Academic literature on the topic 'Exchange rate of USD and INR'

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Journal articles on the topic "Exchange rate of USD and INR"

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Dua, Pami, and Ritu Suri. "Interlinkages Between USD–INR, EUR–INR, GBP–INR and JPY–INR Exchange Rate Markets and the Impact of RBI Intervention." Journal of Emerging Market Finance 18, no. 1_suppl (2019): S102—S136. http://dx.doi.org/10.1177/0972652719831562.

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This article examines interlinkages between four major exchange rates, namely, USD–INR, EUR–INR, GBP–INR and JPY–INR in terms of returns and volatility spillovers using a vector autoregressive-multivariate GARCH–BEKK framework. In addition, we analyse the impact of RBI intervention on the returns, volatility and covariance of these exchange rates. The study finds significant bidirectional causality-in-mean and causality-in-variance between all four exchange rates. The estimation results suggest that RBI intervention in the form of net purchase of dollars leads to depreciation of INR vis-à-vis USD, EUR, GBP and JPY. Furthermore, we find that RBI intervention not only significantly affects the volatility of INR vis-à-vis USD, EUR and GBP but also explains significant amount of covariance between USD–INR and the other three exchange rates. JEL Classification: C32, G15, E58, F31
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Mohanty, Debasis, Amiya Kumar Mohapatra, Sasikanta Tripathy, and Rahul Matta. "Nexus between foreign exchange rate and stock market: evidence from India." Investment Management and Financial Innovations 20, no. 3 (2023): 79–90. http://dx.doi.org/10.21511/imfi.20(3).2023.07.

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This study examines the impact of foreign exchange rate fluctuations on various NSE capitalized indices of India. Five exchange rates were chosen based on trading contracts in the currency derivative segment of NSE. These exchange rates are US Dollar-Indian Rupee (USD/INR), Euro-Indian Rupee (EUR/INR), Great Britain Pound-Indian Rupee (GBP/INR), Chinese Yuan-Indian Rupee (CNY/INR) and Japanese Yen-Indian Rupee (JPY/INR), which are used as a regressor in this study. The data of NSE Nifty large-cap 100, Nifty mid-cap 100 and Nifty small-cap from December 1, 2012 to December 1, 2022 was considered for the study. GARCH (1, 1) model was used to analyze the nexus between exchange rate fluctuations and capitalized indices, and it was further validated by DCC GARCH to evaluate the volatility spillover. The result shows that exchange rate fluctuations have a positive effect on stock market volatility along with a varying degree of incidence on small-cap, mid-cap, and large-cap. DCC α has been found to be significant in USD & GBP for small-cap, and GBP & CNY for mid-cap. On the other hand, USD, Euro, CNY and JPY have a significant impact on the large-cap index in the short-run. Further, it is found that there is long-run spillover effect (DCC β) of exchange rates on all capitalized indices of the Indian stock market, and it is highest in in the large-cap case.
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Animesh, Bhattacharjee, and Sunil Kumar. "Is the movement of the INR/USD Exchange Rate and the Indian Stock Market Linked? Fresh Evidence." Review of Finance and Banking 16, no. 1 (2024): 21–32. http://dx.doi.org/10.24818/rfb.23.16.01.02.

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Dollar exchange rate and Indian stock market are leading economic indicators. The present study investigates the relationship between the two economic indicators during the period April 2005 to December 2019. Analysis of Johansen cointegration test reveals that positive long-run cointegrating relationship exists between the variables. The vector error correction mechanism shows that INR/USD exchange rate influences the Indian stock prices negatively in the short-run. The study also observes the presence of bidirectional causality between the variables in the short-run. The variance decomposition analysis further reveals that the Indian stock market is driven to considerable extent by innovations in INR/USD exchange rate. The close relationship that the study found between INR/USD exchange rate and Indian stock market will be an important factor in the decision making of both individual and institutional investors. Furthermore, the study recommends the Indian government to adopt a cautious approach in implementing the foreign currency exchange rate policies
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Journal, IJSREM. "The Correlation Dynamics Between Sensex 30 Returns and INR/USD Exchange Rate Movements." INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 08, no. 09 (2024): 1–7. http://dx.doi.org/10.55041/ijsrem37610.

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The Sensex 30 is a benchmark index for India's largest companies, indicating the health of the stock market. Its movements are influenced by domestic economic conditions, corporate performance, and global trends. The INR/USD exchange rate, which represents the Indian rupee vs. the US dollar, is crucial for India's international trade and investment. A depreciating rupee benefits export-oriented companies but increases import costs, affecting market performance. Understanding this dynamic is essential for investors and policymakers. The fluctuating link between the INR/USD currency pair and SENSEX 30 stock index is examined in this study from 2014 to 2024, with an emphasis on how changes in the exchange rate affect stock market performance. As India continues to integrate into the global economy, the interaction between foreign investments and the Indian stock market has become increasingly relevant for understanding investor sentiment and economic stability. This study particularly examines how returns from the SENSEX 30, an index that monitors 30 of India's biggest and most traded firms, are impacted by changes in the INR/USD exchange rate. The research's main finding is that there is a strong positive correlation between the INR/USD exchange rate and the SENSEX 30 index, with a rise of 1 in the SENSEX 30 for every 0.90 increase in the exchange rate. This implies that the depreciation of the Indian currency (INR) in relation to the US Dollar (USD) may result in increased stock market returns, especially in industries that rely heavily on exports, as Indian goods become more competitive in international markets due to the weaker currency. On the other hand, persistent depreciation may also result in higher import prices and inflationary pressures, which might be detrimental to business profitability and the state of the economy as a whole. Given that currency changes may have an impact on their investment decisions, foreign institutional investors (FIIs) are essential to this dynamic.. Decreased international gains are eroded by a lower INR, which frequently leads to portfolio modifications and more market volatility. Exchange rate fluctuations and stock market performance are influenced by the participation of foreign institutional investors (FIIs) and the Reserve Bank of India's (RBI) monetary policy choices. For example, the RBI's changes to interest rates have an effect on investor mood and influence market movements. Global economic variables that affect the US stock market and exchange rate include geopolitical tensions, changes in the price of commodities, particularly oil, and US Federal Reserve policies. The study uses a variety of statistical techniques, including as trend analysis, a t-test, and correlation analysis, to assess the link between the performance of the SENSEX 30 and the INR/USD exchange rate during a ten-year period. The results of the t-test demonstrate that the difference between the mean values of the SENSEX 30 and the INR/USD exchange rate is statistically significant, with a t-statistic of 30.278 and very tiny p-values. The SENSEX 30 exhibits a significantly bigger variation than the INR/USD, suggesting that the stock market is more volatile than the currency rate. This result is in line with predictions because stock markets are often more erratic than exchange rates. As a result, the study emphasizes how much exchange rate fluctuations affect the Indian stock market. It is recommended that investors keep a careful eye on currency changes since they have the International Journal of Scientific Research in Engineering and Management (IJSREM) Volume: 08 Issue: 09 | Sept - 2024 SJIF Rating: 8.448 ISSN: 2582-3930 © 2024, IJSREM | www.ijsrem.com DOI: 10.55041/IJSREM37610 | Page 2 potential to impact business profitability and stock market performance, particularly in industries that depend on imports or exports. The results also emphasize how crucial it is to diversify portfolios and hedge against risk related to currencies in order to successfully manage the intricate relationships between monetary policy, market volatility, and global economic situations.
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Inani, Sarveshwar Kumar, Manas Tripathi, and Saurabh Kumar. "Does Artificial Neural Network Forecast Better for Excessively Volatile Currency Pairs?" Journal of Prediction Markets 10, no. 2 (2017): 47–61. http://dx.doi.org/10.5750/jpm.v10i2.1252.

