Get the best exchange rate between US dollar and the Bhutanese ngultrum
When deciding how to exchange your US dollars to Bhutanese ngultrum, look at what the mid-market rate of the currency is. This is the rate that banks use and it’s the rate you should try getting closest to when making an exchange. People who’re sending money to Bhutan should use an online money transfer service — such as TransferWise — for a cheap and reliable option.
The best currency exchange option for travelers to Bhutan will be at the airport or major international hotels. It’s reported in Bhutan that exchanging money at other places around the capital city can be a rather long and complicated process. It is also often reported that 50 and 100 US dollar bills have better exchange rates than the lower denominations such as 20 and 10 dollar bills.
Keep in mind that Bhutan almost exclusively uses cash (but very few coins!), so when you’re buying something in Bhutan, make sure that you have plenty of cash, as many vendors won’t accept credit cards.
Did you know?
Indian rupees are also accepted currency in Bhutan. The ngultrum is pegged to the rupee at a one-to-one rate and shops throughout Bhutan accepts it as payment. So, if you can exchange your US dollars to Indian rupees at a stronger rate, that may be a better option for currency conversion.
The US dollar is the most traded currency in the world. The world’s unofficial reserve currency, it can be found in most major currency pairs. In forex, it’s an important benchmark and target rate for countries that fix or peg their currencies against its value. It is also used as the standard currency for oil, precious metals and other commodities.
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The ngultrum is the official currency of the sovereign Kingdom of Bhutan. Because of its small economy, Bhutan relies on its neighbor, India, for financial stability. Rupees are also legal tender in the country.
What affects exchange rates between the US dollar and the Bhutanese ngultrum?
The Bhutanese ngultrum is pegged to the Indian rupee at a one-to-one rate. When looking at what affects the exchange rate between the US dollar and the Bhutanese ngultrum, you should examine the exchange rate between the US dollar and the Indian rupee.
The Indian rupee is officially a free-floating currency subject to supply and demand in the global currency market. An improving economy or higher interest rates in India would contribute to a higher exchange rate for the Indian rupee.
As for Bhutan, it’s a very small economy that’s heavily dependent on:
Because of these factors, it’s highly unlikely that the peg with the Indian rupee will disappear.
How does the Bhutanese ngultrum trade against the US dollar historically?
In 1970, two years after the Bank of Bhutan was established, it was taken over by the State Bank of India.
During the financial crisis in 2008, you needed 39.29 ngultrum to buy 1 US dollar, which was an all-time high for the ngultrum.
During recent years, the ngultrum has declined to the level it is today where you need almost 65 ngultrums to get 1 US dollar.
In 2018 , the trend of a declining ngultrum compared to US dollar seems to continue. However, if the Indian economy and rupee strengthens unexpectedly, we may see a strengthening ngultrum over the next few years.
US Dollar to the Bhutanese Ngultrum for the last 10 days
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US Dollar to the Bhutanese Ngultrum for the last 10 months
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US Dollar to the Bhutanese Ngultrum for the last 10 years
Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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