Foreign Exchange Rates: 7/1/07

	Foreign Exchange Rates
A bird-eye view of current Foreign Exchange Rates. The forex rates are updated thrice a day. Bookmark this site for your daily forex updates. Don't forget to look at it before you go for holidays abroad.

Tuesday, July 31, 2007

Live Currency Rates as at 22:00 on 31-Jul-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 22:00 on 31-Jul-2007 GMT
Australian Dollar		0.4192	0.9092	0.6224	34.2430	100.9000	6.0929	0.8517
British Pound	2.3853		2.1675	1.4847	81.6780	240.6500	9.7841	2.0315
Canadian Dollar	1.1005	0.4614		0.6850	37.6840	111.0400	6.0899	0.9373
Euro	1.6066	0.6735	1.4599		55.0140	162.0900	6.7019	1.3683
Indian Rupee	0.0292	0.0122	0.0265	0.0182		2.9458	14.5260	0.0249
Japanese Yen	0.0099	0.0042	0.0090	0.0062	0.3395		0.1778	0.0084
South African Rand	0.1642	0.0688	0.1492	0.1022	5.6228	16.5640		0.1399
United States Dollar	1.1741	0.4922	1.0669	0.7308	40.2050	118.4300	7.1479

Live Currency Rates as at 14:00 on 31-Jul-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 14:00 on 31-Jul-2007 GMT
Australian Dollar		0.4230	0.9142	0.6267	34.5640	102.5500	0.0000	0.8590
British Pound	2.3643		2.1620	1.4817	81.7190	242.4900	9.7135	2.0308
Canadian Dollar	1.0939	0.4627		0.6856	37.8050	112.1900	6.0870	0.9395
Euro	1.5956	0.6749	1.4591		55.1510	163.6800	6.6578	1.3706
Indian Rupee	0.0289	0.0122	0.0265	0.0181		2.9667	14.3960	0.0249
Japanese Yen	0.0097	0.0041	0.0089	0.0061	0.3371		0.1764	0.0084
South African Rand	0.1640	0.0694	0.1500	0.1028	5.6699	16.7670		0.1409
United States Dollar	1.1637	0.4924	1.0646	0.7297	40.2400	119.3800	0.0594

Live Currency Rates as at 06:00 on 31-Jul-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 06:00 on 31-Jul-2007 GMT
Australian Dollar		0.4228	0.9134	0.6258	34.6970	101.8800	0.0000	0.8572
British Pound	2.3645		2.1596	1.4798	82.0510	240.9600	9.7449	2.0272
Canadian Dollar	1.0952	0.4630		0.6853	37.9980	111.5800	6.0977	0.9388
Euro	1.5978	0.6758	1.4591		55.4470	162.8000	6.6701	1.3699
Indian Rupee	0.0288	0.0122	0.0263	0.0180		2.9363	14.4210	0.0247
Japanese Yen	0.0098	0.0042	0.0090	0.0061	0.3406		0.1758	0.0084
South African Rand	0.1638	0.0693	0.1496	0.1026	5.6860	16.6440		0.1400
United States Dollar	1.1664	0.4933	1.0654	0.7300	40.4750	118.8300	0.0599

Monday, July 30, 2007

Live Currency Rates as at 19:00 on 30-Jul-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 19:00 on 30-Jul-2007 GMT
Australian Dollar		0.4215	0.9113	0.6228	34.5600	101.2900	0.0000	0.8526
British Pound	2.3732		2.1624	1.4778	82.0020	240.3300	9.7415	2.0230
Canadian Dollar	1.0973	0.4625		0.6834	37.9220	111.1500	6.0689	0.9355
Euro	1.6058	0.6767	1.4634		55.4880	162.6300	6.6576	1.3689
Indian Rupee	0.0289	0.0122	0.0264	0.0180		2.9310	14.3960	0.0247
Japanese Yen	0.0099	0.0042	0.0090	0.0061	0.3411		0.1756	0.0084
South African Rand	0.1648	0.0695	0.1502	0.1027	5.6961	16.6970		0.1405
United States Dollar	1.1731	0.4943	1.0693	0.7305	40.5350	118.8300	0.0599

