A currency converter is an important tool for all who are engaged in international trade. Businesspersons in India very frequently use this tool to convert USD to INR. Because USD controls the international trades. Rather this is the most preferred currency for international trade. All importers in India or people exporting goods always use a currency converter to get a grasp of what the real valuation is at the present market rate. As the dollar rate changes regularly, it is important that we always keep in mind the present USD rate. In other words, we always need to know the USD rates and convert USD to INR. Use this handy currency converter below.
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In addition, there is a huge number of traders in India and abroad who trade in USD. Every day the currency trades attract a huge volume. Traders all across the world do active trading in currencies. In the international currency trading market, it is a 24 hrs trade. Therefore one can trade all through the day and night if the trader remains connected to the international trading platforms. But in India, we have limited trading window. So the currency traders in India trade from 9 am. to 5 pm. Due to limited trading time, the trading volume is high.
Traders in India trade in different currency pairs. These are USDINR, EURINR, JPYINR, GBPINR etc. These pairs are US Dollars vs. Indian Rupee, Euro with respect to Indian Rupee, Japanese Yen vs. Indian Rupee, Great Britain Pound vs. Rupee etc.
The currency converter is a very useful tool. We know that in the international currency market the currency values change every instant. And the changes occur every day, all through the day. The international currency market remains open all through the day across the globe. When one end of the world sleeps, it is the business time at the other end of the globe. Therefore one can trade currency any time, day and night. As a result, currency values change continuously.
So, you need a currency converter to help you in two ways. One, you get the latest currency rates. And the second, you can trade anytime as per the latest international rates. The currency converter is a small online tool. It continuously updates currency rates in the background from the web. And allows you to trade as and when required. Hence you can use these tools every time even after Indian trading hours.
There are different kinds of currency converters available in the international market. Many of them are very versatile. Some are customised to meet the customer’s demand. Some of the converters are available free of cost. But there are others that come with subscription fees.
Convert USD to INR
In India, the most popular currency trade is between USD (United States Dollar) and INR (Indian Rupees). In short, traders call it USDINR pair. Most of the currency trades in Indian exchanges are done on USDINR pair. Also, there are other popular pairs also like, GBPINR (Great Britain Pound), EURINR (Euro), JPYINR (Japanese Yen). But as we all know USD is the basis of all international trades, we see very frequent trades in USDINR pair. This pair is most liquid also.
Hence currency traders prefer this pair. Therefore traders frequently ask to convert USD to INR. In all currency converters in India, this is what most traders search for. The currency converters remain busy with this small command all through day and night. Currency traders, exporters, importers, businessmen, everybody wants to know the current conversion rates of USD with respect to INR.
It is the name of the currency market. It is the largest market in the world. This is also otherwise known as Foreign Exchange Market or FOREX. Here all kinds of international currency trades go on.
Anyone can start currency trading in India. But you have to have an account with a stock market broker who trade in currency.
It is the international market for currency trading.
Currency market has particpants from various ends of the corporate world. Thus the market particpants mainly comprise of central banks, other banks, corporations, mutual fund AMCs, hedge funds, retail brokers in FOREX, investors and traders.
Currency futures are contracts that allow the traders to buy or sell at a possible fixed price.
There are two mainly two types of international currency markets. One is the spot currency market. And the other is the futures currency market. In India the future currency market is the most preferable currency market.
USDINR is a currency pair. Unlike the stock market, you buy one share and sell it later, here the exchange rate is the deciding factor of price. Therefore when the exchange USD price falls you buy dollar with respect to Indian rupees. And when the USD price in exchange rises, you sell the dollar. Therefore you get paid in a higher amount of INR. As a result of this trade, you make a profit in Indian rupees.
Is currency trading approved in India?
Yes, currency trading in India is totally legitimate. One has to do currency trading through the government of India approved brokers only. All kinds of currency trades come under the purview of RBI, the Central Bank of Government of India. Without RBI approval no currency trading can be done. Thus when one trades currency in India, that trade goes through RBI approved exchanges only.
When we convert USD to INR, it is highly legitimate. Every corporate or every ratailer has to do forex trading with prior permission from RBI.
Do we convert USD to INR always through a currency converter only?
A currency converter is necessary to convert USD to INR. But brokers automatically provide these currency converters. Therefore if you trade at brokers terminal live, they always provide the platform. The currency converter is always embedded in the system. As we have already discussed, there are independent currency converters available. So you may use these. These converters help you keep track of every international currency. If you want to convert USD to INR, you can get inputs from these currency converters.
Currency trading hours
We can only convert USD to INR in Indian currency trading hours. The currency trading hours timing is from Monday to Friday, 09:00 hours to 17:30 hours. The Indian currency market remains closed at other times.
But the international currency trading remains open 24hrs. a day. But there are weekly holidays also. As per the US timing, FOREX trading continues from 5 pm EST, Sunday to 4 pm, Friday. These are weekly trading hours.
Where do I get currency converters from?
Brokers provide currency converters in their platform. When you want to convert USD to INR, you need to go to the broker trading platform to buy and sell currency pairs. Here is the list of some important brokers who provide currency trading in their platforms.
There are many other brokers as well. During market hours you will get the currency rates and can trade currencies if you subscribe to them. So during Indian currency trading hours you can get all updates of live currency trades from the brokers.
Currency converter for convert USD to INR
As we have already discussed, you can trade in forex through brokers. But you may need to know currency rates without logging in to brokers site. You may need to know live currency rates even after the Indian market is closed. Otherwise, you may need to know currency rates for your business. So where do you get that from?
So, we have come with an answer for you. From now on you will be able to see live currency rates anytime if you visit our website. You need not visit any broker or log in somewhere else. A small currency converter will help you know about convert USD to INR. You will get to know the current rates of all live international currencies. The currency converter tool will provide you with live rates in terms of INR or other currency. Therefore you need not worry anymore, just visit our website. You will know all currency rates, anytime and every time.