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 . 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 second fastest-growing economy after China, the Indian economy has grown an average 8.6% over the past 4 years. India's economy expanded 9.6% in 2007.
- The rupee appreciated a record 12.3% against the U.S. dollar in 2007.
- 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'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.
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.
- As the rupee strengthens, concerns will grow over the profitability of Indian exports.
- Poor infrastructure throughout the country remains an obstacle for doing business in many parts of India.
How EverBank can help with your Indian rupee needs?
WorldCurrencySM CDs (Single-currency CDs): Earn interest rates at local rates in the currency of your choice.
I'm interested in opening a WorldCurrencySM account, what is my next step?
Please note: Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment.
- Before opening a WorldCurrency account, we recommend reading the following pages:
- If you are ready to open your WorldCurrency account, apply online or call 800.926.4922 for more information.
- For your protection, we require that you sign and mail your application along with a deposit.
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