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Indian rupee INR forecasts for 2020

#Forecasts #INR

Forecasts for the Indian rupee change all the time, affected by news events and relative sentiment towards the Indian economy. This continually updated article reviews the latest forecasts from banks and FX experts as well as news and recent movements of INR in the currency markets.

What’s in this Indian rupee forecast summary?

  1. Market News
  2. USD to INR
  3. GBP to INR
  4. AUD to INR

INR in the markets

The Indian rupee was Asia’s worse performing currency in 2020, but compared to previous crises has performed relatively well.

Migrant workers from Asia’s developing countries, such as India, have been sending home record amounts of money in recent months, defying pandemic expectations and propping up home economies at a critical time.

However, it appears workers are just sending money home in advance of their own return due to a bleak job market, particularly in the Middle East.

INR did gain more than 2% in 3Q, despite having an economy ravaged by 6.6 million coronavirus infections. The support for the Indian rupee comes from a rare current account surplus, and billions of dollars in inflows.

The Indian rupee exhibits strong seasonal patterns: the rupee typically falls in value every second-quarter (April-to-June) due to India’s heightened gold demand heading into Akshaya Tritiya – the annual spring time festival of the Hindus and Jains.

Accordingly many currency forecasts point out that rupee strength is to be expected in the second half of a typical year.

What is a good Indian Rupee exchange rate?

Whether the rupee will rise or drop in the future is a difficult question and the answer really depends on many factors. The best way to consider an exchange rate’s current relative value is to look at the Indian Rupee’s history against a range of currencies and in particular against the currency you are interested in exchanging it with.

For example, the sections below look at the change in the INR exchange rate to the present day for periods back 10 years for popular INR exchange rates.

USD to INR

Since INR’s high against the US dollar in October of below 73 Indian rupee has dropped back to between 74 and 75.

At the time of writing USDINR at 74.14 is a little above its 90-DAY average, range 72.96-75.

This was after being up around 3% against the US dollar (in August) since its low of 77 versus the greenback in April and is gaining favour from bank commentators such as HSBC due to the attraction of the carry trade – the ability to earn higher interest when holding INR versus other major currencies.

Get more details in the article USD to INR Forecasts.



 

USDINR Trend & Alerts

USDINR at 72.96 is a little below its 90-DAY average, range 72.96-74.71.
🔔 USDINR is at 90-DAY LOWS.
|
Alert:90-DAY LOWS |
US Dollar to Indian Rupee
⚇
Invert Rate
SELL INR / BUY USD

USD/INRChangePeriod
73.1463
12 Jan 2021
0.1% ▲1 Week
73.5965
20 Dec 2020
0.5% ▼30 Days
73.7258
21 Oct 2020
0.7% ▼90 Days
71.0385
20 Jan 2020
3% ▲1 Year
67.8746
21 Jan 2016
7.8% ▲5 Years
45.6199
22 Jan 2011
60.4% ▲10 Years

USD/INR 10 year historic rates & change to 19-Jan-2021 : 73.1936

GBP to INR



 

GBPINR Trend & Alerts

GBPINR at 99.80 is 1.3% above its 90-DAY average, range 96.08-100.02.
|
Pound Sterling to Indian Rupee
⚇
Invert Rate
SELL INR / BUY GBP

GBP/INRChangePeriod
99.9708
12 Jan 2021
0.2% ▼1 Week
98.6287
20 Dec 2020
1.1% ▲30 Days
96.7966
21 Oct 2020
3.1% ▲90 Days
92.3714
20 Jan 2020
8% ▲1 Year
96.5141
21 Jan 2016
3.4% ▲5 Years
72.8533
22 Jan 2011
36.9% ▲10 Years

GBP/INR 10 year historic rates & change to 19-Jan-2021 : 99.7599

AUD to INR

In 2020, from the initial pandemic shock in March through to the end of the year, AUD/INR rose 30 percent, welcome news for Indian expat workers, who represent one of the largest groups remitting money from Australia.

Get more details in the article AUD to INR Forecasts.



 

AUDINR Trend & Alerts

AUDINR at 56.45 is 2.8% above its 90-DAY average, range 52.23-57.08.
|
Australian Dollar to Indian Rupee
⚇
Invert Rate
SELL INR / BUY AUD

AUD/INRChangePeriod
56.8712
12 Jan 2021
0.9% ▼1 Week
55.8406
20 Dec 2020
0.9% ▲30 Days
52.3674
21 Oct 2020
7.6% ▲90 Days
48.8390
20 Jan 2020
15.3% ▲1 Year
47.5165
21 Jan 2016
18.6% ▲5 Years
45.1440
22 Jan 2011
24.8% ▲10 Years

AUD/INR 10 year historic rates & change to 19-Jan-2021 : 56.3315

You can also read our full Foreign Exchange Guide to India.

 
Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.