IMPACTS OF EXCHANGE RATE IN STOCK MARKET
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The document discusses the impact of exchange rate fluctuations on stock markets. It explains that exchange rates represent the value of one currency relative to another. Exchange rates can be fixed by governments or floating based on market forces of demand and supply. The stock market consists of primary and secondary markets where shares of public companies are issued and traded. Exchange rate volatility affects companies as exporters may see reduced competitiveness and sales when their domestic currency appreciates, while importers' competitiveness and profits increase. Therefore, exchange rate changes directly influence stock prices of net exporters and importers. High exchange rate volatility may lead investors to shift funds to less volatile stock markets.
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Determining exchange rates
There are three main methods for determining exchange rates:
1) Flexible or floating exchange rates, where market forces of supply and demand determine the rate without government intervention.
2) Fixed exchange rates, where a government pegs its currency to another currency at a set rate for a period of time.
3) Managed exchange rates, where a government intervenes periodically in currency markets to influence exchange rates within a target zone or band.
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This document provides an analysis of currency exchange rates between the US dollar, euro, British pound, and Japanese yen from 2007 to 2009. It finds that the US dollar has generally depreciated against other major currencies over this period due to economic factors like low interest rates, a large trade deficit, and a weakening economy in the US. In response, European and Japanese companies have taken steps like cutting export prices and shifting to higher-value goods to maintain competitiveness during currency fluctuations.
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Exchange rates
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The document discusses factors that determine foreign exchange rates, including:
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- Technical factors like government control of exchange rates and capital flows between countries.
- Speculation, which can increase exchange rate volatility.
It also examines how market fundamentals, expectations, and capital asset transfers impact exchange rates in the short-term, while economic activity, inflation, investment, trade policy influence long-term exchange rates. Purchasing power parity is discussed as a better way to compare GDP between countries than market exchange rates.
Impact of Exchange Rates on Export Business
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Determining exchange rates
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The document discusses factors that determine foreign exchange rates, including:
- Fundamental factors like the balance of payments, economic growth rates, fiscal and monetary policy, interest rates, and political stability.
- Technical factors like government control of exchange rates and capital flows between countries.
- Speculation, which can increase exchange rate volatility.
It also examines how market fundamentals, expectations, and capital asset transfers impact exchange rates in the short-term, while economic activity, inflation, investment, trade policy influence long-term exchange rates. Purchasing power parity is discussed as a better way to compare GDP between countries than market exchange rates.
Impact of Exchange Rates on Export Business
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2. The purchasing power parity theory states that exchange rates should equalize the purchasing power of currencies. Deviations create arbitrage incentives returning rates to parity.
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Exchange rate policy in india ppt
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1. The document discusses foreign exchange rates and policies regarding differentiating between bank selling rates (BSR) and bank buying rates (BBR).
2. It provides examples to show that BSR is the rate at which banks sell foreign currency to tourists, while BBR is the rate at which banks buy foreign currency from tourists.
3. Tourism is an important source of foreign currency for South Africa, contributing to GDP and employment. However, a strong rand negatively impacts tourism while a weak rand makes South Africa a more affordable destination.
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1) The document discusses the monetary model of exchange rates and its predictions. The model predicts that exchange rates will follow the relative money supplies and inflation rates of the two currencies.
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3) When updated to reflect interest rate effects on money demand, the model implies exchange rates, inflation rates, and interest rates will equalize in the long run between countries according to purchasing power parity and uncovered interest rate parity.
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Foreign exchange rate determination
The document discusses several theories of foreign exchange rate determination:
1. The mint parity theory ties exchange rates to the gold standard and the relative gold content of currencies.
2. The purchasing power parity theory states that exchange rates should equalize the purchasing power of currencies. Deviations create arbitrage incentives returning rates to parity.
3. The balance of payments theory views exchange rates as set by the demand and supply of foreign currency in a country's foreign exchange market based on its balance of payments position. Surpluses increase supply and push rates down while deficits decrease supply and push rates up.
