Rupee Exchange Rate Creates Second Layer of Movement for Indian Bitcoin Holders
1 report, 1 independent
Updated Mon 00:00
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What happened
Bitcoin holders in India must monitor two markets: the price of the coin and the rupee's exchange rate against the dollar. The value of Bitcoin in Indian currency can differ from the dollar chart due to these currency fluctuations. For instance, the rupee moved from 94.485 per dollar on September 3 to 95.8125 on September 25.
From siliconindia.com
Why it matters
The exchange rate introduces a second source of movement that US investors may overlook when analyzing the Indian market. This means local returns for Indian buyers can be larger or smaller than the dollar chart suggests, even though they are trading the same underlying asset.
From siliconindia.com