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Today, if we convert 1 USD to INR the Indian currency’s value is lower than USD. INR’s value ranges around 64 – 71 to 1 USD. Many travellers travelling abroad exchange INR to USD and then later get it converted to the local currencies to get a better rate. This practice is frequent between the travellers visiting South East Asia and Middle East.
US Dollar is considered as one of the most valuable currencies in the world. Its status is on a level where most of the international trade and exchange is valued using this currency. Dollar’s value has been always higher than most of the currencies. Some of the denominations higher than USD are Kuwaiti Dinar, Bahrain Dinar, British Pound and Euro.
1 USD to INR Rates From 1947 to 2024
| Year | Exchange rate (INR per USD) |
| 1947 | 3.30 |
| 1949 | 4.76 |
| 1966 | 7.50 |
| 1975 | 8.39 |
| 1980 | 7.86 |
| 1985 | 12.38 |
| 1990 | 17.01 |
| 1995 | 32.427 |
| 2000 | 43.50 |
| 2005 (Jan) | 43.47 |
| 2006 (Jan) | 45.19 |
| 2007 (Jan) | 39.42 |
| 2008 (Oct) | 48.88 |
| 2009 (Oct) | 46.37 |
| 2010 (22 Jan) | 46.21 |
| 2011 (April) | 44.17 |
| 2011 (21 Sep) | 48.24 |
| 2011 (17 Nov) | 55.3950 |
| 2012 (22 June) | 57.15 |
| 2013 (15 May) | 54.73 |
| 2013 (12 Sep) | 62.92 |
| 2014 (15 May) | 59.44 |
| 2014 (12 Sep) | 60.95 |
| 2015 (15 Apr) | 62.30 |
| 2015 (15 May) | 64.22 |
| 2015 (19 sep) | 65.87 |
| 2015(30 nov) | 66.79 |
| 2016(20 Jan) | 68.01 |
| 2016(25 Jan) | 67.63 |
| 2016(25 Feb) | 68.82 |
| 2016 (14 Apr) | 66.56 |
| 2016 (22 Sep) | 67.02 |
| 2016 (24 Nov) | 67.63 |
| 2017 (28 Mar) | 65.04 |
| 2017 (28 Apr) | 64.27 |
| 2017 (15 May) | 64.05 |
| 2017 (14 Aug) | 64.13 |
| 2017 (24 Oct) | 64.94 |
| 2018 (9 May) | 64.80 |
| 2018 (Oct) | 74.00 |
| 2019 (Oct) | 70.85 |
| 2020 (Jan) | 70.96 |
| 2020 (Dec) | 73.78 |
| 2021 (Dec) | 76.31 |
| 2022 (Dec) | 81.16 |
| 2023 (Dec) | 83.21 |
| 2024 (May) | 83.50 |
Here, a chart will show you the changing value of 1 USD to INR. You can start analysing the change in rate of 1 USD to INR in 1947 and see how exchange rate kept increasing in the coming years. This will give you an idea of how the journey of INR has been so far and where does US Dollar stand at the end of May 2024.
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1 USD to INR value during 1947
Today, the value of INR is lower than USD, but this was not the case before. When India became independent in 1947 the situation was very much different. It is believed that 1 INR used to be equal to 1 USD.
There are multiple arguments about how 1 Dollar rupees in 1947 had a better value . The most common one is however that there was no metric system so all currencies had the same value.
Another argument is that before 1947, India was a British ruled state, so the value of INR was higher because value of pound was higher. Here it is believed that 1 Pound was equal to 13.37 Rupees during 1947, and that’s why the value of USD should be INR 4.16 in 1947.
Dollar vs Rupee history
The history essentially starts from the time when the Britton Woods agreement was passed in 1944. This agreement determined the value of every currency in the world. Everyone was slowly adjusting to it during the time India gained independence.
Since Independence in 1947, the value of INR has consistently gone down. As per the modern metric system, the value of INR to USD in 1913 should be 0.09 and if we keep the 1 USD = 1 INR argument then it the value went to 3.31 in 1948 and 3.67 in 1949, by 1970, INR was 7.50 to 1 USD.
The ever changing rates of Indian Currency to US Dollar
In official records, 1 INR was never equal to 1 USD. When India gained independence, it had to accept the international metric system and the value of rupee changed at the same moment.
Key factors that played a role in the current status of Indian Rupee (INR)
Since the time of Independence, Indian Rupee has been through a lot of situations that kept bringing down its value. Multiple Economic Crisis, Privatization, Devaluation and loans from The World Bank played a role in determining the value of 1 USD to INR over and over again.
In the last ten years during which period of the great recession of 2008 has passed the US federal fund rates have been flat at 0.25 percent. This also plays a role in the current value of INR to one USD.
Some of the key factors that made this happened are listed below
Decimalisation
Decimalisation happened in 1957. During this phase, Indian Rupee was divided into 100 naye paise (Hindi/Urdu fornew paisas). The prefix naye was removed but the value continued. This move was considered important because decimalisation always played a part in modernisation and revolutionary change in the currency system and for the economy. Making the lower denominations a part of Indian currency, the money was made accessible to every Indian citizen but it also increased the value of INR.
1966 economic crises
During this time, India was still a developing economy. In such scenarios, it is expected that India would import more than it exports. There were many attempts to keep positive trade balance but ultimately they failed. India had a consistent balance of payments deficits since the 1950s. The 1966 devaluation was the result of the first major financial crisis the government faced.
India faced two major wars, against China and Pakistan during this time. There were multiple changes to India’s leadership after Pandit Jawaharlal Nehru. This was another factor that led to the steep devaluation of 57 percent, taking the value of the rupee to Rs 7.5/$.
This played a huge role in bringing down the value of INR to USD. Inflation had caused Indian prices to increase on a higher level and exchange rate simply became high. (Also read: 8 Countries where Rupee is King)
1991 economic crises
1991 is often believed to be the year of economic reform in India. In 1991 Indian economists realized the value of liberalisation. This reform was a part of the efforts that had begun in the 1970s when India relaxed restrictions on imported capital goods as part of its industrialisation plan.
This economic crisis happened because the government had a balance of payment problem. Constant delays brought it on the verge of defaulting. The rupee’s value went down to Rs 25/$.
After the liberalisation of the economy, Indian Rupee went down to Rs 35/$. Another reason for this problem was the open market that had taken control of its exchange.
Depreciation in 2013
It was noted that on May 22, 2013, INR was 55.48/$ and within fifteen days it fell to 57.07/$. The reason behind this change was the surge in dollar demand from imports and capital outflows by FIIs pulling out the debt market that resulted in a fall in the value of the rupee.
2016 Demonetization
In 2016, the current Indian government took a step to remove the old currency notes and exchange them with newer bills. A lot was said and done about the step but it ended up playing a role in bringing INR to the range of 67 to 71 in the following years.
Conclusion
The value of INR to USD determines a lot of things. It shows India was an economically backward country and increases the rates of imports. At the same time, travellers flying abroad get less when they convert INR to USD.
The international exchange rate gives less money in return of INR and the reason why Indian travellers prefer carrying USD abroad. (Also Read: 10 things to check before you get your foreign exchange)
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