The US dollar serves as the world’s most dominant currency. Regarded as the benchmark currency, the US dollar determines the value of other currencies in the universal market.
The US dollar is also one of the most commonly used currencies in international investment and trade. Trading with the dollar is much easier than any other currency. The emergence of the dollar as an indispensable medium of exchange began after World War I placed restrictions on exchanges.
Since then, the dollar has been enjoying worldwide attention. In light of this, the Indian currency, like various others, is compared against the dollar to determine its value. But the history involved in the process of scaling the INR helps in understanding the Indian economy better.
Indian Rupee (INR) to US Dollar (USD) exchange rate history
Welcome to the INR USD history summary. This is the Indian Rupee (INR) to US Dollar (USD) exchange rate history summary page, detailing 180 days of INR USD historical data from Wednesday 15/06/2022 to Saturday 10/12/2022
Highest: 0.012841 USD on 15 Jun 2022.
Average: 0.012424 USD over this period.
Lowest: 0.012048 USD on 19 Oct 2022.
What’s been the value of 1 USD to INR since 1947 till date?
The 1 USD to INR exchange rate has always had extreme volatility since the inception and seen plethora of fluctuations over the years. We have brought you 1 USD to INR values table ranging all the way from 1947 till date so that you can see the change in INR’s value.
| YEAR | 1 USD TO INR | YEAR | 1 USD TO INR |
|---|---|---|---|
| 1913 | 0.09 | 1985 | 12.37 |
| 1925 | 0.1 | 1986 | 12.61 |
| 1947 | 4.16 | 1987 | 12.96 |
| 1948 | 3.31 | 1988 | 13.92 |
| 1949 | 3.67 | 1989 | 16.23 |
| 1950 | 4.76 | 1990 | 17.5 |
| 1951 | 4.76 | 1991 | 22.74 |
| 1952 | 4.76 | 1992 | 25.92 |
| 1953 | 4.76 | 1993 | 30.49 |
| 1954 | 4.76 | 1994 | 31.37 |
| 1955 | 4.76 | 1995 | 32.43 |
| 1956 | 4.76 | 1996 | 35.43 |
| 1957 | 4.76 | 1997 | 36.31 |
| 1958 | 4.76 | 1998 | 41.26 |
| 1959 | 4.76 | 1999 | 43.06 |
| 1960 | 4.76 | 2000 | 44.94 |
| 1961 | 4.76 | 2001 | 47.19 |
| 1962 | 4.76 | 2002 | 48.61 |
| 1963 | 4.76 | 2003 | 46.58 |
| 1964 | 4.76 | 2004 | 45.32 |
| 1965 | 4.76 | 2005 | 44.1 |
| 1966 | 6.36 | 2006 | 45.31 |
| 1967 | 7.5 | 2007 | 41.35 |
| 1968 | 7.5 | 2008 | 43.51 |
| 1969 | 7.5 | 2009 | 48.41 |
| 1970 | 7.5 | 2010 | 45.73 |
| 1971 | 7.49 | 2011 | 46.67 |
| 1972 | 7.59 | 2012 | 53.44 |
| 1973 | 7.74 | 2013 | 56.57 |
| 1974 | 8.1 | 2014 | 62.33 |
| 1975 | 8.38 | 2015 | 62.97 |
| 1976 | 8.96 | 2016 | 66.46 |
| 1977 | 8.74 | 2017 | 67.79 |
| 1978 | 8.19 | 2018 | 70.09 |
| 1979 | 8.13 | 2019 | 70.39 |
| 1980 | 7.86 | 2020 | 76.38 |
| 1981 | 8.66 | 2021 | 74.57 |
| 1982 | 9.46 | Dec’22 | 81.35 |
Breaking the monotony on this legendary question–How the Indian rupee has devalued since 1947 till date? We’ve come up with a detailed answer that clarifies the smog from this long-lived question. Honestly, it is nothing more than a myth. If you are thinking that exchanging 1 USD to INR in 1947 would have got you 1 Rupee exactly, then, sadly, that’s not true. ‘Why‘ do you ask? Here’s the answer:
- When India got her independence in the year 1947- there were no outstanding credits on the
the balance sheet of India that kept Indian Rupee at parity with the US Dollar. - Another fact that one should notice is that India was under British Raj prior to its independence thus, the Indian Rupee was pegged to Pounds then, keeping the value stable at that moment, which obviously, didn’t last long.
- As reported: from 1927 to 1966, 1 pound valued to 13 INR. The arrangement ended in the year 1966 and the rupee started witnessing devaluation.
