USD to INR exchange rate

• Rates are the euro reference rates the European Central Bank publishes, read through the Frankfurter API.
• A rate between two currencies that are neither of them the euro is worked out by dividing one euro rate by the other, which is how the API derives it too.
• Every rate here is mid market. It carries no margin, no card network charge, and no transfer fee.
• Reference rates are set once each working day at about 16:00 Central European Time. Weekends and days the euro payment system is closed have no rate of their own.
• The page opens with the rate stored when the site was built, then replaces it with a live rate once the request returns. If that request fails, the stored rate stays on screen and the page names the date it belongs to.

The figure at the top of this page says how many rupees one US dollar buys. It is a mid market rate, the midpoint between what buyers are bidding and what sellers are asking, taken from the reference rates the European Central Bank publishes and the Frankfurter API republishes. Read this way round, it answers how many rupees a US dollar buys, the question behind remittances, contractor payments, and India's import costs.

Almost all of India's oil bill is settled in US dollars, so this rate sits close to the centre of the Indian economy. The Reserve Bank of India smooths its movement with reserves, which is why the chart usually shows a slow slope instead of the jumps you see in a freely floating currency.

Nobody sells currency at the mid market rate. A bank, a card network, or a transfer service quotes a rate slightly below it and keeps the difference, usually alongside a flat charge. The gap is easy to overlook because it arrives as a rate rather than as a price. On a 2,000 USD transfer, a markup of one percent costs 20 USD, which is more than most visible transfer fees. The exchange fee calculator puts the markup and the fee side by side so you can see which one is doing the damage.

Reference rates are published once each working day, at about 16:00 Central European Time. No rate exists for a weekend or for a day the euro payment system is closed, so a figure dated Friday stands until Monday. The history table skips those dates instead of repeating the previous number.