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This study predicts the exchange rates for three currency pairs (USD-INR, GBP-INR, and EUR-INR). We have used multi-layer perceptron (MLP) neural network architecture based on feed-forward with back-propagation learning method. The sample of the study covers daily data for the period from January 2009 to January 2016. The findings of the study confirm that the neural network predicts better for more volatile currency pairs (GBP-INR and EUR-INR) as compared to a less volatile currency pair (USD-INR). The study further observes that the optimal forecast horizon for the neural network model should be equal to the optimal lag length used in the construction of the model. This study aims to contribute in the area of foreign exchange forecasting. Exchange rate plays a crucial role in the macro-economy of a country. Hence, prediction of currency exchange rate becomes imperative for various stakeholders such as government, the central bank, and investors to maximize the returns and minimize the risk in their decision-making.
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Nidhi, Agrawal, Srinivasan P., and Shroff Sumita. "Revisiting the Cointegration and Casual Relationship between Different Financial Markets." Empirical Economics Letters 22, no. 12 (2023): 97–108. https://doi.org/10.5281/zenodo.10460559.

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<strong>Abstract: </strong>This study aims to examine the causal link among USD/INR exchange rates, domestic gold prices, crude oil prices, and NIFTY 50 index taking a long period of 13 years from September 2010 to September 2023. We use Augmented Dickey&ndash;Fuller (ADF) unit root test, Autoregressive Distributed Lag Model (ARDL) and Granger causality test for the analysis. ARDL results indicate the existence of a long-run relationship among USD/INR, NIFTY 50 and crude prices but absence in gold prices. Granger causality test result reveals a bidirectional causality between the NIFTY index and the USD/INR exchange rate and a unidirectional causality between the gold prices and NIFTY index. This study benefits investors and policymakers to diversify their portfolio, mitigate risk and maintain economic stability. <strong>Keywords: </strong>NIFTY 50 Index Prices, Crude Oil Price, Gold Price, Exchange Rate, ARDL Model, Granger Causality Test
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Kuldeep, Niranjan Thorat. "The Impact Of Rupee Exchange Rate Fluctuations On Indian International Trade (2015–2023)." Young Researcher 14, no. 1C (2025): 309–11. https://doi.org/10.5281/zenodo.14936697.

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<em>India's economy has become deeply intertwined with global financial systems over the past few decades. The Indian Rupee (INR) has experienced significant fluctuations against major currencies, particularly the US Dollar (USD), influenced by domestic and international factors. This paper examines the key determinants of INR/USD exchange rate volatility and its effects on India&rsquo;s trade, investment flows, and economic stability. The study also evaluates the impact of global events, such as the COVID-19 pandemic, and proposes policy measures to enhance resilience against currency volatility</em>
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Rami, Khyati, Ansh Rajput, Navin Shripathi, Jay Patel, and Roshni Patel. "Comparative Analysis of ML Models for Currency Exchange Rate Prediction." International Journal of Computer Science and Mobile Computing 13, no. 3 (2024): 27–43. http://dx.doi.org/10.47760/ijcsmc.2024.v13i03.004.

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The primary aim of this research is to improve the prediction of the exchange rate between the United States Dollar (USD) and the Indian Rupee (INR), which is an area that has received little attention in the field of financial forecasting. In contrast to widespread methodologies that consolidate results over several currency pair, this study specifically concentrates on the USD to INR pair, recognising the distinctive economic and political dynamics between the United States and India. This study aims to do a comparative analysis of four various machine learning models, namely RNN, ARIMA, LSTM, and Random Forest, in order to determine the best effective tool for predicting exchange rates in a certain context. This research employs a holistic methodology, including a wide range of variables like trade balances, interest rates, and geopolitical events, so providing a multifaceted forecasting approach. The growing economic interdependence between the United States and India highlights the practical importance of precise predictions for many stakeholders, such as traders, investors, and politicians. Furthermore, the study examines the concept of dynamic model updating, a novel attribute that augments flexibility within the ever-changing financial industry. The primary objective of this work is to address a significant need in current academic research by developing a reliable and practical instrument for accurately forecasting the exchange rate between the United States Dollar (USD) and the Indian Rupee (INR). This research is notable for its specific concentration, use of comparative methods, and its potential to make substantial advancements in both academic and practical domains pertaining to currency exchange rate forecasting.
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Dr., Hariharan Narayanan. "Exchange rate policies and refor-ms adopted by India until 2010: A literature analysis." International Journal of Financial Engineering 8, no. 2 (2021): 33. https://doi.org/10.1142/S2424786321500201.

