how to Use a Currency Converter for USD to Inr?

[Shashank Bhaskar]

Today, if you are a non-resident Indian living in the USA, you might want to convert your earnings from USD to INR, for various reasons. Similarly, if you travel to the USA for vacation, business, or study, you should know the prevailing conversion rates between the two currencies.

Presently, doing so is easy. You can simply use an online currency converter to calculate the USD to INR exchange rate through a few simple steps.

What is it?

A currency converter is a simple online tool designed to instantly calculate and convert the exchange rates between two designated currencies. The converter is precise, widely available, and free of cost, and converts the value of one currency to the relative amount in another currency. NRIs usually use this tool to determine the currency exchange rates between the country they work in and India.

This enables them to get a fair estimate of how much money they should remit to India periodically. Similarly, Indians travelling abroad use this tool to get a rough estimate of the expenses in the foreign country. You can quickly determine the relative value of one currency against another and use it to know the conversion rates of USD to INR, AUD to INR, Pound Sterling to INR, etc.

A currency converter works as a useful tool for the following individuals:

Indians who travel abroad
NRIs who live and work overseas but need to send money to cover the expenses of loved ones or manage investments in India
Firms that export and import goods globally
Forex traders
How to use it?

Suppose you want to convert USD 10,000 to INR. For this, simply follow these easy steps:

Open an online currency converter.
Select USD from the list of currencies by clicking on the first drop-down menu. This is the currency you would be converting.
Now select INR from the list of currencies in the second drop-down box. This is the currency you are converting to.
Next, enter the desired amount, in this case, USD 10,000 to INR.
The currency converter will instantly and automatically convert the USD amount to INR at the USD to INR live rates. It calculates and eliminates any errors due to manual calculations.
Influential factors

Currency exchange rates are usually affected by different socioeconomic factors. Some of the common ones include:

Supply and demand between the USA and India
Inflation rates
The economic stability of the two countries
Interest rates
Terms of trade between the countries
Ideal time to convert

The best time to convert the Dollar to Rupee is when USD is at its strongest against INR and vice versa. You can also get access to preferential conversion rates by opening a Non-Resident Ordinary or Non-Resident External Account with a desired bank.