- In fact, after the independence when India launched its 5 Year Plan, the Indian Rupee resultingly used to peg with the U.S. dollar at a rate of 7.5 rupees = 1 dollar until 1971.
Table of 1 Indian Rupee to US Dollar Exchange Rate
| Table of 1 Indian Rupee to US Dollar Exchange Rate: | Updated: 12/12/22 12:39 |
| Date | Indian Rupee to US Dollar |
|---|---|
| Sunday 11 December 2022 | 1 INR = 0.012129 USD |
| Saturday 10 December 2022 | 1 INR = 0.012130 USD |
| Friday 9 December 2022 | 1 INR = 0.012124 USD |
| Thursday 8 December 2022 | 1 INR = 0.012153 USD |
| Wednesday 7 December 2022 | 1 INR = 0.012158 USD |
| Tuesday 6 December 2022 | 1 INR = 0.012141 USD |
| Monday 5 December 2022 | 1 INR = 0.012208 USD |
| Sunday 4 December 2022 | 1 INR = 0.012283 USD |
| Saturday 3 December 2022 | 1 INR = 0.012280 USD |
| Friday 2 December 2022 | 1 INR = 0.012282 USD |
| Thursday 1 December 2022 | 1 INR = 0.012321 USD |
| Wednesday 30 November 2022 | 1 INR = 0.012296 USD |
| Tuesday 29 November 2022 | 1 INR = 0.012250 USD |
| Monday 28 November 2022 | 1 INR = 0.012247 USD |
| Sunday 27 November 2022 | 1 INR = 0.012243 USD |
| Saturday 26 November 2022 | 1 INR = 0.012244 USD |
| Friday 25 November 2022 | 1 INR = 0.012244 USD |
| Thursday 24 November 2022 | 1 INR = 0.012243 USD |
| Wednesday 23 November 2022 | 1 INR = 0.012251 USD |
| Tuesday 22 November 2022 | 1 INR = 0.012240 USD |
| Monday 21 November 2022 | 1 INR = 0.012237 USD |
| Sunday 20 November 2022 | 1 INR = 0.012263 USD |
| Saturday 19 November 2022 | 1 INR = 0.012267 USD |
| Friday 18 November 2022 | 1 INR = 0.012267 USD |
| Thursday 17 November 2022 | 1 INR = 0.012265 USD |
| Wednesday 16 November 2022 | 1 INR = 0.012273 USD |
| Tuesday 15 November 2022 | 1 INR = 0.012343 USD |
| Monday 14 November 2022 | 1 INR = 0.012347 USD |
| Sunday 13 November 2022 | 1 INR = 0.012413 USD |
| Saturday 12 November 2022 | 1 INR = 0.012415 USD |
| Friday 11 November 2022 | 1 INR = 0.012400 USD |
| Thursday 10 November 2022 | 1 INR = 0.012429 USD |
| Wednesday 9 November 2022 | 1 INR = 0.012295 USD |
| Tuesday 8 November 2022 | 1 INR = 0.012289 USD |
| Monday 7 November 2022 | 1 INR = 0.012221 USD |
| Sunday 6 November 2022 | 1 INR = 0.012197 USD |
| Saturday 5 November 2022 | 1 INR = 0.012202 USD |
| Friday 4 November 2022 | 1 INR = 0.012212 USD |
| Thursday 3 November 2022 | 1 INR = 0.012099 USD |
| Wednesday 2 November 2022 | 1 INR = 0.012063 USD |
| Tuesday 1 November 2022 | 1 INR = 0.012098 USD |
| Monday 31 October 2022 | 1 INR = 0.012086 USD |
| Sunday 30 October 2022 | 1 INR = 0.012153 USD |
| Saturday 29 October 2022 | 1 INR = 0.012152 USD |
| Friday 28 October 2022 | 1 INR = 0.012153 USD |
| Thursday 27 October 2022 | 1 INR = 0.012132 USD |
| Wednesday 26 October 2022 | 1 INR = 0.012185 USD |
| Tuesday 25 October 2022 | 1 INR = 0.012123 USD |
| Monday 24 October 2022 | 1 INR = 0.012094 USD |
| Sunday 23 October 2022 | 1 INR = 0.012108 USD |
| Saturday 22 October 2022 | 1 INR = 0.012115 USD |
| Friday 21 October 2022 | 1 INR = 0.012115 USD |
| Thursday 20 October 2022 | 1 INR = 0.012076 USD |
| Wednesday 19 October 2022 | 1 INR = 0.012048 USD |
| Tuesday 18 October 2022 | 1 INR = 0.012159 USD |
| Monday 17 October 2022 | 1 INR = 0.012161 USD |
| Sunday 16 October 2022 | 1 INR = 0.012143 USD |
| Saturday 15 October 2022 | 1 INR = 0.012131 USD |
| Friday 14 October 2022 | 1 INR = 0.012131 USD |
| Thursday 13 October 2022 | 1 INR = 0.012170 USD |
| Wednesday 12 October 2022 | 1 INR = 0.012159 USD |
| Tuesday 11 October 2022 | 1 INR = 0.012152 USD |
| Monday 10 October 2022 | 1 INR = 0.012137 USD |
| Sunday 9 October 2022 | 1 INR = 0.012068 USD |
| Saturday 8 October 2022 | 1 INR = 0.012073 USD |
| Friday 7 October 2022 | 1 INR = 0.012073 USD |
| Thursday 6 October 2022 | 1 INR = 0.012142 USD |
| Wednesday 5 October 2022 | 1 INR = 0.012251 USD |
