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Author Topic: INR exchange rates are insane  (Read 1159 times)
spndr7
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November 12, 2011, 01:26:21 PM
 #1

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.

 

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bitcoinTrader
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November 12, 2011, 03:13:29 PM
 #2

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

Stephen Gornick
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November 13, 2011, 02:54:08 AM
 #3

There is huge gap .

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

notme
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November 13, 2011, 05:14:59 AM
 #4

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.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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spndr7
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November 13, 2011, 01:37:42 PM
 #5

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.

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