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The Indian Rupee (INR) is a managed floating currency overseen by the Reserve Bank of India (RBI). Unlike GCC currencies that are pegged to the USD, INR fluctuates daily against all major currencies. The RBI intervenes in forex markets to prevent excessive volatility but does not target a specific exchange rate.
India is the world's largest recipient of remittances — receiving over $125 billion annually (World Bank 2023). The largest inbound corridors are from the USA, UAE, Saudi Arabia, UK, and Kuwait. For NRIs sending money home, the USD/INR and AED/INR rates are the most watched. A 1% move in USD/INR on a $1,000 transfer means a INR 83 difference per USD — significant at scale.
India's forex market is also heavily influenced by gold imports — India imports 700–900 tonnes of gold annually, the second-largest in the world. Gold import duty (currently 15% including AIDC), along with INR movements, directly impacts domestic gold prices and the premium or discount of Indian gold prices relative to global spot prices.