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The purchasing power parity (PPP) theory compares the average costs of goods and services between countries using exchange rates. PPPs are useful for inter-country comparisons of GDP in real terms and economic data expressed in national currencies. PPPs are calculated at the product group level by comparing consumption baskets, then aggregated to GDP levels using weights. PPP exchange rates are meant to converge with actual exchange rates over the long run, though various factors can cause short-term deviations. PPPs are useful for output and productivity comparisons, while market exchange rates are better for trade-related analyses.
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Exchange rate policy in india ppt
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1) It examines the Mundell-Fleming model which models a small open economy using IS-LM curves with the exchange rate as an additional variable. Case studies on currency crises in Mexico and Asia are summarized.
2) Issues related to floating vs fixed exchange rates and the impossible trinity are covered. Maintaining a fixed exchange rate limits independent monetary policy.
3) The Chinese currency controversy is discussed, noting China fixed its currency for years while accumulating dollar reserves, to the criticism of some arguing it was undervalued.
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1. The document discusses foreign exchange rates and policies regarding differentiating between bank selling rates (BSR) and bank buying rates (BBR).
2. It provides examples to show that BSR is the rate at which banks sell foreign currency to tourists, while BBR is the rate at which banks buy foreign currency from tourists.
3. Tourism is an important source of foreign currency for South Africa, contributing to GDP and employment. However, a strong rand negatively impacts tourism while a weak rand makes South Africa a more affordable destination.
Monetary policy
Monetary policy refers to the measures taken by a central bank to control money supply and credit conditions in an economy. The objectives of monetary policy include price stability, economic growth, and full employment. Quantitative monetary policy tools include open market operations, bank rate policy, cash reserve ratio, and statutory liquidity ratio. Qualitative tools include moral suasion, direct action, and discriminatory interest rates. Open market operations involve the central bank buying and selling government securities to influence money supply and control inflation or deflation. Evidence shows that India's monetary policy has been effective in achieving economic growth while reining in inflation and ensuring financial stability.
Devaluation of rupee
The rupee was historically linked to the British pound and U.S. dollar within the IMF system of fixed exchange rates. India devalued the rupee for the first time in 1949 by 30.5%, and again in 1966 by 36.5%, to reduce its value against foreign currencies. Major devaluations also occurred in 1991 due to balance of payments issues, liberal import policies, and the Gulf War, causing the rupee to lose value against the dollar on open markets. Devaluation aims to make exports cheaper and imports more expensive, boosting exports and the tourism industry but also increasing domestic inflation through higher import prices. However, devaluation does not always effectively boost exports depending on demand elasticity and ability to substitute imports
Exchange rate volatality and its impact on trade flow in India
Exchange rate volatility has a significant negative impact on India's exports and imports according to this study. Regression analysis was used to analyze the relationship between exchange rates and trade flows in India from 2001-2014. It found that higher exchange rate fluctuations reduced both exports and imports, while lower fluctuations increased trade. The key findings were that a 1 unit increase in the exchange rate correlated with a 0.000389884 unit decrease in imports and a 0.00064351 unit decrease in exports. Therefore, the study concluded that exchange rate volatility negatively impacts India's international trade flows.
Monetary model of exchange rates
1) The document discusses the monetary model of exchange rates and its predictions. The model predicts that exchange rates will follow the relative money supplies and inflation rates of the two currencies.
2) The model assumes that real money demand is constant, but evidence shows that money demand decreases with higher interest rates. This means the original model is too simplistic.
3) When updated to reflect interest rate effects on money demand, the model implies exchange rates, inflation rates, and interest rates will equalize in the long run between countries according to purchasing power parity and uncovered interest rate parity.
Exchange rate system
1) The document discusses different exchange rate systems including flexible, fixed, and linked exchange rate systems. It uses demand and supply diagrams to illustrate how exchange rates are determined under each system.
2) Key aspects covered include how depreciation/appreciation occurs under a flexible system and how devaluation/revaluation is implemented under a fixed system. It also explains how arbitrage works to keep the market rate aligned with the official rate under Hong Kong's linked exchange rate system.
