July 12, 2019
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Currency Exchange Market – Daily and Weekly Forecast

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Currency rate is one of the most significant parameters by which a country’s relative level of economic health is determined. A country’s currency rate gives a peek into its economic stability and play a pivotal role in the country’s trade market. Currency rates are almost always under scrutiny, they are constantly watched and analyzed. The currency rate is extremely volatile and influenced by a number of factors.

The strengthening and weakening of currencies help us determine a nation’s economic scenario and the welfare of the people residing in it. Thus, forecasting these rates is important to assess the benefits and risks for the traders in the business environment. Moreover, with the recent increase in the number of international travellers and students travelling abroad it more important for us to be informed about these changing currency rates and how it impacts the Indian Rupee.

Here at BookMyForex, our updates include a daily and weekly roundup of all the major currencies including US Dollar, Euro, Australian Dollar, Malaysian Ringgit, etc and how the Indian Rupee is faring against these highly traded currencies.

This blog also highlights the essential data likely to affect these forex rates. We wish to keep all our customers informed on the developments through our expert forecast which talks about currency rates and market insights. Furthermore, our official website (www.bookmyforex.com) also displays live exchange rates and gives you an option to freeze them for up to 3 days.

DAILY FORECAST

 

The rupee slipped a bit on Friday, closing around 71.36/37 against the previous day close of 71.33 after trading in an intraday range of 71.29-71.41. It had opened with a small positive gap at 71.30, touched the day’s high in the opening hour and then drifted slowly down in subdued trading. There were no major corporate inflows and this along with the reversal in crude prices, put some pressure on the currency.

Global crude prices have rebounded from recent lows of around $54 to the current price of $57.07 as authorities in China, HK and Singapore pledged to provide stimulus to help their economies recover from the slowdown due to the Coronavirus.

This raised expectations of higher crude demand in the coming months, providing support to crude prices. However, as long as Brent remains in the $55-59 band, the impact on rupee will be marginal. Rupee will remain supported by expectations of large dollar inflows related to the funding activities of some major corporations, but as the date of such inflows is not known to the market, we could see rupee remain a bit volatile this week.

Also, with domestic forex markets being closed on Wednesday and Friday this week, liquidity could be tight which may add to the volatility. There has been some dollar demand in the NDF markets before the opening of our markets as traders there reacted to the higher crude prices, and while this may carry on during our opening hours, the rupee is unlikely to depreciate much with the top likely to be around 71.55-60.

Any corporate inflow and exporter sales, on the other hand, could help rupee to firm up towards 71.25 leaving us with a most likely range of 71.25-71.60 for the day.

Top 5 Factors that Influence Foreign Exchange Rate

 

Currency High Expected Low Expected
USD-INR 71.55 71.20
EURO-INR 77.66 77.22
GBP-INR 93.44 92.99
CAD-INR 54.17 53.75
AUD-INR 48.29 47.84
THB-INR 2.49 2.09
SGD-INR 51.60 51.17
MYR-INR 17.48 17.06
HKD-INR 9.40 9.00
NZD-INR 46.20 45.76

WEEKLY FORECAST

With ever-growing trade, business and travel it is important to keep track of the numerous currencies especially USD, Canadian Dollar, Euro and Pound which are exchanged every day in the foreign markets. Here at BookMyForex, we understand that it is difficult to keep track of the ever-changing currency rates and the reasons which impact the rates. Besides a daily expert forecast, we also give you a weekly forecast to help you update your knowledge about foreign currency exchange. Here is the weekly roundup of some major currencies:

Currency High Expected Low Expected
USD 71.55 71.00
EURO 77.96 76.92
GBP 93.74 92.69
CAD 54.47 53.45
AUD 48.59 47.54
THB 2.69 1.89
SGD 51.90 50.97
MYR 17.68 16.86
HKD 9.60 8.80
NZD 46.50 45.46

 

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