Current Rate Of Canadian Dollar In Indian Rupees
Introduction
The Canadian dollar, also known as the loonie, is the official currency of Canada. On the other hand, the Indian rupee is the official currency of India. The exchange rate between the two currencies is an important factor for those who are travelling or doing business between the two countries. In this article, we will discuss the current rate of the Canadian dollar in Indian rupees.
The Exchange Rate
The current exchange rate between the Canadian dollar and the Indian rupee is approximately 1 CAD = 55.65 INR. This means that one Canadian dollar is equal to 55.65 Indian rupees. This rate is subject to change based on various factors such as economic conditions, political stability, and global events.
Factors Affecting the Exchange Rate
There are several factors that can affect the exchange rate between the Canadian dollar and the Indian rupee. Some of these factors include:
- Economic conditions: The economic conditions of both countries can have a significant impact on the exchange rate. If the Canadian economy is strong and growing, the Canadian dollar may be more valuable compared to the Indian rupee.
- Political stability: Political instability in either country can lead to fluctuations in the exchange rate. A stable political environment can lead to a more stable exchange rate.
- Global events: Global events such as natural disasters or geopolitical tensions can also impact the exchange rate.
Historical Exchange Rates
The exchange rate between the Canadian dollar and the Indian rupee has fluctuated over time. Here are some historical exchange rates:
- In 2016, the exchange rate was approximately 1 CAD = 48 INR.
- In 2017, the exchange rate was approximately 1 CAD = 51 INR.
- In 2018, the exchange rate was approximately 1 CAD = 54 INR.
- In 2019, the exchange rate was approximately 1 CAD = 53 INR.
- In 2020, the exchange rate was approximately 1 CAD = 55 INR.
Impact on Travel and Business
The exchange rate between the Canadian dollar and the Indian rupee can have a significant impact on travel and business between the two countries. For example, if the Canadian dollar is strong compared to the Indian rupee, it may be more expensive for Canadians to travel to India or for Indian businesses to import goods from Canada. On the other hand, if the Indian rupee is strong compared to the Canadian dollar, it may be cheaper for Canadians to travel to India or for Indian businesses to import goods from Canada.
Conclusion
The current rate of the Canadian dollar in Indian rupees is an important factor for those who are travelling or doing business between the two countries. The exchange rate is subject to change based on various factors such as economic conditions, political stability, and global events. It is important to keep an eye on the exchange rate in order to make informed travel and business decisions.