Foreign Exchange Rates

	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.

Wednesday, August 15, 2007

Live Currency Rates as at 12:00 on 15-Aug-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 12:00 on 15-Aug-2007 GMT
Australian Dollar		0.4138	0.8861	0.6108	33.3930	96.0370	6.0929	0.8228
British Pound	2.4156		2.1409	1.4756	80.6910	231.9900	9.9938	1.9882
Canadian Dollar	1.1285	0.4670		0.6891	37.6830	108.3800	6.1011	0.9286
Euro	1.6371	0.6777	1.4510		54.6840	157.2200	6.8879	1.3474
Indian Rupee	0.0299	0.0124	0.0265	0.0183		2.8757	14.7470	0.0246
Japanese Yen	0.0104	0.0043	0.0092	0.0064	0.3477		0.1828	0.0086
South African Rand	0.1637	0.0678	0.1451	0.1001	5.4707	15.7330		0.1348
United States Dollar	1.2150	0.5030	1.0767	0.7422	40.5850	116.7100	0.0638

Tuesday, August 14, 2007

Live Currency Rates as at 19:00 on 14-Aug-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 19:00 on 14-Aug-2007 GMT
Australian Dollar		0.4178	0.8915	0.6163	34.0020	98.3570	6.0929	0.8347
British Pound	2.3926		2.1334	1.4748	81.3560	235.3800	9.9284	1.9972
Canadian Dollar	1.1217	0.4687		0.6912	38.1340	110.3400	6.1251	0.9362
Euro	1.6223	0.6781	1.4467		55.1650	159.5800	6.8691	1.3543
Indian Rupee	0.0294	0.0123	0.0262	0.0181		2.8931	14.6420	0.0246
Japanese Yen	0.0102	0.0042	0.0091	0.0063	0.3456		0.1800	0.0085
South African Rand	0.1633	0.0683	0.1455	0.1007	5.5534	16.0650		0.1364
United States Dollar	1.1979	0.5007	1.0681	0.7384	40.7350	117.8200	0.0623

Live Currency Rates as at 04:00 on 14-Aug-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 04:00 on 14-Aug-2007 GMT
Australian Dollar		0.4171	0.8864	0.6164	33.9290	98.9700	6.0929	0.8393
British Pound	2.3977		2.1250	1.4778	81.3410	237.2600	9.7938	2.0121
Canadian Dollar	1.1281	0.4705		0.6954	38.2760	111.6700	6.0367	0.9468
Euro	1.6224	0.6766	1.4381		55.0450	160.5500	6.8102	1.3617
Indian Rupee	0.0295	0.0123	0.0261	0.0182		2.9169	14.4730	0.0247
Japanese Yen	0.0101	0.0042	0.0090	0.0062	0.3429		0.1779	0.0085
South African Rand	0.1657	0.0691	0.1468	0.1021	5.6204	16.3930		0.1390
United States Dollar	1.1916	0.4970	1.0561	0.7344	40.4250	117.9000	0.0610

Monday, August 13, 2007

Live Currency Rates as at 20:00 on 13-Aug-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 20:00 on 13-Aug-2007 GMT
Australian Dollar		0.4183	0.8868	0.6187	34.0400	99.5470	6.0929	0.8425
British Pound	2.3897		2.1209	1.4792	81.7860	238.0200	9.7932	2.0133
Canadian Dollar	1.1271	0.4716		0.6976	38.5730	112.2400	6.0619	0.9495
Euro	1.6155	0.6760	1.4334		55.2910	160.9100	6.8314	1.3610
Indian Rupee	0.0292	0.0122	0.0259	0.0181		2.9102	14.4870	0.0246
Japanese Yen	0.0100	0.0042	0.0089	0.0062	0.3436		0.1771	0.0085
South African Rand	0.1649	0.0690	0.1464	0.1021	5.6458	16.4290		0.1390
United States Dollar	1.1867	0.4967	1.0534	0.7347	40.6250	118.2200	0.0609

Live Currency Rates as at 12:00 on 13-Aug-2007 GMT

	AUD	GBP	CAD	EUR	INR	JPY	ZAR	USD
Live Currency Rates as at 12:00 on 13-Aug-2007 GMT
Australian Dollar		0.4190	0.8891	0.6179	34.2630	99.6190	6.0929	0.8433
British Pound	2.3871		2.1223	1.4748	81.7900	237.8400	9.7878	2.0130
Canadian Dollar	1.1249	0.4712		0.6950	38.5410	112.0600	6.0591	0.9486
Euro	1.6186	0.6781	1.4389		55.4580	161.2900	6.8035	1.3649
Indian Rupee	0.0292	0.0122	0.0260	0.0180		2.9073	14.4390	0.0246
Japanese Yen	0.0100	0.0042	0.0089	0.0062	0.3439		0.1763	0.0085
South African Rand	0.1653	0.0693	0.1469	0.1021	5.6643	16.4670		0.1394
United States Dollar	1.1855	0.4967	1.0541	0.7326	40.6300	118.1100	0.0609

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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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