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Exchange rate is a rate at which one currency can be exchanged into another currency. This paper will concentrate on the exchange rate policy, policy reforms and measures undertaken by India. It also will deal with the INR appreciations and depreciations from 1993&ndash;1994 to 2010&ndash;2011. It will give the clear comprehensive literature and measure of exchange rate policy and various reforms adopted by India, chronology of money, INR fluctuations and RBI interventions to curb volatility. This study is historical, descriptive and analytical which concentrates for a period of 10 years starting from 2000 to 2010. The various policy measures issued by RBI to contain the volatility in the domestic foreign exchange market and also to prevent speculative sentiments to build up pressure on the orderly functioning of the market are studied.
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Chethan, N., and R. Sangeetha. "Sentiment Analysis of Twitter Data to Examine the Movement of Exchange Rate and Sensex." Journal of Computational and Theoretical Nanoscience 17, no. 8 (2020): 3323–27. http://dx.doi.org/10.1166/jctn.2020.9179.

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In this paper tweets available on social media about USD/INR exchange rate, BSE Sensex, NSE Nifty have been collected and Sentiment Analysis using R programming has been performed. A sentiment score has been obtained for each of the sentences and also word cloud plot have been obtained. In this paper twitter feeds are collected using the keywords: USD/INR, #USD/INR, #BSE, #Sensex, #NSE. For the purpose of obtaining the tweets, R programming is used. In this study to obtain the word cloud plot, the sentiment has been classified across 8 categories viz Anticipation, anger, trust, surprise, sadness, joy, fear and disgust. On a day to day basis, Sentiment Analysis gives the overall sentiment on a given day stating if the sentiment for a given day is either Positive or Negative or whether it is Neutral. It also breaks down the tweets into various categories which help in identifying the moods of the investors not only by the sentiment but also by the number of tweets. Further, the word cloud plot offers a simple and effective way of capturing the key events or news which was discussed on Twitter. Sentiment analysis can be used effectively by investors to make a prediction of what direction the stock price movements will happen based on the sentiment prevailing in the market. This study also shows how R programming can be used to perform sentiment analysis on the stock price movement based on twitter feeds. Word cloud can be used to visualize text data in which the size of each word cloud denotes its significance.
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Dissertations / Theses on the topic "Exchange rate of USD and INR"

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Chacon, Aguilar Ana Gloria. "Oil prices and the CAD / USD exchange rate." Thesis, Université Laval, 2013. http://www.theses.ulaval.ca/2013/30231/30231.pdf.

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Ce mémoire étudie la relation entre les prix du pétrole et de l’énergie et le taux de change CAD/USD au moyen d’un modèle à correction d’erreur étroitement lié à l’équation du taux de change de la Banque du Canada. Une rupture structurelle se produit dans la relation entre les prix du pétrole et de l’énergie et le taux de change CAD/USD lorsque ce dernier est à parité. Par conséquent, un modèle à correction d’erreur est utilisé pour estimer le taux de change CAD/USD en intégrant l’effet de la parité par rapport à la non-parité dans l’équation de prévision. En outre, la sensibilité de l’équation du taux de change varie selon la présence ou l’absence de parité. Plus précisément, lorsque la parité est atteinte, le taux de change CAD/USD a moins tendance à répondre aux changements de prix du pétrole et de l’énergie.<br>This thesis studies the relationship between oil and energy prices with the CAD/USD exchange rate using an error correction model closely linked with the Bank of Canada’s exchange rate equation. A structural break occurs in the relationship between oil and energy prices and the CAD/USD exchange rate when this latter is at parity. Accordingly, an error correction model is employed to estimate the CAD/USD exchange rate by incorporating the effect of parity versus non-parity in the forecasting equation. Moreover, the sensitivity of the exchange rate equation shifts in the presence of parity versus the absence of parity. More precisely, when parity occurs, the CAD/USD exchange rate responds less to changes in oil and energy prices.
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Zeileis, Achim, Ajay Shah, and Ila Patnaik. "Exchange Rate Regime Analysis Using Structural Change Methods." Department of Statistics and Mathematics, WU Vienna University of Economics and Business, 2007. http://epub.wu.ac.at/386/1/document.pdf.

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Regression models for de facto currency regime classification are complemented by inferential techniques for tracking the stability of exchange rate regimes. Several structural change methods are adapted to these regressions: tools for assessing the stability of exchange rate regressions in historical data (testing), in incoming data (monitoring) and for determining the breakpoints of shifts in the exchange rate regime (dating). The tools are illustrated by investigating the Chinese exchange rate regime after China gave up on a fixed exchange rate to the US dollar in 2005 and to track the evolution of the Indian exchange rate regime since 1993.<br>Series: Research Report Series / Department of Statistics and Mathematics
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Ševčík, Václav. "Fundamentální analýza měnového kurzu EUR/USD." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-76583.

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The aim of this thesis is empirical verification of the fundamental theory of exchange rate determination in the case of the currency pair EUR/USD. The theoretical part is devoted to the issue of exchange rate theory, with emphasis on the importance of the currency pair EUR/USD, and major characteristics of the fundamental theory of exchange rate determination. Attention is also paid to methods of analysis of time series, which will be used in the analytical part. The analytical part is devoted to an empirical verification of the underlying theories. On the basis of these theories are developed econometric models, which are then tested using the methods of linear regression and cointegration. The results of the models and their relevance are discussed in conclusion.
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Mamalis, Spyridon. "The statistical relationship between the EUR/USD exchange rate and the Greek, Spanish, and German Stock Market." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-30689.

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Vávrová, Barbora. "The Role of USD in a Globalized Economy." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-18033.

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The main aim of my thesis is to describe the development of the American dollar's position within the historical background, its role in a globalized economy and analyze the current position of the dollar as the world's leading currency. The thesis is divided into three parts. First part is dedicated to the theoretical background concerning exchange rates and currency regimes. The second chapter considers the history of the international monetary system with the relation to the dollar. The third chapter analyzes the current situation and characteristics determining the role of American dollar. This chapter also describes some problems of American economy, analyses exchange rate of dollar against Euro and gives possible forecast of dollar's position for the future.
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Costantini, Mauro, Cuaresma Jesus Crespo, and Jaroslava Hlouskova. "Forecasting errors, directional accuracy and profitability of currency trading: The case of EUR/USD exchange rate." Wiley, 2016. http://dx.doi.org/10.1002/for.2398.