3) Contractionary fiscal or monetary policies can be used to reduce a balance of payments deficit under a fixed exchange rate, while currency devaluation also serves this purpose; however, the impacts on the domestic economy differ.
DEVALUATION OF INDIAN CURRENCY
This presentation is about the devaluation of Indian currency with all major concepts and issues regarding devaluation discussed in it. Basically, Devaluation refers to a reduction in the external value of a currency in terms of other currencies. Here we are particularly talking about the Devaluation of Indian Currency (Rupee) against Foreign Currency(Dollar). Refer to the slides for further details.
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Mundell-Fleming without the LM curve: exogenous interest rate in an open economy
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Indian Currency Exchange rate of foreign currency relating to imported and ex...
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.47/2014-CUSTOMS (N.T.), dated the 19th June, 2014 vide number S.O.1565(E), dated the 19th June, 2014, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs (CBEC) hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall be with effect from 4th July, 2014 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
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There are different exchange rate systems that determine how currencies relate to one another. These include freely floating rates set by supply and demand, managed floats where central banks intervene in volatile markets, target zones where rates are kept within an agreed upon range, and fixed rates where one currency is pegged to another. Historically many currencies were backed by gold or silver, tying exchange rates directly to the value of the commodities, but most currencies now have no intrinsic value.
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The document discusses foreign exchange rates and the foreign exchange market. It provides definitions of key terms like exchange rate, spot rate, and forward rate. It describes the functions and key characteristics of the foreign exchange market, including that the daily global turnover is over $2 trillion and the US dollar is involved in 87% of transactions. It also outlines the different types of transactions that occur in the market and identifies the major participants, including banks, companies, speculators, central banks, and foreign exchange brokers.
Effect of interest rate and exchange rate on
basic template and presentation on the final report. can be used for help but is never a final wording.
Foreign exchange rate and its determination by Ms. Anita Babbar
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Role of rbi in the mgmt of forex mkt in india
The Reserve Bank of India (RBI) is India's central bank that was established in 1934. It oversees foreign exchange reserves and manages India's foreign exchange markets. The RBI aims to maintain adequate foreign exchange reserves, control risks, and generate reasonable returns through its reserve management. It supports monetary and exchange rate policies, limits external vulnerability, and demonstrates backing of the Indian rupee with external assets. The RBI oversees India's foreign exchange markets by controlling money supply, intervening in forex markets as needed, reviewing reserve policies, and compiling reports on reserve management. It works to facilitate trade and payments through measures like export credit incentives and import promotion measures.
Fixed vs floating exchange rate system
This document discusses and compares fixed and floating exchange rate systems. Under a fixed exchange rate system, a country's currency is pegged to another currency at a fixed rate. This stabilizes currency values but the system is vulnerable to speculation. Most currencies now float freely based on supply and demand. A floating exchange rate allows independent monetary policy and automatic balance of payments adjustments. While no system is definitively better, advanced economies tend to use floating rates while developing economies may benefit more from fixed rates initially.
exchange rate basics
The foreign exchange market averaged $5.3 trillion in daily trading volume in April 2013, up from $4 trillion in 2010. Spot trading and FX swaps were the most active instruments. The US dollar remained the dominant currency, involved in 87% of trades, though the euro and Japanese yen's involvement has increased. Exchange rates are quoted either as a currency's price per unit of another currency or vice versa. Banks and dealers profit from small differences between the rates they buy and sell currencies at.
Determinants of foreign exchange
The document defines foreign exchange and foreign exchange markets. It discusses the key participants in foreign exchange markets including individuals, firms, banks, governments, and international agencies. It also outlines some of the main functions and determinants of foreign exchange markets. Long-term determinants include balance of payments, relative economic strength, interest rates, inflation, money supply, and national income. Short-term determinants include central bank intervention, export/import payments and flows, foreign investment flows, political factors, speculation, and capital movements. The document also provides context on the Foreign Exchange Management Act (FEMA) in India.
