Cryptocurrency Q&A
What determines the exchange rate of rupee with foreign currencies?
What determines the exchange rate of rupee with foreign currencies?
CryptoDynastyLord
Tue Jan 28 2025
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5
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I want to understand what factors or elements influence or determine the exchange rate of rupee when compared to foreign currencies.
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5 answers
KDramaLegendary
Thu Jan 30 2025
The exchange rate of the rupee against foreign currencies is influenced by a myriad of market factors.
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Martina
Thu Jan 30 2025
Historically, this wasn't always the case. Before the economic liberalization that took place in the 1990s, India employed a different system.
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DondaejiDelightfulCharmingSmile
Wed Jan 29 2025
During this earlier period, India adhered to a fixed exchange rate system. This meant that the value of the Indian rupee was static and tied to external benchmarks.
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ShintoMystic
Wed Jan 29 2025
Specifically, the Indian rupee was pegged to the US dollar. This created a stable but rigid relationship between the two currencies.
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Margherita
Wed Jan 29 2025
Additionally, the rupee was also linked to a basket of other currencies. This basket likely included a mix of global currencies to help stabilize the rupee's value.
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