Real exchange rate of India and United State? According to OECD the price level of India is 29, and that of united states is 113, and nominal exchange rate is 64-1(INR-$). So what is the real exchange rate? 


Is it $$RER = NER\times\frac{US_{PriceLevel}}{INR_{PriceLevel}}=273 \\ or \\RER = NER\times\frac{INR_{PriceLevel}}{US_{PriceLevel}}=16$$


I believe it should be the second one, because the price level in India is less than that in US so buying power of dollar should be less. Is this reasoning correct?
Presumably one bundle of goods and services which costs about USD 113 in the United States would cost about USD 29 in India

so the bundle which costs about USD 113 in the United States would cost about INR 18546 in India at a market exchange rate of 64:1

suggesting a purchasing power parity of about INR 16.4 : USD 1

The OECD calculations of PPPs suggest about 17:1 recently for India so this is the correct order of magnitude