I find the FOREX rate on INR v/s Canadian Dollar seems to be varying +/- 3%. It goes upto 39+ and drops back to 37. Is it normal?. Is there a pattern in this?.
As I would like to send money to India, how do I maximize my Forex?
Thanks in advance and regards,
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Posted on: 16-04-06 17:58:17
Sankaracharya,
I am not a forex expert nor do i have a degree in forex. I have made consistant loss with all my ideas but this is what i would advise you. Follow it if you like or leave it otherwise.
The Forex rate between Canada and USA depends on various reason incl., Crude oil price and the Trade results from both the countries. When the latest USA trade result was strong , the CAD went down. If there will be a military strike against Iran or sanctions by USA, The US$ will COME DOWN, and it seems all the more likely that it will come down in the days to come. Also the price of crude is not at its peak but is likely to go even higher. This will further strengthen the CAD against the US$. Now the indian rupee Vs. the US dollar is almost fixed and is expected to remain the same in the days to come.
I would say that either this week or next week would be the best time for you to send money in INR to India. ( No one can predit if USA will go to war in Iran or if the Nigerian militants will blow up a facility or if al quaida will blast a facility in KSA/Russia/Gulf- so act as per your need)
Donot send by DD. Use the money exchange offered by local money exchange in Kaveri Supermarket, or near Keneddy subway station (these people will only deliver to Trichy, Chennai, Madurai or anywhere in SL) and if it is being sent to banaglore , then there is a specialised person who will deliver the money there. They will give you rs.1 to rs1.50 more per CAD and it is legal in Canada (B'cos they take your DL number) and the money will reach in person the very next day or will be debited to SBI account in India the very next day.
TK
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