Although this never materialised, the news alone caused investors to withdraw capital from a number of emerging economies, including India, Turkey, Brazil, South Africa and Indonesia. In May 2013, the US Federal Reserve announced that it planned to reduce its purchases of foreign bonds, a policy which had helped to preserve economies around the world during the worst of the economic downturn. Not only does India face rising government deficits, but investors have grown wary of emerging markets, commonly referred to as BRIC countries (Brazil, Russia, India and China) in the context of US economic recovery. The exchange rate wavered between Rs44 and Rs50 for the next two years, but the US dollar began a rapid rise in mid-2011. The rupee was further devalued in 1991 when the government faced a serious balance of payments crisis the exchange rate fell to Rs17.90 to the dollar in 1991, and further to Rs31.37 by 1993, when the rupee was placed on a liberal (floating) exchange rate regime. Upon independence, the rupee’s value was roughly equal to that of the USD, but subsequent devaluations has pushed it far below. However, India’s trade deficit rose considerably in the following decades, making it difficult for the Reserve Bank of India (RBI) to maintain its exchange rate targets. India lifted the direct peg in September 1975 and moved the rupee to a managed float regime, where its value was loosely pegged to a basket of currencies, made up of India’s primary trade partners. The rupee was then shifted to a direct USD peg for the next four years, at a rate of Rs8.39. India gained independence from Great Britain in 1947, but kept the rupee on a direct peg to the British pound (GBP) between 1950-1971, with the exception of two currency depreciations in 19. The information presented in the review is accurate as of the date of the review.Ĭheck with the providers directly for the most current information.įXcompared does the research to help you compare international money transfer providers from around the globe. Opinions expressed therein are solely those of the reviewer. FXcompared is not an FX trading platform and should not be used to inform anyĪll reviews are prepared by FXcompared. Reflect any special rates individual customers may be offered by a provider, either on sign up or ratesįor any repeat transfers. The likelihood of a customer being on-boarded to a provider impact how and where products appear on this site.įXcompared does not include the entire universe of available international money transfer companies.Įxchange rates update frequently and the pricing shown in the comparison tables is indicative onlyĪnd based on a first time transfer for a new customer signing up via FXcompared. Other factors, such as our own proprietary website rules and Where these providers appear on this site, including, for example, the order in which they may appear The ability for companies to sign-up and retain customers may impact how and The comparisons that appear on this site are from companies from which receives compensation. When you use us to sign up to a money transfer provider, we get a reward from the provider you choose. FXcompared is an independent, advertising-supported comparison service.
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