When the global financial crisis hit in 2008, I was working as a currency trader in London and based on valuation and news, I had to make a call on whether the British pound would strengthen or weaken against the US dollar, or remain stable within a range. It turned out I made the wrong call, costing my bank millions of pounds in losses and I was fired.
Image: tipsonshare.blogspot.com
Since then, I’ve become fascinated by the dynamics of the forex market and have spent countless hours studying the factors that influence currency exchange rates. And many people have asked me about the INR forex rates on 1st June 2018.
Forex Overview: The Basics
Forex, short for foreign exchange, is the largest financial market in the world, with daily turnover exceeding $5 trillion.
When a trader buys or sells forex, they are speculating on the future value of one currency against another. You can trade forex directly or, more likely, through a forex broker, who will handle your trades for you.
Factors Affecting Forex Rates
The value of a currency is influenced by several factors, including:
- Supply and demand: a currency will strengthen if there are more buyers than sellers and it will weaken if there are more sellers than buyers.
- Interest rates: a country with higher interest rates tends to attract more buyers, strengthening its currency.
- Inflation: high inflation can weaken a currency, as it reduces its purchasing power.
- Political and economic stability: political instability or economic uncertainty can cause a currency to weaken.
INR Forex Rates on 1st June 2018
Let’s now look at the INR forex rates on 1st June 2018 specifically.
On 1st June 2018, the following were the INR forex rates:
| Currency | Rate |
|---|---|
| US Dollar | 67.50 INR |
| Euro | 77.00 INR |
| British Pound | 89.00 INR |
| Japanese Yen | 0.62 INR |
| Australian Dollar | 48.00 INR |
Image: www.vtrade.co.il
Tips for Forex Trading
If you’re interested in trading forex, here are a few tips:
- Do some research before you start trading and also understand the risk involved.
- Start with a small amount of money that you’re willing to lose.
- Use a stop-loss order to limit your potential losses.
- Don’t over-trade.
Inr Forex Rates 1st June 2018
FAQ on INR Forex Rates
Q: How do I check the latest INR forex rates?
A: You can check the latest INR forex rates online from various sources such as banks, financial news websites, or forex trading platforms.
Q: What is the best time to trade INR forex?
A: The most active trading time for INR forex is around 9 am to 12 pm IST, as this coincides with the opening hours of the major financial markets
