logo

A Quick Guide to Forecasting Currency Exchange in 2024

A Quick Guide to Forecasting Currency Exchange in 2024
rohit
Rohit12 January 2024

Businesses and individuals that send or receive payments in foreign currencies must understand the currency trends and the affective factor to predict an ideal currency exchange rate. 

Whether you're a seasoned investor, a business leader, or someone keen on understanding the evolving financial ecosystem, this blog highlights the potential trends and influences affecting the currency exchange rate, valuation, and a table with the currency exchange forecast this year.               

USD Forecast 

The United States economy saw a drop during the COVID-19 pandemic. However, it has witnessed a strong GDP recovery as it has outperformed expectations in three key dimensions: slowing inflation, labour market resilience, and economic output. 

The US GDP has increased to 6.1% in Q4 of 2023, which is the highest among all major countries. Inflation fell to 3.2% in October from 3.7% in September, below the market estimation of 3.3%. 

The projected USD to INR forecast against INR is mildly bearish for 2024, as experts believe that the 1-month target is 83.00, the 3-month target is 82.50, the 6-month target is 81.50, and the 12-month target is 81.00. 

USD Forecast 2024
Month/YearLow RateHigh RateAverage Rate
Feb'2483.1483.233883.1869
Mar'2483.1483.233883.1869
Apr'2483.1483.233883.1869
May'2483.111483.327583.21945
Jun'2483.111483.327583.21945
Jul'2483.111483.327583.21945
Aug'2483.073583.483.23675
Sep'2483.073583.483.23675
Oct'2483.073583.483.23675
Nov'2483.2783.305683.2878
Dec'2483.2783.305683.2878
Jan'2583.2783.305683.2878

Source: https://www.bookmyforex.com/currency-converter/usd-to-inr/forecast/ 

Pound Forecast 

The UK economy has beat expert estimates to perform better than expected in 2023. At the start of the year, it was expected that the UK's GDP was expected to fall by 1%. However, experts now expect the GDP to grow by 0.5% by the end of 2023. 

On a year-on-year basis, business investment in the UK grew by 6.3% in Q3 of 2023, and household consumption was up by 0.3%. Furthermore, the UK’s GDP is thriving based on the headline CPI inflation, which decreased to 4.6% in October. 

The pound forecast against INR is moderately bullish for 2024 and can reach 105.69 in the next month, 108.86 in three months, 106.07 in six months, and 110.44 by the end of 2024.

Pound Forecast 2024
Month/YearLow RateHigh RateAverage Rate
Feb'24105.977105.9952105.9861
Mar'24105.977105.9952105.9861
Apr'24105.977105.9952105.9861
May'24105.9102105.9588105.9345
Jun'24105.9102105.9588105.9345
Jul'24105.9102105.9588105.9345
Aug'24105.1548106.5938105.8743
Sep'24105.1548106.5938105.8743
Oct'24105.1548106.5938105.8743
Nov'24102.7925108.4399105.6162
Dec'24102.7925108.4399105.6162
Jan'25102.7925108.4399105.6162

Source: https://www.bookmyforex.com/currency-converter/gbp-to-inr/forecast/ 

Save 50% on every international transfer
Receive from 150+ countries
Get global accounts
Zero forex margin