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We provide a comprehensive study of out-of-sample forecasts for the EUR/USD exchange rate based on multivariate macroeconomic models and forecast combinations. We use profit maximization measures based on directional accuracy and trading strategies in addition to standard loss minimization measures. When comparing predictive accuracy and profit measures, data snooping bias free tests are used. The results indicate that forecast combinations, in particular those based on principal components of forecasts, help to improve over benchmark trading strategies, although the excess return per unit of deviation is limited.
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Kušnírová, Jana. "Analýza vplyvu fundamentálnych správ na pohyby menových kurzov." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-201626.

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The Diploma Thesis deals with influence of announcing economic indicators on currency exchange rate AUD/USD. The Thesis focuses on fundamental news announced in Australia, USA and China, as these play a significant role in forming of analyzed currency exchange rate. The first part includes general description of fundaments, explanation of investor's psychology, description of world's most important banks, because the financial world waits for their announcements and reacts upon them. Next subchapter of thesis focuses on central bank of Australia and its monetary policy. The research itself is situated in the second part of the thesis, containing testing the influence of fundamental news on logarithmic return of exchange rate AUD/USD, using linear regression analysis. The objective of this part is to find out what is the influence of news on exchange rate return of AUD/USD. The last part examines whether investing strategies based on announcing fundamental news can bring profit to the investor or the efficient market theory will be confirmed.
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Narciso, Dina. "Tendências nos preços de café verde arábica do Brasil e na taxa de câmbio EUR/USD." Master's thesis, Universidade de Évora, 2015. http://hdl.handle.net/10174/14597.

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Neste trabalho pretende determinar-se os factores de risco para as empresas importadoras de café. Para tal, avaliou-se a tendência dos preços do café verde arábica do Brasil (entre 16 de agosto de 1993 e 6 de agosto de 2013) e a variação da taxa de câmbio EUR/USD (4 de janeiro de 1999 e 6 de agosto de 2013). Quando se utilizam os métodos Holt-Winters aditivo e Holt-Winters multiplicativo, para as séries originais da cotação de café arábica do Brasil e da taxa de câmbio EUR/USD ambas as tendências se apresentam positivas, no horizonte temporal estudado. Mas quando se utiliza o método de Holt-Winters aditivo, considerando as séries estacionárias da cotação de café arábica do Brasil e da taxa de câmbio EUR/USD, a primeira apresenta uma tendência negativa e a segunda uma tendência positiva. Através do Filtro de Hodrick-Prescott identificaram-se três ciclos que afetaram de forma mais significativa o comportamento dos preços de café verde arábica do Brasil; e quatro ciclos que influenciaram de forma mais significativa o comportamento da taxa de câmbio EUR/USD, no período estudado; Abstract: “Trends of Brazilian Arabic green coffee prices and Exchange rate EUR/USD” This study intends to determine the risk factors for the importing companies, in the coffee acquisition process. So, the purpose of this research study is to define the trend of Brazilian Arabica green coffee prices (between 16 August 1993 and August 6, 2013) and the variation of the exchange rate EUR / USD (January 4, 1999 and August 6, 2013). When using the methods Holt-Winters additive and Holt-Winters multiplicative, to the originals series of Brazilian Arabica coffee price and of the exchange rate EUR / USD both trends have positive, to the horizon temporal studied. But, when using the Holt-Winters additive method, considering the stationary series of Brazilian Arabica coffee and quotation of the exchange rate EUR / USD, the first shows a negative trend and the second a positive trend. Through the Hodrick-Prescott filter was possible to identify three cycles that affected more significantly the behavior of Brazilian Arabica green coffee prices; and four cycles that influenced more significantly the exchange rate behavior EUR / USD, during the study period.
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Wei, Tseng Li, and 曾麗維. "Hedging USD Exchange Rate – Analyzing with Vince Model." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/7747r5.

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碩士<br>東吳大學<br>經濟學系<br>103<br>The purpose of this study is to evaluate hedging performance for EUR/USD and USD/JPY currencies with three methods. The data consist of the daily spot and one-month forward rates over the 15-year period from 2000 to 2014. The major approach is from Vince (2009 and 2011)’s LSM model. It is in effect a cash management model intended to estimate the optimal fraction of an investor stake which results in maximizing the growth of his/her stake in the long run. We attempt to extend this model to foreign exchange hedge. To examine the application’s feasibility and performance, we adopt two alternative approaches – naïve hedge and minimum-variance (MV) model – as the benchmarks for comparison. The study found the following major results. First, over half of sample-size cases for both currencies, the rates of return and standard deviations estimated from MV method are significantly higher than those from naïve hedge. The estimates of coefficient variation (CV) show that MV method performs better than naïve method for EUR/USD over half of sample-size cases. Second, adding the estimates from Vince method, the analyses of two currencies show that its returns and standard deviation are substantially higher than those from two other methods over half of sample-size cases. The CV estimates, however, show that Vince method generates lower estimates than those derived from the other two methods for most of positive CV cases. Therefore, the results supports that Vince’s cash-management model is good at evaluating foreign exchange hedge. Finally, we found that the values of various lower bounds set for estimating hedge ratios by Vince way tend to negatively relate with the estimates of standard deviations.
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Fernandes, Cláudia Granjo. "Eur/Usd exchange rate – can it be explained?" Master's thesis, 2017. http://hdl.handle.net/10362/26125.

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This paper estimates a present-value model suggested by Engel, Mark and West (2007) applied to the EUR/USD exchange rate for the period from 01/1999 to 12/2015. We present evidence that contrary to what expected, the variable output differential showed a negative impact on the EUR/USD exchange rate. Another interesting finding is the fact that when the sample is restricted to the period of European sovereign-debt crisis, explanatory variables have no longer statistical significance. In addition, in order to validate the performance of the model, we develop a VAR model to analyse the importance of the selected explanatory variables in the model to forecast EUR/USD exchange rate, as suggested by Meese and Rogoff (1982).
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Books on the topic "Exchange rate of USD and INR"

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Gradojevic, Nikola. The dynamic interaction of order flows and the CAD/USD exchange rate. Federal Reserve Bank of St. Louis, 2008.

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Skaltsa, Sotira. The hedging effectiveness of currency futures: An empirical test for cross-hedging the GRD/USD exchange rate. UMIST, 1998.

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Denzel, Markus A. Die Bozner Messen und ihr Zahlungsverkehr, 1633-1850. Athesia, 2005.

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Ciappei, Cristiano, ed. Innovazione e brokeraggio tecnologico. Firenze University Press, 2010. http://dx.doi.org/10.36253/978-88-8453-983-0.

