Could The British Pound Succeed In Worrying The Indian Rupee?
Posted by Allison on 26 August 2010, 12:13
Our closing rate against the Indian rupee in June was 69.720, so as July got underway we were keen to see whether we could improve on that in any way.
We got some good news to kick the month off with, as we got up to a better rate of 70.799. The rupee came straight back the following day and knocked us down to 69.720 again though, so it looked as if this could be a tussle worth watching.
The next few days of that opening week did go in our favour though, and we steadily managed to climb up to close out the week on 71.021. This was a good start for the month on the currency converter. The biggest question now was if we could keep it up or not.
Sometimes with certain currency pairings you will see lots of little movements up and down, to and fro, throughout the month. This was the case with these two currencies as we progressed to the 13th, when the British pound closed out the day with a rate of 71.029. Just a small increase, but it went in our favour nonetheless.
We built on this increase over the subsequent days though, claiming a rate of 71.139 the following day and improving on that to finish the week on 72.168. Things didn’t stay quite that rosy though, and we ended up opening the next week on 71.966. So the Indian rupee had some fight left in it for sure, and we started to wonder whether it would stage a comeback through the second half of the month.
But if it was going to do that, it was aiming to leave it until the last moment. The week we’re looking at for the moment ended very well for the British pound, leaving us in good shape on 72.266 as it came to a close. This meant we had achieved an improvement of 2.546 over the month as a whole so far. Could we continue in the same vein and ensure that the pound finished off the whole month in the same fashion? We still had a way to go and as we know, anything can happen in a very short time on the currency markets.
We did at least have a surge forward on the following Monday, taking us to 72.942 to begin that final week. A drop to 72.507 was followed by a rally to 72.872 in the subsequent two days, but by the end of the week we could manage a closing rate of just 72.454. We may not have been able to achieve a higher rate than that, but it still put us on top of the Indian rupee for the month as a whole.
So it was a good result for the British pound and it gave us something to think about as August finally opened up for trading as well. Perhaps August will be a good month for the pound too?