India - Official exchange rate (LCU per US$, period average)

The value for Official exchange rate (LCU per US$, period average) in India was 73.92 as of 2021. As the graph below shows, over the past 61 years this indicator reached a maximum value of 74.10 in 2020 and a minimum value of 4.76 in 1960.

Definition: Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar).

Source: International Monetary Fund, International Financial Statistics.

See also:

Year Value
1960 4.76
1961 4.76
1962 4.76
1963 4.76
1964 4.76
1965 4.76
1966 6.36
1967 7.50
1968 7.50
1969 7.50
1970 7.50
1971 7.49
1972 7.59
1973 7.74
1974 8.10
1975 8.38
1976 8.96
1977 8.74
1978 8.19
1979 8.13
1980 7.86
1981 8.66
1982 9.46
1983 10.10
1984 11.36
1985 12.37
1986 12.61
1987 12.96
1988 13.92
1989 16.23
1990 17.50
1991 22.74
1992 25.92
1993 30.49
1994 31.37
1995 32.43
1996 35.43
1997 36.31
1998 41.26
1999 43.06
2000 44.94
2001 47.19
2002 48.61
2003 46.58
2004 45.32
2005 44.10
2006 45.31
2007 41.35
2008 43.51
2009 48.41
2010 45.73
2011 46.67
2012 53.44
2013 58.60
2014 61.03
2015 64.15
2016 67.20
2017 65.12
2018 68.39
2019 70.42
2020 74.10
2021 73.92

Development Relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world.

Limitations and Exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output.

Statistical Concept and Methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.

Periodicity: Annual

Classification

Topic: Financial Sector Indicators

Sub-Topic: Exchange rates & prices