Bitcoin value in 2010 in rupees
Rupees are used in a number of countries including India and Pakistan. The Indian rupee exchange rate is measured against six currency trade weighted indices. These currencies belong to countries that bitcoin value in 2010 in rupees a strong trade relationship with India. The exchange rate of the Indian rupee or INR is determined by market conditions. The rupee currency is not pegged to any particular foreign currency at a specific exchange rate.
The RBI intervenes in the currency markets to maintain low volatility in exchange rates and remove excess liquidity from the economy.
Historically, the Indian rupee was a silver-based currency, while the major economies of the world were following the gold standard. The value of the rupee was severely impacted when large quantities of silver was discovered in the US and Europe. After independence, India started following a pegged exchange rate system.
The country was forced to go through several rounds of devaluation from the s to the early s due to war and balance of payments problems. The rupee was made convertible on the current account bitcoin value in 2010 in rupees The Indian currency is set to be made fully convertible in phases over the five bitcoin value in 2010 in rupees ending The stability of the Indian economy attracted substantial foreign direct investment, while high interest rates in the country led to companies borrowing funds from abroad.
Due to this, dollar inflow declined, with oil companies and investors purchasing more and more dollars. Persistent outflow of foreign funds increased the pressure on the rupee, causing it to decline. The US dollar's gains against other major currencies also weighed on the rupee. The value of the rupee depends on PPP or purchasing power paritywhich reflects the quality of life that can be maintained at a particular standard level of income.
Another major factor influencing the value of the rupee is the stock market. An overvalued index results in the overvaluation of the rupee. The exchange rate trend between the rupee and the US dollar over bitcoin value in 2010 in rupees five years to as on January