Posted by Allison on 15 December 2009, 14:08
Here’s another fascinating match to evaluate for November. Our starting rate for this one on the currency converter was 77.6976 Indian rupees to the pound. But where did we head from there?
The initial answer was downwards, as the pound fell back to 76.9654 on the first day back after the weekend that saw us enter November. But the very next day – the 3rd – saw us bounce back to 77.3476. That’s not bad for starters. At least we were holding our position reasonably well.
And while we crept up to 77.9713 by Thursday evening we dropped back on Friday – although not to a level that meant the week had been a washout. Instead we landed on 77.8200 and wondered what the following week would bring against the Indian rupee.
Perhaps surprisingly we dropped down as low as 77.1314 on the 11th November, although we soon picked ourselves back up again. The British pound managed to finish the week on 77.3539, so it could have been worse than it was, although we still lost out on a significant amount.
The question now was which way the pendulum of change in the currency markets would swing next. Could we expect the pound to do better or worse?
The first day back after the weekend looked dire as the pound was battered by the rupee, finishing the day on 77.1623. And yet we had another of those interesting swings over the next twenty four hours which resulted in the pound soaring back up to an amazing 77.7023. That was a difference of 0.54 in just a single day. What would happen over the course of the month as a whole?
That week ended on a rate of 76.9956, proving that the Indian rupee had more strength yet to display. The pound came roaring back the following week and finished up with an exchange rate of 77.2884 on Monday night. But it couldn’t hang on to that strong start and by Tuesday evening it was sitting back on 76.9453.
We were rapidly approaching the end of the month now and even though the pound did manage to rake in an exchange rate of 77.0228 on the 26th, that would prove to be the highest rate left in the month for the currency. It couldn’t hang onto that level of strength for the remaining day in that week, and as a result it finished the week on a lower rate of 76.5529.
That gave us something to think about over the final weekend of the month before the one last day of trading in November got underway. That gave us our final rate of the month as 76.4859, so we dropped a little more ground against the Indian rupee then too.
Our losses for the month ended up at 1.2117. So the rupee was clearly in control for virtually the whole month, even though the pound did come back at times to try and retain control. It was never going to happen for us – not in November at any rate.