Foreign Exchange Rates: Friday, August 24, 2007

	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.

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

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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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Foreign Exchange Rates