Today, there are many currency converters, which help you to convert rupees into dollars. But, the mechanism is extremely simple and you can do it yourself.
Sometimes, the currency calculator does not throw-up an accurate picture, as the forex prices are not updated. Many individuals search 1 rupee to dollar, but, they need to get live updated rates.
Let me tell you why it is not updated?
It's almost impossible for rupee dollar calculation to be accurate, like the stock markets because these are not updated.
The foreign currency market trades from 9 am to 5 am in the interbank forex market and this is when the value of the rupee is determined against the dollar.
The value changes every second, so, you need live rates, to get the exact rupees to dollar conversion done.
How to calculate the value of the rupee against the dollar and dollar against the rupee or how to convert rupee to dollar?
Now, look at the value of the rupee against a host of currencies by clicking here. At the moment the price shows me the rupee is trading at 61.06 against the dollar.
When you click on the same link it would show another figure, because we update our currency rates almost live everyday. In fact, it's not only US dollars, but, you can convert a host of currencies.
Now, as mentioned the current rate of the rupee against the dollar is 61.06. Suppose you have Rs 1000, then just divide 1000/61.06=16.377 dollars.
Thus, you would get 16.377 dollars for Rs 1000, which is the exact rupee dollar rate.
On the other hand, if, you have 1000 dollars, just multiply the 1000 dollars by 61.06. So, your calculation would be: 1000 x 61.06 = 61,060.You would get Rs 61,060 for 1000 dollars.
As you can see, you have to first check the link for the updated rates and then divide or multiply accordingly.
You can do that for a host of currencies, including the Japanese Yen, UK Sterling Pound, Singapore Dollar and Japanese Yen.
How is the value of different currencies determined?
The value of different currencies depends on trade that happens in the interbank foreign exchange market in India.
When trading begins it all depends on the demand-supply position. If there is less demand for the dollar on a particular day, it might fall from 61.06 to 61.26.
On the other hand when there is a demand for the dollar against the rupee the price could climb from 61.06 to 60.96.
To read more on how to trade the currency markets in India click here
The best way to convert would be to check the currency rates and do it yourself. Of course, you can use calculators, but one cannot be sure whether the rates are updated.