Software & Finance

USD to INR Conversion Rate Double Top - Technical Analysis

Nov 18, 2011 - It is a good time to convert money from USD to INR conversion rate 51.228 for the day. Today's high point is 51.39139 which is an important historical event called two and half years Double Top. It matches with the conversion rate of 51.97 set on Mar 06, 2009 when the US Stock Market bottomed.

USD to INR Conversion - 30 Years Chart

USD to INR Conversion - 5 Years Chart

What would happen when the conversion rate goes beyond 50 Rupees per US$

There are couple of things would happen immediately when the conversion rates stays around 50 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 rupees per dollar in the long term.

Posted on Nov 18, 2011