Venezuela’s currency is in bad shape due to America’s airstrike! If you take 500 rupees from India, how much will it become there?

President Nicolas Maduro and his wife were arrested in America’s military action against its neighboring country Venezuela. In such a situation, the concern of those countries has increased, which have very good economic relations with Venezuela, but a question is circulating on social media that why is the currency of Venezuela, a country which has such huge reserves of oil, weak? If we compare it with the currency of a country like India, a huge difference can be seen in it.

Although the economic and diplomatic relations between India and Venezuela have been very good. Both countries respect each other’s sovereignty. Venezuela is a good partner of India in the energy sector. India had imported 22 million barrels of crude oil in the year 2024. Now in such a situation, after the American occupation of Venezuela, along with the relations, there will be an impact on all those factors on which India has relations with Venezuela.

How much is Indian Rupees 500 worth in Venezuela?

Since globalization in the world, there are many standards to measure the world’s currency. Currently, business is done in dollars in the entire country. Many countries use their own currency. There are fluctuations in their prices every day. The reason is international trade.

The currency of Venezuela is called Bolivar (VES). Its price is 3.34 bolivar against one rupee, that is, if we look at 500 rupees in Venezuelan currency, then it ranges from 1650 to 1690. According to this, Rs 500 in India will work for more than Rs 1600 there.

Why is the currency so weak even after oil storage?

Venezuela’s currency has seen a significant decline in the last decade. The main reasons for this are rising inflation in Venezuela, poor economic management and political instability. In 2017, Venezuela declared itself financially bankrupt. Due to this, foreign investors lost confidence in the Venezuelan market. Venezuela has also suffered a lot due to the economic sanctions faced by America and other countries. The effect of all these has also been seen in oil production.