Exchange Rate Canadian Dollar To Sri Lankan Rupee
Introduction
Canada and Sri Lanka are two countries that are situated on opposite sides of the world. They have vastly different cultures, landscapes, and economies. However, there is one thing that connects them, and that is the exchange rate between the Canadian dollar and the Sri Lankan rupee. This article will explore the history of this exchange rate, its current state, and what factors influence it.
History of the Exchange Rate
The exchange rate between the Canadian dollar and the Sri Lankan rupee has not always been stable. In the early 2000s, the rupee was worth more than the Canadian dollar. However, as time went on, the Canadian dollar became stronger, and by 2012, it was worth more than the rupee. Since then, the exchange rate has fluctuated, with the Canadian dollar sometimes being worth more and sometimes being worth less than the rupee.
Current Exchange Rate
As of August 2021, the exchange rate between the Canadian dollar and the Sri Lankan rupee is approximately CAD 1 = LKR 133. This means that if you have CAD 100, you can exchange it for approximately LKR 13,300. However, it is important to note that exchange rates are constantly changing, and this rate may not be accurate in the future.
Factors Influencing the Exchange Rate
There are many factors that influence the exchange rate between the Canadian dollar and the Sri Lankan rupee. Some of these include:
- The economic health of both countries
- The political stability of both countries
- The interest rates set by both countries' central banks
- The supply and demand of both currencies in the global market
When one country's economy is doing better than the other, its currency will be worth more. Additionally, if there is more demand for one currency than the other, its value will go up. These factors, along with many others, all play a role in determining the exchange rate between the Canadian dollar and the Sri Lankan rupee.
Impact of Exchange Rate on Trade
The exchange rate between the Canadian dollar and the Sri Lankan rupee has a significant impact on trade between the two countries. When the Canadian dollar is stronger than the rupee, it makes it more expensive for Sri Lankan businesses to import goods from Canada. On the other hand, when the rupee is stronger than the Canadian dollar, it makes it more expensive for Canadian businesses to export goods to Sri Lanka. This can have a major impact on the economies of both countries.
Conclusion
The exchange rate between the Canadian dollar and the Sri Lankan rupee is an important factor in the relationship between these two countries. It has a significant impact on trade and is influenced by many factors, including the economic health of both countries, political stability, and global supply and demand. Understanding this exchange rate is crucial for businesses and individuals who wish to engage in trade between Canada and Sri Lanka.