Exchange rate determination
This document discusses foreign exchange rates and their determination. It explains that foreign exchange rates are the rates at which one country's currency can be converted into another's. These rates are determined by currency supply and demand in global foreign exchange markets. The key factors that influence supply and demand - and thus exchange rates - include interest rates, inflation rates, government budgets, and political stability. The document also outlines different exchange rate systems like fixed, floating, and managed rates.
Exchange rate system
1. The document outlines the history of currency exchange rate systems from the gold standard in the 1800s to the present day.
2. It describes the three main categories of exchange rate regimes: flexible exchange rates, managed floating, and fixed exchange rates.
3. Flexible exchange rates are determined by market forces, while managed floating involves some government intervention and fixed rates keep currencies at constant values against other currencies or currency baskets.
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Foreign exchange rate and its determination by Ms. Anita Babbar
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IMPACTS OF EXCHANGE RATE IN STOCK MARKET
- 1. IMPACTS OF EXCHANGE RATE IN STOCK MARKET COLLEGE CODE: MARUTHI PRESENTED BY :- ANU SEBASTIAN SREEJITH .PR
- 2. BEFORE MT.EVEREST WAS DISCOVERED, WHAT WAS THE HIGHEST MOUNTAIN IN THE WORLD?
- 3. EXCHANGE RATE Rupee is again near its lows against dollar. In recent past rupee movement has been quite volatile and this volatility can be attributed to factors like Government Policies, Interest Rate Scenario and demand and supply imbalance. Although as an individual stock market investor we cannot control volatility but we can definitely device some strategies which will enhance our returns. EXCHANGE RATE MEANS HOW MUCH ONE CURRENCY IS WORTH IN TERMS OF ANOTHER CURRENCY. For example, If we can buy $ 1 with Rs. 67, the exchange rate of the two currencies would be $1 = Rs. 67. The two types of exchange rate are: • FIXED EXCHANGE RATE- CONSTANT CURRENCY VALUE FIXED BY GVT • FLOATING EXCHANGE RATE-DETERMINED BY MARKET FORCE(DD,SPLY)
- 4. STOCK MARKET The stock market is the market in which shares of publicly held companies are issued and traded either through exchanges or over-the-counter markets. Regulated by the Security and Exchange Board of India (SEBI) The stock market can be split into two main sections: 1. The primary market is where new issues are first sold by way of IPO,PRIVATE PLACEMENT,BOOKBULIDING ETC. 2. The secondary market is where previously issued financial instruments are bought and sold .
- 5. By knowing foreign exchange volatility we can analyze the financial position of any developing and under developing country. REAL ECONOMY of country is affected by EXCHANGE RATE VOLATILITY. devaluation of currency have influenced on both importers and exporters. These results are also supportive for prediction of future trends. foreign exchange rate volatility influences the value of the firm since the future cash flows of the firm change with the fluctuations in the foreign exchange rates.
- 6. LETS SEE HOW EXCHANGE RATE INFLUENCE STOCK MARKET
- 7. EXAMPLE The rupee appreciation against US dollar of year 2006-08, from Rs.45.02 to Rs. 39.07 The period when the Indian stock market was on BullRun against the other specific industries like IT industry on bear run.
- 8. Exchange rate changes directly influence the international competitiveness of firms, given their impact on input and output price “Indian companies can be divided into two groups based on the impact of currency fluctuation on their stock price and profitability” NET EXPORTER 1. When the Exchange rate appreciates, since exporters will lose their competitiveness in international market, the sales and profits of exporters will shrink and the stock prices will decline. NET IMPORTER 2. On the other hand, importers will increase their competitiveness in domestic markets. Therefore, their profit and stock prices will increase.
- 9. High volatility in exchange rate/ stability of stock market ? – Investors shift to stock market. Exchange rate is stable /stock market is high volatility – Investors stay with their foreign reserves.
- 10. BEFORE MT.EVEREST WAS DISCOVERED, WHAT WAS THE HIGHEST MOUNTAIN IN THE WORLD?
- 12. THANK YOU