Current Rate Of Canadian Dollar In Indian Rupee
Introduction
The Canadian dollar, also known as the CAD, is the official currency of Canada. It is widely used for international transactions, including trade and investment. The Indian rupee, on the other hand, is the official currency of India. It is also widely used for international transactions, especially in South Asia. In this article, we will discuss the current rate of the Canadian dollar in Indian rupee.
Factors Affecting the Exchange Rate
The exchange rate between the Canadian dollar and Indian rupee is affected by various factors. These include:
- The economic conditions of both countries
- The political stability of both countries
- The interest rates set by the central banks of both countries
- The demand for the currencies in the international market
Current Rate
As of August 2021, the current rate of the Canadian dollar in Indian rupee is approximately 58.5 INR for 1 CAD. This means that if you want to convert 1 Canadian dollar into Indian rupee, you will get 58.5 INR. On the other hand, if you want to convert 1 Indian rupee into Canadian dollar, you will get approximately 0.017 CAD.
Historical Rates
The exchange rate between the Canadian dollar and Indian rupee has fluctuated over the years. In 2016, the CAD to INR rate was around 50 INR for 1 CAD. In 2017, it increased to around 53 INR for 1 CAD. In 2018, it reached its highest point, with the CAD to INR rate at around 57 INR for 1 CAD. In 2019, it decreased slightly to around 55 INR for 1 CAD. In 2020, it decreased further to around 50 INR for 1 CAD due to the COVID-19 pandemic. However, it has since then increased to around 58.5 INR for 1 CAD in 2021.
Impact on Trade and Investment
The exchange rate between the Canadian dollar and Indian rupee has a significant impact on trade and investment between the two countries. If the Canadian dollar strengthens against the Indian rupee, it becomes more expensive for Indian businesses to import goods from Canada. On the other hand, it becomes cheaper for Canadian businesses to export goods to India. This can result in a trade imbalance between the two countries. Similarly, if the Indian rupee strengthens against the Canadian dollar, it becomes more expensive for Canadian businesses to export goods to India. This can make it difficult for Canadian businesses to compete in the Indian market.
Conclusion
The exchange rate between the Canadian dollar and Indian rupee is influenced by various factors, such as economic conditions, political stability, interest rates, and demand. As of August 2021, the CAD to INR rate is around 58.5 INR for 1 CAD. The exchange rate has fluctuated over the years and has a significant impact on trade and investment between the two countries. It is essential for businesses and investors to keep track of the exchange rate to make informed decisions.