Foreign Exchange Rates: 8/1/07

	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.

Thursday, August 30, 2007

Live Currency Rates as at 12:00 on 30-Aug-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 12:00 on 30-Aug-2007 GMT
Australian Dollar		0.4067	0.8689	0.6005	33.6320	94.4940	6.0929	0.8176
British Pound	2.4587		2.1373	1.4755	82.6900	232.3600	9.7937	2.0102
Canadian Dollar	1.1510	0.4682		0.6908	38.7040	108.7400	5.8803	0.9409
Euro	1.6663	0.6777	1.4478		56.0400	157.4500	6.7686	1.3623
Indian Rupee	0.0297	0.0121	0.0259	0.0178		2.8109	14.4550	0.0243
Japanese Yen	0.0106	0.0043	0.0092	0.0063	0.3557		0.1748	0.0086
South African Rand	0.1701	0.0692	0.1478	0.1021	5.7222	16.0790		0.1391
United States Dollar	1.2231	0.4976	1.0630	0.7344	41.1350	115.6300	0.0622

Tuesday, August 28, 2007

Live Currency Rates as at 12:00 on 28-Aug-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 12:00 on 28-Aug-2007 GMT
Australian Dollar		0.4100	0.8713	0.6040	33.8270	95.2320	6.0929	0.8254
British Pound	2.4385		2.1238	1.4728	82.4890	232.2500	9.8884	2.0129
Canadian Dollar	1.1481	0.4707		0.6934	38.8400	109.3300	5.9763	0.9478
Euro	1.6556	0.6788	1.4421		56.0050	157.6700	6.8633	1.3667
Indian Rupee	0.0296	0.0121	0.0258	0.0179		2.8147	14.5680	0.0244
Japanese Yen	0.0105	0.0043	0.0092	0.0063	0.3553		0.1766	0.0087
South African Rand	0.1674	0.0686	0.1458	0.1011	5.6610	15.9410		0.1382
United States Dollar	1.2115	0.4968	1.0559	0.7317	40.9800	115.3100	0.0627

Saturday, August 25, 2007

Live Currency Rates as at 04:00 on 25-Aug-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 04:00 on 25-Aug-2007 GMT
Australian Dollar		0.4109	0.8715	0.6051	33.8630	96.4110	6.0929	0.8278
British Pound	2.4338		2.1210	1.4728	82.4170	234.6500	9.8104	2.0148
Canadian Dollar	1.1475	0.4715		0.6944	38.8570	110.6300	5.9366	0.9499
Euro	1.6525	0.6790	1.4401		55.9600	159.3200	6.8121	1.3680
Indian Rupee	0.0295	0.0121	0.0257	0.0179		2.8471	14.4490	0.0245
Japanese Yen	0.0104	0.0043	0.0090	0.0063	0.3512		0.1753	0.0086
South African Rand	0.1684	0.0692	0.1468	0.1019	5.7041	16.2400		0.1394
United States Dollar	1.2079	0.4963	1.0527	0.7310	40.9050	116.4600	0.0616

Friday, August 24, 2007

Live Currency Rates as at 12:00 on 24-Aug-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 12:00 on 24-Aug-2007 GMT
Australian Dollar		0.4095	0.8638	0.6028	33.7040	95.0740	6.0929	0.8209
British Pound	2.4419		2.1095	1.4723	82.3130	232.2900	9.8891	2.0049
Canadian Dollar	1.1577	0.4741		0.6980	39.0260	110.1500	5.9649	0.9505
Euro	1.6589	0.6793	1.4327		55.9090	157.8100	6.9028	1.3618
Indian Rupee	0.0297	0.0122	0.0256	0.0179		2.8224	14.5580	0.0244
Japanese Yen	0.0105	0.0043	0.0091	0.0063	0.3542		0.1769	0.0086
South African Rand	0.1678	0.0687	0.1449	0.1012	5.6543	15.9640		0.1377
United States Dollar	1.2183	0.4987	1.0519	0.7345	41.0550	115.8900	0.0626

Thursday, August 23, 2007

Live Currency Rates as at 12:00 on 23-Aug-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 12:00 on 23-Aug-2007 GMT
Australian Dollar		0.4083	0.8622	0.6032	33.4600	95.4990	6.0929	0.8191
British Pound	2.4496		2.1128	1.4777	81.9580	233.8200	9.8401	2.0063
Canadian Dollar	1.1595	0.4734		0.6996	38.8090	110.7600	5.9363	0.9500
Euro	1.6577	0.6767	1.4297		55.4620	158.2100	6.8854	1.3577
Indian Rupee	0.0299	0.0122	0.0258	0.0180		2.8531	14.5390	0.0245
Japanese Yen	0.0105	0.0043	0.0090	0.0063	0.3506		0.1774	0.0086
South African Rand	0.1685	0.0688	0.1453	0.1017	5.6383	16.0830		0.1380
United States Dollar	1.2204	0.4985	1.0529	0.7363	40.8500	116.5300	0.0622

Wednesday, August 22, 2007

Live Currency Rates as at 12:00 on 22-Aug-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 12:00 on 22-Aug-2007 GMT
Australian Dollar		0.4054	0.8531	0.5974	32.9390	92.7410	6.0929	0.8059
British Pound	2.4650		2.1048	1.4741	81.2600	228.7600	9.8540	1.9882
Canadian Dollar	1.1713	0.4752		0.7005	38.6130	108.7300	5.8906	0.9448
Euro	1.6721	0.6784	1.4276		55.1230	155.2100	6.9005	1.3487
Indian Rupee	0.0303	0.0123	0.0259	0.0181		2.8154	14.5260	0.0245
Japanese Yen	0.0108	0.0044	0.0092	0.0064	0.3552		0.1788	0.0087
South African Rand	0.1698	0.0688	0.1449	0.1015	5.5938	15.7510		0.1369
United States Dollar	1.2398	0.5029	1.0589	0.7413	40.8700	115.0800	0.0635

Tuesday, August 21, 2007

Live Currency Rates as at 12:00 on 21-Aug-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 12:00 on 21-Aug-2007 GMT
Australian Dollar		0.4047	0.8503	0.5944	32.9630	92.1430	6.0929	0.8028
British Pound	2.4718		2.1005	1.4685	81.4420	227.7200	9.9687	1.9844
Canadian Dollar	1.1762	0.4759		0.6988	38.7590	108.3500	5.9235	0.9444
Euro	1.6831	0.6809	1.4310		55.4570	154.9900	6.9685	1.3513
Indian Rupee	0.0304	0.0123	0.0258	0.0180		2.7961	14.6380	0.0244
Japanese Yen	0.0109	0.0044	0.0092	0.0064	0.3577		0.1797	0.0087
South African Rand	0.1687	0.0683	0.1434	0.1004	5.5655	15.5550		0.1356
United States Dollar	1.2454	0.5038	1.0584	0.7399	41.0400	114.7600	0.0643

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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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