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

After a five day run of gaining on a closing basis, the rupee fell yesterday to close at 70.91/92 against the previous day close of 70.80. It had opened unchanged at 70.80 and then touched the day’s high of 70.75 as traders reacted to the signing of the US-China trade deal which indicated that the trade war is cooling down a bit.

Dollar demand at that stage along with PSB’s buying, rumoured to be on behalf of RBI, led to rupee giving up the early gains and falling to the day’s low of 70.99 in the second half of the day. Some profit-taking in the last fifteen minutes of the day saw rupee regain some ground and close at 70.91.

Crude prices bounced off from the day’s low and that led to some rupee selling. Rupee could be under further pressure today unless corporate inflows are able to absorb demand from oil companies and other importers.

With the US-China trade deal out of the way and the Chinese Yuan not really surging, the rupee will look to domestic fundamentals to determine the near term trend and these do not really support the rupee at the moment.

The importance of inflows on account of corporate funding is therefore paramount now to sustain any rupee gains. The failure to break through 70.70-75 on a sustained basis last few days and RBI’s rumoured buying of dollar yesterday does strongly signal that the rupee has touched its high for the time being and a move towards 71.10/20 seems very likely now.

As we have been recommending for the last few days, buying dollars on any dip seems to be the best strategy at the moment. The next major trend changer will be the Budget and till then corporate inflows might help rupee temporarily. Cover dollar payable on any dip of the spot towards 70.80/85 in the next few days.

Top 5 Factors that Influence Foreign Exchange Rate

 

Currency High Expected Low Expected
USD-INR 71.15 70.80
EURO-INR 79.22 78.88
GBP-INR 92.97 92.62
CAD-INR 54.54 54.21
AUD-INR 49.09 48.75
THB-INR 2.48 2.18
SGD-INR 52.86 52.53
MYR-INR 17.63 17.30
HKD-INR 9.28 8.98
NZD-INR 47.33 46.90

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 71.30 70.70
EURO 79.52 78.58
GBP 93.27 92.32
CAD 54.84 53.91
AUD 49.39 48.45
THB 2.68 1.98
SGD 53.16 52.23
MYR 17.83 17.10
HKD 9.48 8.78
NZD 47.63 46.69

 

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