Today's Conversion Rate
Today the conversion rate of the US Dollar to INRis available online. Also, there are numerous currency convertors available online that help you to understand currency conversion easily. However, if you have the conversion rate then the conversion of the US Dollar to INR is very easy and simple.
Today's current currency conversion rate of Dollar to INR is 1 USD = 81.85 INR. So if you have 1000 INR then divide 1000/81.85 = 12.21 dollars. Thus, you will receive 12.21 dollars out of 1000 INR this is the rupee-dollar conversion rate.
Convert US Dollar to INR
Numerous online foreign exchange currency calculators are available to understand the conversion amount between US dollars and INR. For the conversion of foreign currency, you need to know its exchange rateof it. For example, 1 INR = 0.012 USD. Therefore, if you want to convert 1000 INR to USD then simply multiply 0.012 by 1000 INR. Thus, 1000 INR = 12.21 dollars as of today's date.
How are the US Dollar-INR Rates Determined?
The exchange rates between the US Dollar and the Indian Rupee are determined by the demand and supply of one currency v/s another. For example, if there is a high demand for the US dollar in India then the value of the Indian Rupee will go down and vice versa. Other factors that determine the exchange rates are the imports and exports, fiscal policy, Interest Rates, etc.
The US Dollar and INR Overview
The US Dollar holds strategic importance in international trade because it continues to have a high currency exchange rate. Today's conversion rate of the INR to the US Dollar is 1 INR = 0.012 Dollars.
Within the last 30 days, this conversion rate went high to 0.012245 while it was low till 0.012085 with an average being 0.012166. Thus, it suggests that the US dollar is strong as compared to the Indian Rupee. In this manner, the currency exchange is done in the forex market. It is always best to check the current currency rates for getting the best value for the currency.
