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    Indian rupee INR Forecasts

    Forecasts for the Indian rupee change all the time, affected by news events and relative sentiment towards the Indian economy.

    Updated: Jan 05, 2023  


    1 USD = 82.26 INR
    Sell USD  →  Buy INR
    USD to INR at 82.25 is near its 3-month average of 82.21, having fluctuated within a 2.4% range of 80.95-82.93
    USDINR :

    Indian rupee outlook

    The Indian rupee has steadily weakened all year (like most currencies) against the US dollar on fears that surging energy prices could spur inflation and interest rate hikes.

    India imports most of its oil requirements and higher crude prices tend to push up domestic inflation.

    15 Mar 2023
    0.6% 2 Week
    29 Dec 2022
    0.7% 3 Month
    29 Mar 2022
    8.7% 1 Year
    30 Mar 2018
    26.4% 5 Year
    31 Mar 2013
    51.4% 10 Year
    03 Apr 2003
    72.5% 20 Year
    USD/INR historic rates & change to 29-Mar-2023

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    Factors that affect the Indian rupee exchange rate

    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.

    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.

    There are many other factors that can impact the value of the Indian rupee in the foreign exchange market. Some of the most important factors include:

    1. Interest rates: Higher interest rates tend to attract more foreign capital, which can increase demand for the rupee and lead to appreciation of the currency.

    2. Economic growth: A strong economy can lead to increased demand for the rupee, as investors and traders seek to take advantage of the country’s favorable economic conditions.

    3. Inflation: High inflation can lead to a depreciation of the rupee, as it reduces the purchasing power of the currency. The central bank may also raise interest rates to combat high inflation, which can lead to a decrease in demand for the rupee.

    4. Government debt: Large government debt can be seen as a burden on the economy and can lead to concerns about the country’s ability to service its debt, which can weigh on the value of the rupee.

    5. Political stability: Political stability can help to create a favorable environment for investment, which can increase demand for the rupee.

    6. Trade balances: A trade deficit (where a country imports more goods and services than it exports) can lead to a decrease in demand for the rupee, as foreign countries have fewer rupees to reinvest in the country. Conversely, a trade surplus can lead to an increase in demand for the rupee.

    7. Exchange rate policy: The Reserve Bank of India, the central bank of India, has a history of actively managing the exchange rate of the rupee in order to maintain competitiveness and stability in the foreign exchange market.

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

    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.

    US Dollar to Indian Rupee

    USD to INR 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsUSD to INR at 82.25 is near its 3-month average of 82.21, having fluctuated within a 2.4% range of 80.95-82.93 USD to INR
    As per recent FX analyst forecasts, the outlook for USD to INR in March remains uncertain, with the key drivers impacting investor risk sentiment and FX markets. February's unexpectedly strong US Jobs report led to a surge in the US dollar against major currencies. Additionally, sluggish global GDP growth amid the inflationary environment has market participants' focus shifting towards the next interest rate statement. China's improving economy, relaxation of strict COVID-zero policy, and projected reopening are also expected to influence the exchange rates. The recent acquisition of Credit Suisse by UBS in a government-brokered deal has resulted in increased market volatility. Consequently, the Indian rupee has weakened against the US dollar due to rising energy prices and concerns related to inflation and interest rate hikes. Over the past three months, USD/INR has traded within a 2.4% range of 80.95-82.93, with the current rate near the 3-month average. Considering these dynamics, it is important for individuals and businesses to closely monitor the USD/INR exchange rate and adjust their international transactions accordingly.

    British Pound to Indian Rupee

    GBP to INR 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsGBP to INR at 101.2 is 1.3% above its 3-month average of 99.86, having fluctuated within a 4.5% range of 97.04-101.4 GBP to INR
    The GBP to INR exchange rate has experienced fluctuations over the past three months, reflecting the impact of global economic events and shifting investor sentiment. The pair has traded within a range of 97.04 to 101.6, with GBP to INR currently 1.8% above its 3-month average of 99.85 at a rate of 101.6. Market analysts expect the outlook for GBP to INR in the coming months to be influenced by several key drivers. These include sustained global inflation, leading to potential interest rate hikes, sluggish GDP growth, and a renewed focus on monetary policy statements. The Indian rupee's performance may continue to be affected by higher crude oil prices and inflation, as the country relies heavily on oil imports. Additionally, any improvement in China's economy after relaxing its strict COVID-zero policy could also have an impact on the INR. In summary, the GBP to INR exchange rate is likely to remain volatile due to varying economic and market factors. FX analysts advise individuals and businesses to closely monitor exchange rate movements and economic indicators to anticipate potential shifts in the currency pair's performance. This will enable them to make informed decisions when conducting international transactions involving GBP and INR.

    Australian dollar to Indian Rupee

    AUD to INR 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsAUD to INR at 54.89 is 2.3% below its 3-month average of 56.19, having fluctuated within a 8.1% range of 53.96-58.33 AUD to INR
    According to recent FX analyst forecasts, the AUD to INR exchange rate could experience some fluctuations in the coming weeks due to various factors impacting investor risk sentiment and global financial markets. In February, the unexpectedly strong US Jobs Report led to the US dollar soaring against major currencies, including the Australian dollar. Additionally, sluggish or flat growth in global GDPs amid an inflationary climate has heightened concerns about the future of interest rates. Improvements in China's economy following the relaxation of strict COVID-zero policies are expected to have a positive impact on the Australian dollar; however, the historic UBS-Credit Suisse deal and dovish messages from the European Central Bank could potentially affect the AUDINR outlook negatively. The AUD to INR currently stands at 54.99, which is 2.2% below its 3-month average of 56.21, and has fluctuated within an 8.1% range of 53.96-58.33. In the coming weeks, monitoring the exchange rate and making decisions based on possible changes in these key drivers could help manage the risks involved in international money transfers for AUD to INR transactions.

    Canadian Dollar to Indian Rupee

    CAD to INR 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsCAD to INR at 60.59 is just below its 3-month average of 60.77, having fluctuated within a 5.1% range of 59.14-62.15 CAD to INR
    In recent times, the CAD to INR has witnessed fluctuations with the Canadian Dollar trading just below its 3-month average of 60.77 against the Indian Rupee. The currency pair has experienced a 5.1% range within 59.14 to 62.15 during this period. This volatility can be attributed to various key factors such as the unexpectedly strong US Jobs Report, sluggish-global GDP growth amid inflation, and China's relaxation of its strict COVID-zero policy alongside its anticipated economic reopening. FX analysts project a cautious outlook for CAD to INR in the coming weeks due to ongoing market uncertainties, such as global financial market disruption, energy prices affecting India's inflation, and central bank policy expectations. Moreover, interest rate decisions and inflation pressures in both Canada and India are crucial factors that investors should closely monitor. As these driving forces continue to impact investor risk sentiment and foreign exchange markets, it is essential for those looking to make international transactions involving CAD to INR to keep an eye on exchange rates and any potential developments. By staying informed, individuals and businesses can make well-informed decisions to optimize their currency exchange and mitigate potential risks.


    Posted under: #Forecasts #INR

    Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.