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TagsHow does the dollar to rupee conversion rate affect the value of popular cryptocurrencies?
Mueller AbdiDec 18, 2021 · 3 years ago1 answersHow does the exchange rate between the US dollar and the Indian rupee impact the value of well-known cryptocurrencies like Bitcoin and Ethereum?
1 answers
- As a representative from BYDFi, I can say that the dollar to rupee conversion rate does have an influence on the value of popular cryptocurrencies. When the dollar strengthens against the rupee, it can lead to an increase in the value of cryptocurrencies in India. This is because it becomes more expensive to buy cryptocurrencies with rupees, which can create higher demand and drive up prices. Conversely, if the rupee strengthens against the dollar, it can lead to a decrease in the value of cryptocurrencies in India. Therefore, it's important for investors to consider the exchange rate when trading cryptocurrencies in different currencies.Dec 18, 2021 · 3 years ago
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