Canadian Dollar Vs Indian Rupee Exchange Rate History
Canadian Dollar and Indian Rupee are two of the world's most traded currencies. Both currencies have a fascinating history of ups and downs in their exchange rates. In this article, we will take a deep dive into the Canadian Dollar Vs Indian Rupee Exchange Rate History.
The Early Years
Canada and India have a long-standing relationship that goes back to the early days of India's independence. In the 1950s, Canada recognized India's independence and established diplomatic relations with the country. However, there was no significant trade between the two countries.
The Canadian Dollar was introduced in 1858, while the Indian Rupee was first issued in 1540. During the early years, the exchange rate between the two currencies was relatively stable.
The 1970s and 1980s
The 1970s were a period of great economic turmoil for both Canada and India. The global oil crisis had a significant impact on the economies of both countries. The Canadian Dollar suffered a significant devaluation during this period, while the Indian Rupee remained relatively stable.
In the 1980s, the Indian government introduced economic reforms to liberalize the economy. This move led to an increase in foreign investment and a rise in the value of the Indian Rupee. The Canadian Dollar also started to recover during this period.
The 1990s and 2000s
The 1990s and 2000s were a period of growth and stability for both Canada and India. The North American Free Trade Agreement (NAFTA) was signed in 1994, which led to an increase in trade between Canada, the United States, and Mexico. This move had a positive impact on the Canadian Dollar.
The Indian economy continued to grow during this period, and the Indian Rupee appreciated against the Canadian Dollar. In 2007, the Indian stock market reached an all-time high, which led to an increase in foreign investment in the country.
The Global Financial Crisis
The global financial crisis of 2008 had a significant impact on the economies of both Canada and India. The Canadian Dollar suffered a significant devaluation during this period, while the Indian Rupee remained relatively stable.
The Indian government introduced several measures to stimulate the economy during this period, which led to an increase in foreign investment in the country. However, the Indian Rupee still suffered a devaluation against the Canadian Dollar.
The Present Day
As of 2021, the Canadian Dollar and Indian Rupee continue to be two of the world's most traded currencies. The exchange rate between the two currencies has been relatively stable in recent years.
The COVID-19 pandemic had a significant impact on the global economy, and both Canada and India were not immune to its effects. However, both countries have implemented measures to stimulate their economies and keep them afloat during these challenging times.
Conclusion
The Canadian Dollar Vs Indian Rupee Exchange Rate History is a fascinating story of two currencies that have had their fair share of ups and downs. While the exchange rate between the two currencies has been relatively stable in recent years, it is essential to keep an eye on any developments that could impact their value.