Personal Finance - Right Time to Convert Money from USD to INR?
Sep 23, 2011 - It is a good time to convert money from USD to INR conversion rate 49.075 for the day. Still we can expect the top event to happen by moving currency conversion rate upto 51.68 set on Mar 06, 2009 when the US Stock Market bottomed.
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.