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This book is designed to furnish Italian literature with an insight into the significance and the role of knowledge transfer, and in particular of technological brokerage. The idea is that, in the present-day world, dominated by a technology and knowledge available to an increasingly large number of people, enterprises are called upon to reconfigure the concept of innovation, expanding in even geographical terms the quest for solutions that aim at creating an exchange of interdisciplinary knowledge. To respond to the need for the dissemination of knowledge, collaboration between enterprises and the use of brokers appears to be the easiest solution. This can contribute to reducing the inefficacy of the markets and hence to facilitating the technological transactions. In this context the role of the brokers is fundamental in the knowledge markets in general, and in particular in that of technology, spawned by the need for an increasingly complex brokerage of knowledge, between applicant and user. In traditional markets, in effect, transactions can be conducted directly by the enterprises and may deal with current or future technology, but there is also the possibility of indirect transactions, involving the intermediation of specialised brokers. The emergence of these brokers is due to the frequent presence of structural gaps in the real markets which do not permit the normal flow of information: in practice, it is rare for every agent in a market to be connected with all the other agents that may important for him.
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Cukierman, Alex. Central Banks. Oxford University Press, 2018. http://dx.doi.org/10.1093/acrefore/9780190228637.013.64.

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The first CBs were private institutions that were given a monopoly over the issuance of currency by government in return for help in financing the budget and adherence to the rules of the gold standard. Under this standard the price of gold in terms of currency was fixed and the CB could issue or retire domestic currency only in line with gold inflows or outflows. Due to the scarcity of gold this system assured price stability as long as it functioned. Wars and depressions led to the replacement of the gold standard by the more flexible gold exchange standard. Along with restrictions on international capital flows this standard became a major pillar of the post–WWII Bretton Woods system. Under this system the U.S. dollar (USD) was pegged to gold, and other countries’ exchange rates were pegged to the USD. In many developing economies CBs functioned as governmental development banks.Following the world inflation of the 1970s and the collapse of the Bretton Woods system in 1971, eradication of inflation gradually became the explicit number one priority of CBs. The hyperinflationary experiences of the first half of the 20th century, which were mainly caused by over-utilization of the printing press to finance budgetary expenditures, convinced policymakers in developed economies, following Germany’s lead, that the conduct of monetary policy should be delegated to instrument independent CBs, that governments should be prohibited from borrowing from them, and that the main goal of the CB should be price stability. During the late 1980s and the 1990s numerous CBs obtained instrument independence and started to operate on inflation targeting systems. Under this system the CB is expected to use interest rate policy to deliver a low inflation rate in the long run and to stabilize fluctuations in economic activity in the short and medium terms. In parallel the fixed exchange rates of the Bretton Woods system were replaced by flexible rates or dirty floats. The conjunction of more flexible rates and IT effectively moved the control over exchange rates from governments to CBs.The global financial crisis reminded policymakers that, of all public institutions, the CB has a comparative advantage in swiftly preventing the crisis from becoming a generalized panic that would seriously cripple the financial system. The crisis precipitated the financial stability motive into the forefront of CBs’ policy concerns and revived the explicit recognition of the lender of last resort function of the CB in the face of shocks to the financial system. Although the financial stability objective appeared in CBs’ charters, along with the price stability objective, also prior to the crisis, the crisis highlighted the critical importance of the supervisory and regulatory functions of CBs and other regulators. An important lesson from the crisis was that micro-prudential supervision and regulation should be supplemented with macro-prudential regulation and that the CB is the choice institution to perform this function. The crisis led CBs of major developed economies to reduce their policy rates to zero (and even to negative values in some cases) and to engage in large-scale asset purchases that bloat their balance sheets to this day. It also induced CBs of small open economies to supplement their interest rate policies with occasional foreign exchange interventions.
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Makatjane, Katleho, and Roscoe van Wyk. Identifying structural changes in the exchange rates of South Africa as a regime-switching process. UNU-WIDER, 2020. http://dx.doi.org/10.35188/unu-wider/2020/919-8.

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Exchange rate volatility is said to exemplify the economic health of a country. Exchange rate break points (known as structural breaks) have a momentous impact on the macroeconomy of a country. Nonetheless, this country study makes use of both unsupervised and supervised machine learning algorithms to classify structural changes as regime shifts in real exchange rates in South Africa. Weekly data for the period January 2003–June 2020 are used. To these data we apply both non-linear principal component analysis and Markov-switching generalized autoregressive conditional heteroscedasticity. The former approach is used to reduce the dimensionality of the data using an orthogonal linear transformation by preserving the statistical variance of the data, with the proviso that a new trait is non-linearly independent, and it identifies the number of regime switches that are to be used in the Markov-switching model. The latter is used to partition the variance in each regime by allowing an estimation of multiple break transitions. The transition breakpoints estimates derived from this machine learning approach produce results that are comparable to other methods on similar system sizes. Application of these methods shows that the machine learning approach can also be employed to identify structural changes as a regime-switching process. During times of financial crisis, the growing concern over exchange rate volatility, including its adverse effects on employment and growth, broadens the debates on exchange rate policies. Our results should help the South African monetary policy committee to anticipate when exchange rates will pick up and be prepared for the effects of periods of high exchange rates.
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Broz, J. Lawrence, and Jeffry A. Frieden. The Political Economy of Exchange Rates. Edited by Donald A. Wittman and Barry R. Weingast. Oxford University Press, 2009. http://dx.doi.org/10.1093/oxfordhb/9780199548477.003.0032.

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This article discusses the political economy of exchange rates, the latter being prominent features of economic life. The article begins by separating the analysis of the international monetary system from the analysis of the policy choices of national governments. This separation allows us to simplify issues in each area and eventually present them in generic political economy terms. The article also discusses how these issues are to be analyzed jointly and across the domains.
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Sumner, Andy. Pseudo-Miracles. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198792369.003.0005.

