Bitcoin return in rupees vs dollars: how much did the rupee’s fall add?
By BtcMedia Research · Updated
Bitcoin is priced in dollars around the world. The rupee price you see in India is roughly the dollar price × the dollar-rupee rate. So when the rupee weakens, bitcoin gets dearer in rupees even if its dollar price doesn’t move. This tool splits your return into two parts: bitcoin’s own move and the rupee’s move.
From real prices: In 2026 so far (to 30 Oct 2026) bitcoin is −11.8% in dollars but only −6.8% in rupees, because the rupee slid from ₹89.87 to ₹94.95 per dollar (+5.7%). 2025 went the same way: −6.3% in dollars, −1.6% in rupees. The falling rupee roughly halved Indian holders’ loss.
2026 so far, in $
−11.8%
2026 so far, in ₹
−6.8%
Years the rupee fell
12/13
How much of your return was the rupee
Buy and sell at that day’s close. Data from 20 Dec 2013 to 30 Oct 2026.
Result
₹1,00,000 of bitcoin bought on 1 Jan 2025 is worth ₹90,709 on 30 Oct 2026 (−9.3%). In dollars bitcoin moved −18.2%. The rupee slid from ₹85.60 to ₹94.95 per dollar, and that slide added ₹8,932. Had the rupee stayed put, you would have ₹81,777. No tax on a loss, but the loss can’t be set off against any other income.
In dollars
−18.2%
In rupees
−9.3%
USD/INR
₹85.60 → ₹94.95
| Put in | ₹1,00,000 |
|---|---|
| Worth now if the rupee had stayed put | ₹81,777 |
| Added (or taken) by the rupee | +₹8,932 |
| Worth now | ₹90,709 |
| Tax at 31.2% | ₹0 |
| Of which, tax on the rupee’s fall | ₹0 |
| In hand after tax | ₹90,709 |
Assumptions: individual, resident, sold in one go. Tax is 30% + 4% cess on the whole rupee gain; a loss can’t be set off against other income; 1% TDS is credited in your return; no surcharge or fees. "Tax on the rupee’s fall" = 31.2% of the amount the rupee added, never more than the total tax.
Every year: bitcoin in dollars vs rupees (since 2014)
From the last close of the previous year to the last close of the year (2026: to 30 Oct 2026). "Rupee effect" = the rupee return minus the dollar return, in percentage points.
| Year | USD/INR | In $ | In ₹ | Rupee effect |
|---|---|---|---|---|
| 2014 | ₹61.90 → ₹63.19 | −56.1% | −55.2% | +0.9 pts |
| 2015 | ₹63.19 → ₹66.15 | +34.2% | +40.5% | +6.3 pts |
| 2016 | ₹66.15 → ₹67.92 | +124.3% | +130.2% | +6.0 pts |
| 2017 | ₹67.92 → ₹63.88 | +1,336.4% | +1,250.9% | −85.5 pts |
| 2018 | ₹63.88 → ₹69.63 | −73.4% | −71.0% | +2.4 pts |
| 2019 | ₹69.63 → ₹71.38 | +94.1% | +99.0% | +4.9 pts |
| 2020 | ₹71.38 → ₹73.07 | +304.5% | +314.0% | +9.5 pts |
| 2021 | ₹73.07 → ₹74.37 | +59.4% | +62.2% | +2.8 pts |
| 2022 | ₹74.37 → ₹82.66 | −64.2% | −60.2% | +4.0 pts |
| 2023 | ₹82.66 → ₹83.17 | +155.7% | +157.3% | +1.6 pts |
| 2024 | ₹83.17 → ₹85.60 | +121.0% | +127.4% | +6.5 pts |
| 2025 | ₹85.60 → ₹89.87 | −6.3% | −1.6% | +4.7 pts |
| 2026 (so far) | ₹89.87 → ₹94.95 | −11.8% | −6.8% | +5.0 pts |
Bitcoin: Bitstamp daily close (UTC); rupee: ECB USD/INR reference rate (previous rate on weekends and holidays). Rupee price = the two multiplied.
What the numbers say
- In falling years the weak rupee was a cushion: 2014: −56.1% in dollars, −55.2% in rupees; 2018: −73.4% in dollars, −71.0% in rupees; 2022: −64.2% in dollars, −60.2% in rupees; 2025: −6.3% in dollars, −1.6% in rupees; 2026: −11.8% in dollars, −6.8% in rupees.
- It works the other way too: in 2017 the rupee strengthened from ₹67.92 to ₹63.88, and bitcoin returned +1,336.4% in dollars but +1,250.9% in rupees.
- ₹1,00,000 put in on 31 Dec 2013 is ₹161.74 lakh on 30 Oct 2026. Had the rupee stayed at ₹61.90, it would be ₹105.45 lakh: ₹56.29 lakh came from the falling rupee alone, and that part still owes ₹17.56 lakh in tax.
- Over long stretches the rupee’s share is small next to bitcoin’s own move, but in a falling market it is the part you notice. Watch the USD/INR rate as well as the dollar price.
How we calculated this
Rupee return = (1 + dollar return) × (1 + USD/INR change) − 1. "If the rupee had stayed put" = your bitcoin × today’s dollar price × the buy-day USD/INR rate. Today’s value minus that is the amount the rupee’s move added. Everything comes from our public daily dataset, which anyone can download and check. The data
FAQ
Why does a falling rupee push bitcoin up in India?
Because bitcoin is priced in dollars worldwide, and the rupee price is that dollar price times the USD/INR rate. From 31 Dec 2013 to 30 Oct 2026 the rupee went from ₹61.90 to ₹94.95 per dollar (+53.4%), so even at an unchanged dollar price bitcoin would cost +53.4% more in rupees.
Is the gain from the rupee’s fall taxed too?
Yes. Tax on VDAs (Section 115BBH, carried into the new Act) is 30% plus 4% cess on the whole rupee gain. It makes no difference whether the gain came from bitcoin or from a weaker rupee, and nothing other than the purchase cost can be deducted.
Why is the Indian exchange price different from this page?
This page uses the Bitstamp dollar close × the ECB reference USD/INR rate. Indian exchanges often trade at a small premium because of TDS and thinner liquidity; our INR premium tracker measures it daily.
Does the rupee always fall?
No. Of 13 years since 2014, the rupee weakened in 12 and strengthened in 2017. In 2017 bitcoin rose +1,336.4% in dollars but +1,250.9% in rupees: the stronger rupee cost +85.5 points.
Sources: ECB euro reference rates (USD/INR) · Bitstamp BTC/USD daily prices · Our method and data · Income Tax Dept: tax on VDAs (115BBH). Rules checked on 1 November 2026.
Not investment advice. Past returns don’t promise future ones. The rupee can strengthen too, and bitcoin can halve within a year. Talk to a chartered accountant about your tax.
Related: INR premium tracker · Crypto price on any date · If you had invested in Bitcoin · Bitcoin ETF vs bitcoin tax · Crypto tax calculator
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- Tool launched: bitcoin’s return in rupees vs dollars for any two dates and every calendar year since 2014, split into bitcoin’s own move and the USD/INR move, with the 31.2% tax and how much of it is tax on the rupee’s fall. Real Bitstamp × ECB daily closes.