Current Exchange Rate Indian Rupee To Canadian Dollar
Introduction
Exchange rates are the values at which one currency can be traded for another. The exchange rate between the Indian Rupee (INR) and the Canadian Dollar (CAD) is an important indicator of the economic relationship between India and Canada. This article will discuss the current exchange rate between the INR and CAD, as well as factors that influence the exchange rate.
Current Exchange Rate
As of September 2021, the exchange rate between the INR and CAD is approximately 0.018 CAD for 1 INR. This means that if you were to exchange 1,000 INR, you would receive approximately 18.22 CAD.
Factors Affecting the Exchange Rate
The exchange rate between the INR and CAD is influenced by a variety of factors, including:
- Interest Rates: Higher interest rates in Canada can attract foreign investors, causing the demand for CAD to increase, which can cause the exchange rate to rise.
- Inflation: Higher inflation rates in India can cause the value of the INR to decrease, making it less valuable compared to the CAD, which can cause the exchange rate to decrease.
- Trade: Trade between India and Canada can impact the demand for each country's currency, which can cause the exchange rate to fluctuate.
- Political Stability: Political instability in either India or Canada can cause uncertainty in the currency markets, which can cause the exchange rate to fluctuate.
Historical Exchange Rates
The exchange rate between the INR and CAD has fluctuated over time. In 2016, the exchange rate was approximately 0.019 CAD for 1 INR. In 2020, the exchange rate was approximately 0.018 CAD for 1 INR. Overall, the exchange rate has remained relatively stable over the past few years.
Impact on Trade and Investment
The exchange rate between the INR and CAD can have a significant impact on trade and investment between India and Canada. A stronger INR can make Indian exports more expensive for Canadian buyers, which can decrease demand for Indian goods. On the other hand, a weaker INR can make Indian exports more affordable for Canadian buyers, which can increase demand for Indian goods. Similarly, a stronger CAD can make Canadian exports more expensive for Indian buyers, while a weaker CAD can make Canadian exports more affordable for Indian buyers.
Conclusion
The exchange rate between the INR and CAD is an important indicator of the economic relationship between India and Canada. While the exchange rate can fluctuate over time, it has remained relatively stable in recent years. Factors such as interest rates, inflation, trade, and political stability can all influence the exchange rate. The exchange rate can also have a significant impact on trade and investment between India and Canada.