In 2021 forecasts and predictions for the CAD/INR exchange rate continue to be driven almost entirely by the Coronavirus pandemic rather than any fundamentals or relative sentiment towards the Canadian and Indian economies.
CAD to INR at 59.61is 0.7% below its 90-day average, range 58.78-60.74.
Canadian dollar to Indian rupee bank forecasts
May and June has seen the Indian rupee trade continue to trade around 60 to the CAD dollar. INR sank to this level in April on an announcement from the Reserve Bank of India.
In 2021 the Canadian dollar has risen as a global economic recovery takes hold, with larger gains if the Bank of Canada is seen to be preparing to reduce monetary stimulus, economists say. CAD Forecasts
The Federal Reserve’s message to the markets that it was preparing to reduce bond purchases sent most USD/Asian and Emerging Market Currencies higher. INR Forecasts
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.
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.
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.
BER (https://www.bestexchangerates.com/) is a comparison website only and not a currency trading platform. The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any legal, accounting or financial decisions. The foreign exchange rates and products compared on this page and website are chosen from a range of products that bestexchangerates.com (BER) has access to and are not
representative of all the products available in the market.
We may receive referral fees in relation to your activity on the BER website however this doesn't affect the exchange rates or fees you are charged.
The use of terms "Best" and "Top" are not product ratings and are subject to our Disclaimer.