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In this chapter, we consider the ‘miracle’ in its heady heyday of exceptionally fast growth rates and structural transformation from the mid 1980s to the eve of the Asian financial crisis in the mid to late 1990s. We argue for a simpler explanation of rapid growth and structural transformation in this period in South East Asia. That is, that changes in international prices—the global oil price shock—induced a crisis. Then a new form of developmentalism evolved which opportunistically took advantage of another change in global prices—national exchange rates vis-à-vis the US dollar and yen, and global versus national interest rate differentials—to trigger, respectively, large inflows of foreign direct investment and finance capital. These inflows were attracted by what the first era of developmentalism had built in infrastructure, financial systems, and human capital, and drove growth and employment until the exchange rate advantage diminished.
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Chong, Ji Y., and Michael P. Lerario. A Sickle Pickle. Oxford University Press, 2016. http://dx.doi.org/10.1093/med/9780190495541.003.0029.

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Sickle cell disease may result in large vessel intracranial stenoses, which cause high rates of stroke. Screening for elevated velocities on transcranial Dopplers is a good way to stratify stroke risk. Patients at high stroke risk should participate in an exchange transfusion program indefinitely to reduce the rate of subsequent stroke. Although there is a high risk of stroke in pediatric sickle cell patients, the use of IV tPA in this population is largely unstudied and not routinely recommended due to unclear safety and efficacy.
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Wagner, Peter D. Gas exchange assessment in the critically ill. Oxford University Press, 2016. http://dx.doi.org/10.1093/med/9780199600830.003.0076.

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Chapter 75 laid out the basic principles that govern pulmonary gas exchange, a step necessary for the appropriate application and interpretation of common clinical tests of gas exchange. The present chapter discusses the several common tests and indices used to analyse and quantify gas exchange abnormalities in critically-ill patients. There is special emphasis on inherent limitations of each technique, as well as on ways to minimize technical and experimental errors when the necessary measurements are made. Limitations and errors are considered to be of major clinical importance because, while the measurements and indices themselves are easy to obtain, and have been in routine use for many years, serious errors of interpretation can occur if the limitations and common errors are not appreciated and allowed for. In particular, it is pointed out that factors external to the lungs can dramatically change arterial oxygenation in the critically-ill patient. This means that not all changes in gas exchange reflect changes in lung pathology. It is not uncommon for arterial PO2 to change without change in lung disease severity when external factors such as metabolic rate, cardiac output, and blood temperature change.
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Book chapters on the topic "Exchange rate of USD and INR"

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Dua, Pami, Rajiv Ranjan, and Deepika Goel. "Forecasting the INR/USD Exchange Rate: A BVAR Framework." In Macroeconometric Methods. Springer Nature Singapore, 2023. http://dx.doi.org/10.1007/978-981-19-7592-9_8.

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Kumar, Abhay, Mahendra Parihar, Aman Devariya, Anushka Khanna, Svarna Khande, and Shashwat Shankar. "Does Interest Rate Parity Hold Good for INR-USD Exchange Rate? Analysing via Computational Technique." In Artificial Intelligence for Sustainable Finance and Sustainable Technology. Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-93464-4_13.

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Henry, Raphael, Holy Andriamboavonjy, Jean-Baptiste Paulin, Sacha Drahy, and Robin Gourichon. "Macroeconomic Reevaluation of CNY/USD Exchange Rate: Quantitative Impact of EUR/USD Exchange Rate." In Advances in Intelligent Systems and Computing. Springer International Publishing, 2015. http://dx.doi.org/10.1007/978-3-319-18167-7_32.

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Vibhute, Mrunal, Shreya Mote, and Varsha Pimprale. "USD to INR Exchange Rate Prediction: A Deep Learning Approach for Forecasting Currency Exchange Rates Using Different Techniques of LSTM." In Proceedings of Ninth International Congress on Information and Communication Technology. Springer Nature Singapore, 2024. http://dx.doi.org/10.1007/978-981-97-3559-4_24.

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Dorle, Gargee, and Varsha Pimprale. "Correlation Analysis Between INR-USD Exchange Rates and Public Sentiments Using Twitter." In ICT: Cyber Security and Applications. Springer Nature Singapore, 2024. http://dx.doi.org/10.1007/978-981-97-0744-7_12.

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Olaniran, Oyebayo Ridwan, Saidat Fehintola Olaniran, and Jumoke Popoola. "Bayesian Regularized Neural Network for Forecasting Naira-USD Exchange Rate." In Recent Advances in Soft Computing and Data Mining. Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-00828-3_21.

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Steurer, E., M. Rothenhäusler, and Y. Yeo. "Forecasting Discretized Daily USD/DEM Exchange Rate Movements with Quantitative Models." In Studies in Classification, Data Analysis, and Knowledge Organization. Springer Berlin Heidelberg, 1999. http://dx.doi.org/10.1007/978-3-642-60187-3_50.

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Huang, Han-Chen. "Using a Hybrid Neural Network to Predict the NTD/USD Exchange Rate." In Advances in Intelligent Systems and Computing. Springer Berlin Heidelberg, 2013. http://dx.doi.org/10.1007/978-3-642-33030-8_70.

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Zhu, Evelyn. "Implementation of the ARIMA-GARCH Model on USD/JPY Exchange Rate Forecasting." In Advances in Economics, Business and Management Research. Atlantis Press International BV, 2025. https://doi.org/10.2991/978-94-6463-748-9_91.

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Thao, Le Phan Thi Dieu, Le Thi Thuy Hang, and Nguyen Xuan Dung. "The Impact of Anchor Exchange Rate Mechanism in USD for Vietnam Macroeconomic Factors." In Beyond Traditional Probabilistic Methods in Economics. Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-030-04200-4_25.

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Conference papers on the topic "Exchange rate of USD and INR"

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Rathi, Keshav, Piyush Saboo, Mohit Bawankule, Harsh Gosavi, Rahul Singh Gautam, and Shailesh Rastogi. "Unraveling the Nexus: USD/INR Exchange Rates, Bitcoin, and Gold Future Prices in India." In 2024 Second International Conference on Advances in Information Technology (ICAIT). IEEE, 2024. http://dx.doi.org/10.1109/icait61638.2024.10690807.

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Sutanto, Nathaniel Susianto, and Henry Lucky. "News Sentiment-Enhanced GRU Encoder-Decoder for Advanced USD/IDR Exchange Rate Forecasting." In 2025 International Conference on Advancement in Data Science, E-learning and Information System (ICADEIS). IEEE, 2025. https://doi.org/10.1109/icadeis65852.2025.10933471.

