Software & Finance - Monthly Magazine Online

Volume 2 - Issue 6

June 2012

Right time to Convert USD to INR?


May 18, 2012 - USD / INR conversion rate closed today at all time high of 54.48. Right now it is good time to convert from USD to INR. It has got some more upside, it will try to reach 60.00 at least once before end of this year. However no one known when the top occurs. So it is a good idea to start converting USD to INR from 55 onwards on every 50 paise or 1 rupee increases with a ladder of conversion.




There are couple of things would happen immediately when the conversion rates stays around 60 rupees per US$.

1. Currency traders may cash out profits from their trades.
2. Long waited Indian Residents working in USA might transfer money to india in bulk
3. Importers in India will feel the pain and request RBI to sell US$ from its strong dollar reserve to control the currency fluctuation

However once we cross over this beyond, which is more likely to happen, we can see the conversion rate to stay above 50-55 rupees per dollar in the long term.