InvestorQ : What are some of the principal currencies against which the rupee trades?
indhumathi Sayani made post

What are some of the principal currencies against which the rupee trades?

Answer
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shrinidhi Rajan answered.
2 years ago


When we talk of rupee value, we always talk of it in terms of the value of the rupee vis-à-vis the US dollar. Of course, the RBI also regularly publishes the exchange rate of the INR versus the dollar, UK Pound, Euro, Swiss Franc, Australian Dollar and the Japanese Yen. But, the dollar being the virtual benchmark for global trade and transactions continues to be the biggest determinant of the Indian rupee. While the rupee exchange rate is robustly quoted with most of the currencies like the Euro, Pound, Yen, Swiss Franc, Australian Dollar, Canadian Dollar etc, it is the USD that is the benchmark for the rupee exchange rate. Interestingly, the rupee is not only impacted by domestic factors but quite often by global factors too.