Live Currency Rates as at 14:00 on 30-Jul-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 14:00 on 30-Jul-2007 GMT
Australian Dollar		0.4206	0.9083	0.6230	34.4820	101.0500	0.0000	0.8525
British Pound	2.3766		2.1592	1.4807	81.9680	240.1800	9.7875	2.0259
Canadian Dollar	1.1007	0.4631		0.6857	37.9590	111.2400	6.1180	0.9383
Euro	1.6051	0.6754	1.4583		55.3590	162.2600	6.7131	1.3682
Indian Rupee	0.0290	0.0122	0.0263	0.0181		2.9303	14.4920	0.0247
Japanese Yen	0.0099	0.0042	0.0090	0.0062	0.3411		0.1768	0.0084
South African Rand	0.1641	0.0691	0.1491	0.1022	5.6595	16.5910		0.1399
United States Dollar	1.1734	0.4937	1.0660	0.7310	40.4600	118.5700	0.0603

Live Currency Rates as at 06:00 on 30-Jul-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 06:00 on 30-Jul-2007 GMT
Australian Dollar		0.4198	0.9050	0.6224	34.3050	100.6000	0.0000	0.8492
British Pound	2.3823		2.1560	1.4828	81.7270	239.7400	9.6939	2.0232
Canadian Dollar	1.1051	0.4639		0.6879	37.9120	111.1800	6.0338	0.9384
Euro	1.6066	0.6744	1.4540		55.1150	161.6500	6.6650	1.3644
Indian Rupee	0.0292	0.0122	0.0264	0.0181		2.9330	14.3750	0.0248
Japanese Yen	0.0099	0.0042	0.0090	0.0062	0.3408		0.1759	0.0084
South African Rand	0.1657	0.0696	0.1500	0.1032	5.6855	16.6760		0.1407
United States Dollar	1.1775	0.4943	1.0655	0.7329	40.3950	118.4800	0.0600

Sunday, July 29, 2007

Live Currency Rates as at 19:00 on 29-Jul-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 19:00 on 29-Jul-2007 GMT
Australian Dollar		0.4200	0.9059	0.6244	34.3650	101.1100	0.0000	0.8512
British Pound	2.3811		2.1570	1.4866	81.8260	240.7600	9.6792	2.0267
Canadian Dollar	1.1039	0.4636		0.6892	37.9360	111.6200	6.0433	0.9396
Euro	1.6017	0.6727	1.4509		55.0410	161.9500	6.6711	1.3632
Indian Rupee	0.0291	0.0122	0.0264	0.0182		2.9423	14.3890	0.0248
Japanese Yen	0.0099	0.0042	0.0090	0.0062	0.3399		0.1759	0.0084
South African Rand	0.1655	0.0695	0.1499	0.1033	5.6865	16.7310		0.1408
United States Dollar	1.1749	0.4934	1.0643	0.7335	40.3750	118.7900	0.0598

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When barter form of exchange existed trade could be done between any two parties. The invention of currency posed a problem – since each regime had its own currency, a successful transaction demanded that both deal in the same currency. So, inter–regime trade suffered except when barter was involved. For example, Indian spices were traded for Chilean gold through the English merchants, although all had their own currencies. Foreign Exchange, or Forex, was the system devised to get over this problem. In a Forex Market, one currency is traded against another.

Foreign exchange markets are unique in that the exchange rates are highly sensitive to many varying factors, different types of investors, the market is liquid, and currencies are traded round the clock. According to a survey, the USD was involved in 89% of all Forex transactions; the relevant figures for other currencies were: Euro 37%, Yen 20%, Pound Sterling 17%. Unlike other markets, there are no closing hours for the Forex Market, and dealing goes on around the clock, and around the world (as one national market closes in one part of the world, another opens up in another part of the world). Some of the participants in this market are simply seeking to exchange a foreign currency for their own. A large part of the market is made up of currency traders, who speculate on exchange rate movements.

As the world becomes more globalized, and as international trade and business increases, Forex market will become even more important, at both individual and corporate level. In this blog we provide an updated list of Forex rates for major currencies.

Something you need to know about forex rate prediction :
There is no reliable method available to forecast exchange rates. Paul Krugman and Maurice Obstfeld write in their book "International Economics: Theory and Policy" (New York, HarperCollins:1994): If exchange rates are asset prices that respond immediately to changes in expectations and interest rates, they should have properties similar to those of other asset prices, for example, stock prices. Like stock prices, exchange rates should respond strongly to "news," that is, unexpected economic and political events; and, like stock prices, they therefore should be very hard to forecast. In a study by Richard M. Levich ("Evaluating the Performance of the Forecasters", in: Donald R. Lessard, ed., "International Financial Management", New York: John Wiley:1985, pp. 218-233) in which he surveyed the track record of a dozen exchange rate forecasting companies through 1982 he found little evidence that professional forecaster do systematically better than an individual who, for example, uses the three month forward rate. That does not imply that forward rates are good predictors. In fact, they usually do not predict exchange rate movements very well.

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