Answer by Harini Pandiyan
As of November 2021, the value of 1 USD is 74.33 INR, so 1 million USD will be INR 7,43,26,050.
History of USD vs INR
- When India got its independence, the value of 1 USD was 4.76 INR.
- The Indo-Chain war in 1962, and the Indo-Pak war in 1965, led to the devaluation of the Indian currency, due to which the value of 1 USD rose to 7.50 INR in the year 1966.
- In 1973, 1 USD had reached 17.50 INR when India faced a major oil crisis with OAPEC (Organization of Arab Petroleum Exporting Countries). India borrowed foreign currency to overcome the situation, which resulted in the fall of the INR's Value.
- In the 1990s, India was facing an economic crisis and a rapid fall in GDP (from 39% to 7.8%), due to which the value of 1 USD further increased to 25.92 INR.
- The impact of the economic crisis continued in the mid-2000s, and 1 USD was equivalent to 45.32 INR in 2004.
- In 2016, the demonetization of Indian currency led to an increase in the dollar value, due to which 1 USD value was 68.80 INR.
- In the current times (2021), when India is going through a Crude Oil Crisis, it's a known fact that 'as oil prices increase, rupee value decreases.' Because of this, 1 USD is currently valued at 74.3 INR.