[john.sw]

Now is a good time to travel to India!

You can chart exchange rates over the last week, month, 3 months, 6 months, year, 3 years, 5 years or 10 years at:

http://www.chartflow...ols/fxChart.asp

[crvlvr]

oanda.com also provides a currency converter and historical rates http://www.oanda.com/convert/classic

[wanderer22]

crvlvr, on May 8 2006, 09:45 AM, said:

oanda.com also provides a currency converter and historical rates http://www.oanda.com/convert/classic

Wow!  Rates are over 40 Rp to the Canadian $.  It was around 32 last year, but I still remember 7.5 official and 11 black from the seventies.  

  W22

[YETI]

wanderer22, on May 9 2006, 12:34 AM, said:

Wow!  Rates are over 40 Rp to the Canadian $.  It was around 32 last year, but I still remember 7.5 official and 11 black from the seventies.  

  W22

There's been a small stock-market crash over here - I think that must've caused it.

85 rps to the pound right now !  

<heads off to cashpoint>

Edited by Dr Funkenstein, 21 May 2006 - 11:37 AM.

[nerdlinger]

I read on Google News (can't remember source) that the rupee is not a freely exchanged currency like GBP & USD in that the Indian government uses the foriegn currency it receives through taxes etc to control the exchanged rate, or something (I actually thought all countries did this). Somebody please correct/clarify this if you know the score.

So what would happen if the govt. stopped its control? Would there be a trend up (more rupees for your buck) or down? Considering the talk of India's (& China's) slice of the global economy growing I would expect to get less roops/buck in the future anyway and if the govt stopped its control of the exchange there might be an immediate drop in roops/buck. So why is the roop rising now? Market effects or govt. influence? Why would a govt. want a cheap currency? - to increase ratio of exports/imports and tourism I would guess. I'll take my anorak off now.

Anyway, I am working in India now but I plan to come here for an extended holiday sometime soon so I went and exchanged a wedge of dubloons (@83.7INR/£1 after comission) into my roop savings account.

:o)

Andrew.

[Shyam from NJ]

nerdlinger, on May 21 2006, 08:53 AM, said:

I read on Google News (can't remember source) that the rupee is not a freely exchanged currency like GBP & USD in that the Indian government uses the foriegn currency it receives through taxes etc to control the exchanged rate, or something (I actually thought all countries did this). Somebody please correct/clarify this if you know the score.

So what would happen if the govt. stopped its control? Would there be a trend up (more rupees for your buck) or down? Considering the talk of India's (& China's) slice of the global economy growing I would expect to get less roops/buck in the future anyway and if the govt stopped its control of the exchange there might be an immediate drop in roops/buck. So why is the roop rising now? Market effects or govt. influence? Why would a govt. want a cheap currency? - to increase ratio of exports/imports and tourism I would guess. I'll take my anorak off now.

Anyway, I am working in India now but I plan to come here for an extended holiday sometime soon so I went and exchanged a wedge of dubloons (@83.7INR/£1 after comission) into my roop savings account.

)

Andrew.

I am not an economist, but I follow world market a little bit particularly the economy of India and USA for obvious reasons.  Historically, Indian rupee has always been maintained at a devaluation state since the time of Indira Gandhi.  The idea is that with a artificially weak rupee, Indian comodities will be cheaper in western countries such as UK or USA and the foreign goods will be more expensive for India to buy.  China has been doing the same thing for a long time.  US govt is trying to force China to float their currency which will make chinese products more expensive in US.  EU is trying to do the same thing using import quotas on certain merchandise like shoes and textile.  US does not like to impose quotas so US wants to incerase the price of Yuan.

Considering the current strength of India's economy and forecasts, it is very likely the $ to Rs parity will change dramatically.  Now it is about 45 (give or take), the real parity of $:Rs. should be 30-40.  Even 25 is not out of range.  But it is very unlikely that India govt will allow that to happen.  In short term, however, a more flexible currency like euro would be better to bank on.  

In today'sworld, the best exchange rate that you can get in any country is the bank ATM machines not to mention the ease of the process.  I have found that at least in four different countries, India, UK, France, and Spain in the last five years for US dollar conversion.  Even in airport ATMs you can get great rates.  It is not going to work that well ,exchange rate-wise, if you are using credit cards.  Before leaving home, make sure you have enough money in the checking account, or you have the ability to transfer money to you rchecking account through internet,  so that you can access it on the road in ATMs.

Edited by Shyam from NJ, 21 May 2006 - 07:03 PM.

[Seventies'Neil]

nerdlinger, on May 21 2006, 01:53 PM, said:

I read on Google News (can't remember source) that the rupee is not a freely exchanged currency like GBP & USD in that the Indian government uses the foriegn currency it receives through taxes etc to control the exchanged rate, or something (I actually thought all countries did this). Somebody please correct/clarify this if you know the score.

.
Andrew.

You can only legally buy rupees in India, By law you can't take any out with you, you must change back at the airport. If of course you remember,

Edited by Seventies'Neil, 21 May 2006 - 07:33 PM.

[Sheila Stenoien]

It is good Posting.... This post is very helpful to others....