The Canadian Dollar is trading at 56.77 against the Indian Rupee this morning up 0.23%. The open rate for the pair sits at 56.70 with a previous close at 56.63 with a YTD return of 3.62%. The day range will settle between 56.68 and 56.79, the 52-week range will fluctuate between 51.07 and 57.13.
The Canadian dollar has seen an increase as INR is not anticipated to return to pre-COVID levels until March. Holiday season sales will play a big factor in the pair’s success in maintaining an upwards trajectory moving into December.
The US Dollar has an exchange rate of 74.14 at this week’s end, down -0.17%. With an open rate of 14.13 and a previous close of 74.27 with a YTD return of 3.88%. The pair’s daily range will sit between 74.08 and 74.20 and has a 52-week range of 70.52 and 76.91.
The bullish trend that USD/INR was maintaining has now reached the weakest resistance within two months. The Indian rupee has gained traction over the past week “amid the risk-on rally in the domestic global stock market. Risk assets, in general, have been bid this month on expectations that potential coronavirus vaccines would power a swift global economic recovery in 2021” according to FX Street.
The US Dollar Index is trading in the green level at this time but there is also bearish pressure from INR which possibly derived from a surge in Brent oil process with a high of $45.30; “that possibility cannot be ruled out as the OPEC+ is reportedly planning to delay the output boost planned to take effect in January.”
By Surina Nath