| Tuesday 4 October 2022 | 1 INR = 0.012273 USD |
| Monday 3 October 2022 | 1 INR = 0.012267 USD |
| Sunday 2 October 2022 | 1 INR = 0.012242 USD |
| Saturday 1 October 2022 | 1 INR = 0.012249 USD |
Factors Contributing To The Indian Rupee Depreciation (1 USD to INR) – History Explained
The inception
Indian currency began to be measured against the US dollar in 1947 after India gained its independence. The value of 1 INR then could be taken as 1 USD, considering that the national balance sheet was free from any credit or debit.
However, the value of Indian currency was derived from the British pound, which then was 1 £ equal to 13 INR. And owing to the absence of a standard form of currency comparison until 1944, this valuation of INR against the British pound remained dominant.
Year-wise Dollar vs. Rupee- issues from 1947 to 1967
The value of 1 INR in 1947 was 4.76 (if a direct comparison is not made). This value continued till 1966. But the Indian economy started witnessing a downfall starting from the 1950s. This was on account of the country’s credit from the international market.
The situation was worsened by the 1962 war of India and China, followed by the 1965 war of India and Pakistan, and the drought that had hit the nation in 1966. All these turned the exchange rate of 1 Dollar to INR 7.50 by the year 1967.
Further Fall in Rupee Value- 1973 Oil Crisis
Rupee value fell to 8.10 in 1974 following the Oil Shock that took place in 1973 due to the decision of the OAPEC or Organisation of Arab Petroleum Exporting Countries to reduce production.
To combat the situation and the subsequent political crisis, India had to borrow foreign currency. This resulted in the fall of the Indian currency value. The exchange rate deteriorated throughout the 1980s and reached a value as high as 17.50 in 1990.
1 USD to INR in 1990 – the Economic Crisis
India’s economy was going through a tough time in the 1990s. Interest payment accounted for 39% of the revenue that the government collected at the time. Fiscal deficit was reduced to 7.8% of GDP, and India was on the verge of being declared a defaulter in the international market.
This crisis called for a devaluation of the Indian currency. Devaluation is a process where countries reduce the value of their currency in the international market while keeping their internal value intact. India took a similar approach to make its export market cheaper and its import market costlier.
INR value since 1992- the effect of Devaluation
The devaluation turned the exchange rate of 1 USD to 25.92 INR in the year 1992. The Indian currency value began falling since then, with a current rate of 74.57 INR. Dollar price in 2004 was 45.32 INR, and in the next ten years, it rose to 62.33. In 2016, February was the month to witness Dollar to INR highest rate ever, amounting to 68.80 INR.
USD to INR in the year 2022
The current exchange rate of 1 USD is 81.35 INR.
The value of INR is largely related to crude oil prices. As oil price increases, the value of Indian currency also decreases, and vice versa. The withdrawal of foreign investors from the Indian market is another contributing factor. Government debts can cause investors to lose interest in the country’s market, resulting in inflation. Factors like these may combine with several others to cause further depreciation of the INR in the future.
References
- Devaluation of Indian Rupee: Reasons & History Since 1947 | https://www.jagranjosh.com/general-knowledge/devaluation-of-indian-rupee-reasons-history-since-1947-1475640486-1 | Jagran.com
- How the U.S. Dollar Became the World’s Reserve Currency | https://www.investopedia.com/articles/forex-currencies/092316/how-us-dollar-became-worlds-reserve-currency.asp | Investopedia.com
- 8 The International Role of the Dollar: Theory and Prospect by P Krugman https://www.nber.org/system/files/chapters/c6838/c6838.pdf | nber.org