The Canadian Dollar is trading at 56.91 against the Indian Rupee today, up 0.0917 (0.16%) as the second week of November begins. The previous close sits at 56.82 while the open is at 56.85. The day range is expected to settle between 56.75 and 56.99 while the 52-week range is anticipated to stay between 51.07 and 56.99. The YTD return remains at 3.89%.
The long-term increase is forecasted for the pair, a 5-year investment revenue could surge by 10.06% but with economic concerns in India due to high COVID-19 numbers and inflation, traders globally are anticipated to begin dumping assets to safely guard their investments until the rupee stabilizes again.
The Indian rupee is also decreasing against the USD as the presidential election results begin to influence traders. 1 USD currently has an exchange rate of 74.14 against 1 INR, with a -0.0574 drop (-0.08%). The previous close sat at 74.20 and the open rate is now 73.94 with a YTD return of 3.87%. The day range of the pair will stay higher today, sitting between 73.82 and 74.17, the 52-week range is expected to settle between 70.52 and 76.91.
After the US election, the USD will surge leaving a broad basket of currencies vulnerable but there is hope for INR as Biden begins his transition into the White House.
Ashish Vaidya, the head of the treasury at DBS Bank reported that “I expect the dollar to gain in the short term because of the stability that Biden brings and also markets are expecting him to step up.” He continued saying that “however, weakness in the rupee is not expected to be too much because the RBI will ensure that any large fall in the currency will be cushioned with its forex reserves.”
By Surina Nath