Posted on 09 March 2012.
Before you start currency trading in India, you should know a few things. The name of the Indian currency is the rupee. It is issued by the Reserve Bank of India. The official code for this currency is INR. It is generally worth much less than the US dollar. At the start of 2012, it took nearly 50 rupees to equal one American dollar.
If you are new to currency trading in India or to currency trading at all, this should not discourage you. The profitability of forex trading does not depend on the independent strengths of the currencies involved. If it did, people would only bother trading the British pound, the American dollar, the Euro and so on. Instead, forex trading becomes a profitable activity when traders correctly speculate which way a currency will go in comparison to another.
When you are currency trading in India, most of your trades will be calculated against the USD. If you are actually living in India, you will be glad to know that you can download nearly any forex software that you want to get started. You can also trade in a number of other instruments, such as commodities and stocks.
After you download your software, start currency trading in India by contacting a broker. You will also need to study all of the pertinent charts. Note that India is a growing economy and the rupee is affected by many global factors, such as crude oil prices.
The rupee is actively traded. You will need to look at hourly and minute charts as well as longer term charts. You will need to make all of your comparisons in American dollars. All currency trading in India is calculated in terms of USD to INR.
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