![]() Rising global fuel prices along with a global demand recovery will also drive up fuel inflation,” it added. A poor growing season can easily cause a surge in headline inflation. Sign up for free exchange rate alerts or just get daily/weekly rates and news to your inbox Compare the best travel money rates against the high street below. ![]() “Food and fuel prices tend to heavily impact inflation in India. 1 USD 82.4316 INR Save 3-5 on your Dollars to Rupees money transfer today The Dollar to Rupee exchange rate (USD INR) as of at 12:29 PM. It forecast inflation to average 4.1 per cent over FY 2022-23 (April 2022 – March 2023) and FY2023/24. “Second, the RBI, with a foreign exchange reserve position of USD 578 billion as of December 2020, representing an import cover of around 19 months, will likely intervene to prevent excessive rupee weakness to manage imported inflation to reduce the risk of high inflation derailing India’s recovery in 2021,” according to Fitch. First, loose US fiscal and monetary policy will likely continue exerting downside pressure on the US dollar into 2021, which would partially offset rupee weakness. “That said, two factors will partially offset the depreciatory pressure on the rupee. It also expects another 50 basis point cut in benchmark interest rates by the Reserve Bank of India (RBI), which will also exert some downward pressure on the rupee. With India having a crude oil import dependence of more than 80 per cent of its needs, rising global oil prices driven by a global economic recovery in 2021, will see a worsening of the nation’s terms of trade, and put depreciatory pressure on the rupee.įitch sees Brent crude oil to average USD 53 per barrel in 2021, versus the 2020 year-to-date average of USD 43.18. “This suggests that the rupee will likely weaken, similar to 2019, when the rupee displayed such a pattern,” it said. “We expect the rupee to only trade marginally weaker in 2021, and have revised our average forecast to Rs 75.50 to a US dollar, from Rs 77.00/USD to account for the effect of extended US dollar weakness,” Fitch said.įrom a technical perspective, the rupee is holding below its resistance level of Rs 72.50 to a dollar as well as trend resistance. The Indian rupee averaged Rs 74.10 to a US dollar in 2020. “Over the longer term, the overvaluation of the rupee in real terms and higher inflation in India vis-à-vis the US should exert weakening pressure for the rupee,” it said. It saw depreciatory pressure on the rupee due to worsening terms of trade from rising oil prices, further monetary easing, and bouts of risk-off sentiment being partially offset by the US dollar weakness and central bank foreign exchange intervention to combat imported inflation. “We expect the rupee to trade only slightly weaker over the near term from current levels,” it said in a note. Verification can add extra time to your transfer on top of the initial estimation.Fitch Solutions on Monday said it has revised its forecast for the Indian rupee to average stronger at Rs 75.50 to a US dollar in 2021, from Rs 77/USD.įor 2022, it revised the forecast to Rs 77 to a US dollar, from Rs 79 previously, to account for a stronger 2021 forecast. ![]() We call this process verification, and it helps us keep you and your money safe. We might need to verify things like your ID, address, or where you got the money from, when you make a transfer. And things may take a little longer if the country you’re sending to has a national holiday. We can only move your money during normal banking hours. In this case, the speed of your transfer will depend on the type you choose. If you’re sending money from GBP, we offer different types of transfers like Low cost transfers and Fast and easy transfers. You’ll see how long each payment method takes when you set up your transfer. For instance, card payments are normally instant, while bank transfers take longer. Some payment methods are quicker than others. And how quick your transfer arrives depends on how quickly your recipient’s bank can process your money, as well as the ways you’re able to pay in the country you’re sending from. Converting your money can take a maximum of 2 working days, but it’s very rare that it takes this long. The countries you’re sending from and to. The reason for this is simple - the more information we have about your transfer, the more accurately we can tell you how long it’ll take. You can see an estimate of how long it’ll take by putting some basic details into our transfer calculator on our homepage.īut when you actually set up your transfer on Wise, your estimate will change. We always move your money as quickly as possible.
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