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Singh, Gurpreet, Pradeepta Kumar Sarangi, Lekha Rani, et al. "CNN-RNN based Hybrid Machine Learning Model to Predict the Currency Exchange Rate: USD to INR." In 2022 2nd International Conference on Advance Computing and Innovative Technologies in Engineering (ICACITE). IEEE, 2022. http://dx.doi.org/10.1109/icacite53722.2022.9823844.

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Natsir, Khairina. "Application of GARCH Model in Forecasting IDR/USD Exchange Rate." In International Conference on Entrepreneurship and Business Management (ICEBM) Untar. SCITEPRESS - Science and Technology Publications, 2018. http://dx.doi.org/10.5220/0008490001680174.

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Syarifuddin, Ferry. "The Exchange Rate Volatility in Indonesia and Policy Response." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.00886.

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High fluctuation of exchange rate in short horizon is obviously making economic activity more risky as uncertainty rises. Moreover, volatile exchange rates also make commodity prices, interest rates and a host of other variables more volatile as well. Although changes in long-run exchange rates tend to undergo relatively gradual shifts, in the shorter horizon, the exchange rate might be very volatile. Then there should be a systematic and measured policy to mitigate the foreign exchange fluctuations and to minimize the fluctuations as well as to drive it to its fundamental value. In this part, USD/IDR volatility is investigated using GARCH approach. The results reveal that, USD/IDR volatility in Indonesia is persistent. On the other hand, the following studies also present the outcomes of effectiveness of policy response by the Central Bank. Foreign-exchange sale interventions by the Central Bank lead conditional volatility of the USD/IDR to decrease slightly.
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Syarifuddin, Ferry. "Monetary Policy Response on Exchange Rate Dynamics: The Case of Indonesia." In International Conference on Eurasian Economies. Eurasian Economists Association, 2017. http://dx.doi.org/10.36880/c08.01829.

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Bank Indonesia has been implementing Enhanced Inflation Targeting Framework (EITF) since few years ago. The main monetary instrument is short term policy interest rate. The policy interest rate, in this regard, may also have significant role in driving the exchange rate to its desired level. Setting appropriate the interest rate to drive the exchange rate is important to drive the actual inflation to its official target. In order to see the response of policy interest rate to exchange rate dynamics as well as the impact of exchange-rate dynamics to macroeconomic indicators, Structural Co-integrating Vector Auto Regression (SC-VAR) in an open economy model, is implemented. Its finding shows that exchange rate dynamic of USD/IDR has significantly positive relationship with domestic interest rate. The increase of the USD/IDR (depreciation) will then push domestic interest rate to increase.
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Juanda, Mustofa Usman, Dian Kurniasari, Widiarti, Amanto, and Warsono. "The BVAR model approach in predicting the JCI index, USD-IDR exchange rate, and EUR-IDR exchange rate during the COVID-19 pandemic." In THE 4TH INTERNATIONAL CONFERENCE ON APPLIED SCIENCES, MATHEMATICS, AND INFORMATICS: ICASMI2022. AIP Publishing, 2024. http://dx.doi.org/10.1063/5.0216322.

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Nurhayati, Fitri Mintarsih, Muhammad Ashlah Rasyidi, Wilda Nurjannah, Dewi Khairani, and Husni Teja Sukmana. "LSTM Variants Comparison for Exchange Rate IDR/USD Forecasting with Rolling Window Cross Validation." In 2023 Eighth International Conference on Informatics and Computing (ICIC). IEEE, 2023. http://dx.doi.org/10.1109/icic60109.2023.10382094.

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Markova, Maya. "Forecasting EUR/USD exchange rate with nonlinear autoregressive with exogenous input neural networks." In EIGHTH INTERNATIONAL CONFERENCE NEW TRENDS IN THE APPLICATIONS OF DIFFERENTIAL EQUATIONS IN SCIENCES (NTADES2021). AIP Publishing, 2022. http://dx.doi.org/10.1063/5.0083532.

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Zhao, A., D. Zhang, and J. Q. Shi. "Forecasting and Analysis of EUR/USD Exchange Rate Moving Direction with Support Vector Machine." In 2018 IEEE 8th Annual International Conference on CYBER Technology in Automation, Control, and Intelligent Systems (CYBER). IEEE, 2018. http://dx.doi.org/10.1109/cyber.2018.8688080.

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Reports on the topic "Exchange rate of USD and INR"

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Pompeu, Gustavo, and José Luiz Rossi. Real/Dollar Exchange Rate Prediction Combining Machine Learning and Fundamental Models. Inter-American Development Bank, 2022. http://dx.doi.org/10.18235/0004491.

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The study of the predictability of exchange rates has been a very recurring theme on the economics literature for decades, and very often is not possible to beat a random walk prediction, particularly when trying to forecast short time periods. Although there are several studies about exchange rate forecasting in general, predictions of specifically Brazilian real (BRL) to United States dollar (USD) exchange rates are very hard to find in the literature. The objective of this work is to predict the specific BRL to USD exchange rates by applying machine learning models combined with fundamental theories from macroeconomics, such as monetary and Taylor rule models, and compare the results to those of a random walk model by using the root mean squared error (RMSE) and the Diebold-Mariano (DM) test. We show that it is possible to beat the random walk by these metrics.
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Karlsson, Hyunjoo Kim, and Yushu Li. Investigation of Swedish krona exchange rate volatilityby APARCH-Support Vector Regression. Department of Economics and Statistics, Linnaeus University, 2024. http://dx.doi.org/10.15626/ns.wp.2024.10.

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This paper investigates daily exchange rate volatility behaviors with a focus on a small open economy’s currency, the Swedish krona (SEK), against four currencies: the U.S. dollar, Euro, the Pound Sterling (GBP), and the Norwegian krone (NOK) over the whole period from Jan. 2010 to March 2023, whereas the whole period is divided into different sub-sample periods based on the economic events. In the framework of APARCH models, we find that volatility behavior of the Swedish krona (SEK) exchange rates varies across different currency pairs (SEK being included in all cases) and sub-sample periods. Precisely, a negative asymmetric return-volatility relationship was found for the case of the SEK/EUR exchange rate, while an inverted asymmetric relationship was detected in the case of SEK/NOK exchange rate. Significant asymmetric effects of volatility in the SEK/USD and SEK/GBP exchange rates were not observed for either the whole period or the three sub-sample periods. As the return of exchange rate are all non-normally distributed, we then use a distribution-free support vector machine-based regression, called support vector regression (SVR), to estimate and forecast volatility in the framework of the chosen APARCH model for each krona exchange rate. The result shows that the SVR-APARCH based volatility forecasting performs better than the forecasting based on APARCH model estimated by maximum likelihood estimation (MLE).
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Rincón-Torres, Andrey Duván, Kimberly Rojas-Silva, and Juan Manuel Julio-Román. The Interdependence of FX and Treasury Bonds Markets: The Case of Colombia. Banco de la República, 2021. http://dx.doi.org/10.32468/be.1171.

