In 2020 forecasts and predictions for the CAD/INR exchange rate were driven almost entirely by the Coronavirus pandemic rather than any fundamentals or relative sentiment towards the Canadian and Indian economies.
Canadian dollar to Indian rupee bank forecasts
The Reserve Bank of India’s announcement in April sunk the Indian rupee back below 60 to the CAD dollar.
Since the initial pandemic shock in March CAD/INR has risen around 30 percent, welcome news for Indian expat workers, who represent one of the largest groups remitting money from Canada.
Unlike Latin American countries, which continue to benefit from a U.S. recovery, Asian countries are vulnerable to economic austerity in Saudi Arabia and elsewhere in the Middle East due to the drop in demand for Oil during the Covid pandemic. More than 60% of remittances to India, Bangladesh and Pakistan come from Gulf countries.
CADINR at 59.95has risen 3.4% above its 90-day average, range 56.85-59.98.
Note that forecasts and predictions for the CAD/INR exchange rate change all the time, affected by news events and relative sentiment towards the Canadian and Indian economies and this exchange rate is even more volatile than usual because of the uncertainties around the Coronavirus pandemic.
The CAD has enjoyed its highest levels against the USD since March 2020. No other currency pair experienced such a dramatic swing since the election was called. Along with global equities, the CAD continues to increase with increased risk appetite.
Whether the Canadian dollar will rise or drop in the future versus the rupee is a difficult question and the answer really depends on many factors. The best way to consider the current CAD-INR relative value is to check the change in the exchange over a range of periods to the present day. The below table does this for periods going back 10 years.
12 Apr 2021
20 Mar 2021
19 Jan 2021
19 Apr 2020
20 Apr 2016
22 Apr 2011
CAD/INR 10 year historic rates & change to 19-Apr-2021 : 59.7474
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