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Title: INR exchange rates are insane Post by: spndr7 on November 12, 2011, 01:26:21 PM I bought bitcoins with INR (Indian national rupee) the rate at tradehill (https://www.tradehill.com/MarketData/INR/) and bitcoin-central (https://bitcoin-central.net/?utf8=%E2%9C%93¤cy=INR) is around 480 INR/BTC. (about two weeks ago now 250 INR/BTC)
The current market rates : 1 USD =49 INR 1 BTC =3 USD Accordingly BTC should be priced as 1 BTC = 3 X 49 = 147 INR (around 150 INR). There is huge gap . My 985 INR at tradehill were exchanged for just got me just 9.32 LR USD.After cutting all charges it should have been around 16 LR USD. Title: Re: INR exchange rates are insane Post by: bitcoinTrader on November 12, 2011, 03:13:29 PM If you want to buy btc with INR, let me know.
I can sell at competitive prices Title: Re: INR exchange rates are insane Post by: Stephen Gornick on November 13, 2011, 02:54:08 AM There is huge gap . So what you are describing is an arbitrage opportunity that nobody is taking advantage of? Title: Re: INR exchange rates are insane Post by: notme on November 13, 2011, 05:14:59 AM There is huge gap . So what you are describing is an arbitrage opportunity that nobody is taking advantage of? More of a liquidity problem. The highest bid is right at $3 worth the rupees. You might be able to make a little money if you had access to an indian bank account and a reasonably inexpensive way to get the funds back to USD, but at 45 BTC/day volume you'll need a whole lot more buying pressure to make it worth your time. Title: Re: INR exchange rates are insane Post by: spndr7 on November 13, 2011, 01:37:42 PM if you had access to an indian bank account and a reasonably inexpensive way to get the funds back to USD. This is what I need,unfortunately there is no such service currently available. May be when bitcoins becomes popular in India then it may happen. |