Analysis of recent Loonie → Rupee forecasts for 2024. We collate forecasts from respected FX analysts together with the latest Canadian dollar to Indian rupee performance and trends.
Forecasts for CAD to INR
Based on recent exchange rate analyst forecasts and currency market updates, the Canadian Dollar (CAD) is expected to continue being influenced by oil price movements. Even though the CAD has shown resilience amid global economic uncertainties, any potential interest rate cuts by the Bank of Canada could pose a risk to its exchange rates. The USD/CAD exchange rate is projected to reach around 1.31 by the end of 2024, indicating a stronger US Dollar against the CAD next year. However, there is optimism for the Canadian Dollar in 2025 due to a potentially weaker US Dollar against other major currencies. The CAD to INR exchange rate currently sits at 61.30, slightly below its 3-month average, reflecting a stable trading range.
As for the Indian Rupee (INR), analysts foresee the Reserve Bank of India refraining from easing policies until 2024, with the USD to INR exchange rate projected to fluctuate within the 82-84 range. Factors such as elevated US Treasury yields, a weak yuan, and fluctuating crude oil prices are anticipated to weigh on the Rupee in the near term. India's significant reliance on oil imports exposes the INR to fluctuations associated with global energy prices, which can impact domestic inflation levels. The OIL to USD price data indicates volatility, with oil prices currently trading higher than their 3-month average, potentially adding to INR's challenges.
In summary, market views suggest that the CAD's performance will largely hinge on oil price dynamics, while the INR may face pressures from global economic factors. Continued monitoring of oil price trends and central bank policies will be essential for businesses and individuals engaged in CAD to INR transactions to navigate potential currency fluctuations effectively.
@bestfxrates : 📉🇨🇦💱🇮🇳 CAD to INR at 61.30, under 3-mo avg. FX analysts highlight oil's impact on CAD; watch for BoC rate decisions. INR pressure from oil reliance, despite RBI's steady policy. USD/CAD may hit 1.31 by end-'24 as USD strengthens. Monitor oil prices & central bank cues for CADINR moves. #ForexUpdate #CADINR #CurrencyTrading
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Date
CAD/INR
Change
Period
04 Mar 2024
61.07
0.4% ▲
2 Week
19 Dec 2023
62.30
1.6% ▼
3 Month
19 Mar 2023
60.18
1.9% ▲
1 Year
20 Mar 2019
51.79
18.4% ▲
5 Year
21 Mar 2014
54.37
12.7% ▲
10 Year
23 Mar 2004
33.77
81.5% ▲
20 Year
CAD/INR historic rates & change to 18-Mar-2024
Will the Canadian dollar rise against the Indian rupee?
It is almost impossible to predict what an exchange rate will do in the future, the best approach is to monitor the currency markets and transact when an exchange rate moves in your favour.
To help with this you can add CAD/INR to your personalised Rate Tracker to track and benefit from currency movements.
Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more