INR exchange rates are insane

[spndr7]

I bought bitcoins with INR (Indian national rupee) the rate at tradehill and bitcoin-central 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.

 

[bitcoinTrader]

If you want to buy btc with INR, let me know.
I can sell at competitive prices

[Stephen Gornick]

There is huge gap .

So what you are describing is an arbitrage opportunity that nobody is taking advantage of?

[notme]

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.

[spndr7]

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.