Currency Converter
Convert between major currencies using live or reference exchange rates.
Calculator
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Amount in INR: ₹41,75,000
Enter current exchange rate manually. Rates change daily.
Formula
Converted amount = Amount × Exchange rate. Cross rate: to convert A→C via B: rate = rate(A/B) × rate(B/C).
Example calculation
Import equipment at USD 50,000, USD/INR rate 83.50: Cost = 50,000 × 83.50 = ₹41,75,000. Add customs duty 10% and IGST 18%: ₹41,75,000 × 1.10 × 1.18 = ₹54,22,150 landed cost.
Engineering notes
For project budgeting, use a conservative (USD/INR buffer) rate — typically 1–3% above the current rate. For contracts, specify the exchange rate fixing date or use a hedging arrangement (forward contract) to lock in the rate and eliminate currency risk.
When to use this calculator
- Import procurement — convert USD/EUR equipment price to INR for budget approval and payment planning
- Project cost estimation — convert multi-currency costs to a single currency for consolidated project budget
- Vendor comparison — compare bids received in different currencies on a common INR basis
- Export pricing — convert INR manufacturing cost to USD/EUR selling price at target margin
- Contract management — track actual vs budgeted exchange rate impact on project cost
Frequently asked questions
- What exchange rate should I use for project budget planning?
- For project budgets with future import payments: use a rate 3–5% above the current spot rate as a contingency (INR depreciates against USD/EUR over time historically). For formal project estimates, specify the base rate date and include currency contingency in project risk register. For large import contracts (above ₹5 crore equivalent), consider hedging with a bank forward contract to lock in the rate.
- What is the difference between spot rate, forward rate, and interbank rate?
- Spot rate: exchange rate for immediate (2-day settlement) transactions — what you see on currency apps. Forward rate: agreed rate for future delivery, used for hedging. Interbank rate: the wholesale rate between banks — always better than retail rates. TT rate (telegraphic transfer): the rate banks charge for wire transfers — typically spot ± 0.5–2.0% margin. For import payments, use the TT selling rate published by your bank.
- What import duties apply on industrial equipment in India?
- Basic customs duty (BCD): 7.5–15% on most capital goods (check ITC HS code). IGST: 12 or 18% on most machinery and equipment. Social welfare surcharge: 10% on BCD. Total incidence example: BCD 7.5%, SWS 10% on BCD = 0.75%, IGST 18%: total = (1 + 0.075 + 0.0075) × 1.18 − 1 ≈ 27.4% on CIF value. IGST is recoverable as input tax credit for registered businesses.