1 Chinese yuan = 8 Indian rupees ; 1 U.S. dollar = 50.9 Indian rupees

UPDATE May 16 2012:
1 Chinese yuan = 8.61993243 Indian rupees
1 RMB in INR = 8.61
The rupee fell to a record low of 54.52 against the dollar, before settling at 54.51,

UPDATE Dec 28:
1 Chinese yuan = 8.38 Indian rupees
1 U.S. dollar = 53.01 Indian rupees

China and Japan signed a deal to allow direct trading of their currencies. The arrangement is part of the nations' move to scale back exposure to the U.S. dollar. China and Japan are the world's second- and third-largest economies, respectively.
==
UPDATE Dec 15:
1 Chinese yuan = 8.42 Indian rupees
1 U.S. dollar = 54.11 Indian rupees

2011 chart showing how India Rupee is losing value against Dollar

2011 chart showing how Chinese RMB is gaining against Dollar

This means
* In India the value of imported items are expensive in Indian Rupee.
* In India the price of Dollar based assets like Oil, Gold etc will be expensive
* The items imported especially from China will be very very expensive.
* Indian citizens are banned to keep/trade the Chinese currency which gives more returns than any bank deposit in India can give.
* Fertilizers are going to get expensive, Fertilizers - > Food - > Wages.
* If your salary is in Indian Rupees it is going to be down.

Comments

Rahul said…
Indirectly the government is helping the rich weasels bring back their black money to the country at an exchange rate which will not have any impact on these individuals even if the finance ministry imposes penalties on such stash.
November 21, 2011
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