He said that all currencies have depreciated more year-to-date against the USD than the rupee. This is also evidenced in significant FPI inflows since July with August inflow being the highest in 20 months. Subramanian, who served as the CEA from 2018 to 2021, today said the depreciation of the rupee is less than all other currencies because of our stronger macro-fundamentals. The Indian rupee was hovering around 80 for quite some time but as the hawkish US Fed in its attempt to fight inflation hiked its policy rate by another 75 basis points, the currency slipped further and is currently at an all-time low of over Rs 81. dollars using the applicable exchange rate without prior notice to you.įor additional information related to Wires and foreign currency wires, please see the Wells Fargo Wire Transfers Terms and Conditions.- Prof. Incoming wire transfers received in a foreign currency for payment into your account will be converted into U.S. We may refuse to process any request for a foreign exchange transaction. Wells Fargo is your arms-length counterparty on foreign exchange transactions. Foreign exchange markets are dynamic and rates fluctuate over time based on market conditions, liquidity, and risks. Different customers may receive different rates for transactions that are the same or similar, and the applicable exchange rate may be different for foreign currency cash, drafts, checks, or wire transfers. The exchange rate Wells Fargo provides to you may be different from exchange rates you see elsewhere. The applicable exchange rate does not include, and is separate from, any applicable fees. The markup is designed to compensate us for several considerations including, without limitation, costs incurred, market risks, and our desired return. The exchange rate used when Wells Fargo converts one currency to another is set at our sole discretion, and it includes a markup. In addition to any applicable fees, Wells Fargo makes money when we convert one currency to another currency for you.
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