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We study the interdependence of FX and Treasury Bonds (TES) markets in Colombia. To do this, we estimate a heteroskedasticity identified VAR model on the returns of the COP/USD exchange rate (TRM) and bond prices, as well as event-analysis models for return volatilities, number of quotes, quote volume, and bid/ask spreads. The data under analysis consists of 5-minute intraday bid/ask US dollar prices and bond quotes, for an assortment of bond species. For these species we also have the number of bid/ask quotes as well as their volume. We found, also, that the exchange rate conveys information to the TES market, but the opposite does not completely hold: A one percent COP depreciation leads to a persistent reduction of TES prices between 0.05% and 0.22%. However, a 1% TES price increase has a very small effect and not entirely significant on the exchange rate, i.e. a COP appreciation between 0.001% and 0.009%. Furthermore, TRM return volatility increases do not affect bond return volatility but its liquidity, i.e. the bid/ask quote number and volume. These results are coherent with the fact that the FX market more efficiently reflects the effect of shocks than the TES market, which may be due to its low liquidity and concentration on a specific habitat. These results have implications for the design of financial stability policies as well as for private portfolio design, rebalancing and hedging.
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Rowland, Peter. Uncovered interest parity and the USD/COP exchange rate. Banco de la República, 2003. http://dx.doi.org/10.32468/be.227.

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Solórzano, Diego, and Lenin Arango-Castillo. Price Duration Using Daily Online Data: Time- or State-Dependent? Banco de México, 2024. http://dx.doi.org/10.36095/banxico/di.2024.10.

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Using daily retail prices gathered through web scraping in Mexico, we analyze if price changes can be characterized by time-dependent features, like the duration of the price spell, and/or by variables associated with the state of the economy. Through the lens of a duration model, we find evidence of both time- and state-dependency behavior. Favoring time-dependency, on the one hand, estimates indicate that price spells exhibit greater risk of ending every seven days relative to other days in between. Advocating for state-dependency, the probability of price changes seems to be affected by variations in the USD/MXN exchange rate, variations in real point of sales expenditures and the COVID-19 pandemic. Finally, leveraging data gathered via direct visits to brick-and-mortar stores, we also find time-dependency and state-dependency in the duration of price spells.
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di Giovanni, Julian, Şebnem Kalemli-Özcan, Alvaro Silva, and Muhammed A. Yıldırım. Pandemic-Era Inflation Drivers and Global Spillovers. Federal Reserve Bank of New York, 2023. http://dx.doi.org/10.59576/sr.1080.

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We estimate a multi-country, multi-sector New Keynesian model to quantify the drivers of domestic inflation during 2020–23 in several countries, including the United States. The model matches observed inflation together with sector-level prices and wages. We further measure the relative importance of different types of shocks on inflation across countries over time. The key mechanism, the international transmission of demand, supply and energy shocks through global linkages helps us to match the behavior of the USD/EUR exchange rate. The quantification exercise yields four key findings. First, negative supply shocks to factors of production, labor and intermediate inputs, initially sparked inflation in 2020-21. Global supply chains and complementarities in production played an amplification role in this initial phase. Second, positive aggregate demand shocks, due to stimulative policies, widened demand-supply imbalances, amplifying inflation further during 2021-22. Third, the reallocation of consumption between goods and service sectors, a relative sector-level demand shock, played a role in transmitting these imbalances across countries through the global trade and production network. Fourth, global energy shocks have differential impacts on the U.S. relative to other countries’ inflation rates. Further, complementarities between energy and other inputs to production play a particularly important role in the quantitative impact of these shocks on inflation.
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Gradojevic, Nikola, and Christopher J. Neely. The Dynamic Interaction of Order Flows and the CAD/USD Exchange Rate. Federal Reserve Bank of St. Louis, 2008. http://dx.doi.org/10.20955/wp.2008.006.

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Rowland, Peter. Forecasting the USD/COP exchange rate: a random walk with a variable drift. Banco de la República, 2003. http://dx.doi.org/10.32468/be.253.

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Gamboa-Estrada, Fredy, and Jose Vicente Romero. Common and idiosyncratic movements in Latin-American Exchange Rates. Banco de la República, 2021. http://dx.doi.org/10.32468/be.1158.

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We propose a simple theoretical and empirical approach to differentiate between common and idiosyncratic exchange rate movements in 5 Latin-American economies: Brazil, Chile, Colombia, Mexico, and Peru. Our approach allows us to distinguish the effects on exchange rates of a regional exchange rate common factor and macroeconomic fundamentals differentials. The methodology and estimation strategy are suitable for both low and high frequency settings. We provide evidence that the regional common factor has a significant effect on the dynamics of the Latin-American exchange rates. In our estimations the relation between exchange rates and the common factor is contemporaneous and stable during the studied period.
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Carranza, Juan Esteban, Alejandra Ximena González-Ramírez, Juan Sebastián Vélez-Velásquez, and Alex Perez. Exchange rate pass-through in the Colombian car market. Banco de la República, 2023. http://dx.doi.org/10.32468/be.1240.

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The incomplete pass-through of exchange rates to prices is a well-documented phenomenon. Firms respond optimally to exchange rate shocks by adjusting margins and buying inputs from regions with more advantageous terms of trade. Consumers, in turn, substitute goods that become more expensive for relatively cheaper goods after an exchange rate shock. We use data from the market for new cars in Colombia to empirically analyze the determinants of incomplete pass- through after a large depreciation of the local currency. We estimate a structural oligopoly model that nests the optimal reactions of firms and consumers to as- sess their relative importance in explaining the lack of response of retail prices to the exchange rate shock. We find that, in relative terms, the most important factor explaining incomplete pass-through is consumer substitution, followed by strategic interaction between sellers.
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