How much are 1 million Dollars in rupees? How much are 2 million dollars in Indian Rupees? How has the USD to INR exchange rate changed? What are millions and Billions? Why does currency Value changes?
How much are 1 million Dollars in Indian Rupees?
- 1 million US dollars in rupees= Cost of 1 Dollar in Indian Rupees * 10,00,000(1 million i.e 1 followed by 6 zeros).
- On 27 Aug 2019, 1 Dollar was Rs 71.8065 hence
- 1 Million USDs = 7,18,06,500 i.e approx 7.18 crores
- The value of the US dollar to Indian Rupee keeps on changing. The image below shows the price of 1 USD movie from 42 to 70 in between 2014–2019.
The Conversion Rates of Dollar to Indian Rupees and other currencies are shown in the Convertor below.
How much are Millions and Billions?
The Indian numbering system is different from the International Numbering in terms of Names and Placement of Commas.
- 1 Lakh = 1 followed by 5 Zeros = 100,000
- 1 Million = 1 followed by 6 Zeros = 1,000,000
- 1 Crore = 1 followed by 7 Zeros = 10,000,000
- 1 Billion = 1 followed by 9 Zeros = 1000,000,000
The image below shows the Indian and International numbering system. Our article Indian and International Numbering: Lakhs, Crores, Millions, Billions explains it in detail and also has many calculators such as how to convert Millions to Lakhs, Billions to crores and Put commas as per Indian and International numbering system.
Why is the US Dollar important?
Every country in the world has a currency that is specific to the country. There are more than 185 different currencies in the world.
The US Dollar is the most recognized unit of transaction in the international market. Primarily because the USA is the world’s only military and political superpower and a key driver of the global economy.
- The currency of most nations is usually measured in relation to the USD.
- Oil and gold and other commodities are primarily priced in USD.
- If people anywhere in the world lose trust in their own currency, they turn to the USD. The US dollar is considered the largest currency reserve in the world.
For more details on the Currencies of the world, one can refer to our article Currencies of the World, Tricks to Remember Currencies
Our article About US Dollar, How coins are minted, Interesting Facts talks about US dollar in detail
Why does Currency Value Change?
Money is not static but its value keeps changing with society and its economic conditions. One rupee in 1947 is not the same as one rupee today, both in terms of appearance and purchasing power.
Every currency in the world does not have equal value. Some are greatly valuable; some are fairly valuable. One US Dollar ($1) for example, is not equivalent to an Australian or Canadian Dollar. Euros and Pounds are worth different amounts and so on.
The value of a country’s currency is largely decided by market forces and is linked with its economic conditions and policies such as economic stability, inflation, foreign trade, employment, interest rates, growth rate and geopolitical conditions.
The foreign rate of currency changes from time to time. International exchange rates of currencies are dependent on mostly the market forces of demand and supply. Nearly all countries follow a floating exchange rate to determine the value of their currencies against other currencies.
The table below compares the currency value of INR and PKR against USD since 1950. The value of INR against USD depreciated from 4.76 in 1950 to 72.88 in September 2018. The INR has depreciated 1419 per cent against USD in the last 70 years. On the other hand, PKR has depreciated against USD from 4.76 to 128.99. So, PKR has depreciated by 2609 per cent.
|Country||Currency||/USD in 1950||/USD in 1957||/USD in 1967||/USD in 1977||/USD in 1987||/USD in 1997||/USD in 2007||/USD in 2018|
Source: Prof. Werner Antweiler, University of British Columbia.