India Economic Information
Central Bank: Reserve Bank of India (RBI)
Currency: Indian rupee (INR or Rs)
Poised to become a key participant in the global economy, India is the second fastest-growing economy in the world. Many investors and corporations see enormous potential in India, from the retail potential of a growing middle class population to economic policies that promote financial globalization. Foreign direct investment has been a crucial factor for the record appreciation of the Indian rupee in recent years.
Key industries:
Textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery and software.
Agricultural products:
Rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish.
Export commodities:
Textile goods, gems and jewelry, engineering goods, chemicals and leather manufactures.
Import commodities:
Gold, machinery and equipment, petroleum products and fertilizer.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of 11/15/2009. These rates were not available to retail customers and were not the rates offered by EverBank®. Past performance does not guarantee future results. |
A few factors to consider when evaluating the Indian rupee:
Reasons to consider
- The Indian economy has grown an average 8.6% over the past 4 years. India's economy expanded 9.6% in 2007. In 2008, India's economic growth was +7.3%.
- By 2009, India had established itself as the world's second "fastest" growing major economy.
- China overtook the U.S. as India's largest trade partner in 2007/2008.
- From March 10, 2009 through June 10, 2009, the rupee appreciated against the dollar 9.8%.
- A third of the population in India is below 15 years of age, making India the only country in the world where the size of the working population will increase. India is the second most populous country in the world.
- India's economic growth has developed substantial employment opportunities for a well-educated population. The middle class, currently around 90 million, is expected to grow to over 300 million by 2010-offering a considerable potential market for manufacturers and retailers.
- With a population over 1 billion, India is an increasingly important market for consumer goods.
Risk factors to consider
- As an emerging market, India's economy and the value of the rupee can be susceptible to the fluctuation of global-risk aversion. Global deleveraging and moves to reduce risk exposure may continue to hit India hard and real GDP growth is forecast to slow to 5% in 2009/2010.
- As the rupee strengthens, concerns may grow over the profitability of Indian exports. Overall, the current account deficit (12.5 billion as of second quarter this fiscal year) is forecast to narrow from 3.4% of GDP in 2009 to 0.5% of GDP by 2013.
- Poor infrastructure throughout the country remains an obstacle for doing business in many parts of India.
- Due to the global financial crisis, risks to economic growth are a major concern for India today. Monetary policy may be loosened further in 2009. Real interest rates may remain negative.
How EverBank can help with your Indian rupee needs?
WorldCurrency® CDs (Single-currency CDs): Earn interest rates at local rates in the currency of your choice.
I'm interested in opening a WorldCurrency® account, what is my next step?
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