Canadian Dollar To Philippine Peso Exchange Rate History
Introduction
Exchanging currencies is an essential part of international trade and commerce. The Canadian dollar and Philippine peso are two currencies that have a rich history of exchange rates. In this article, we will explore the exchange rate history between the Canadian dollar and Philippine peso.
The Canadian Dollar
The Canadian dollar, also known as the CAD or C$, is the official currency of Canada. It is one of the most traded currencies in the world and is known for its stability and reliability. The Canadian dollar is divided into 100 cents.
The Philippine Peso
The Philippine peso, also known as the PHP or ₱, is the official currency of the Philippines. It is the 13th most traded currency in Asia and is known for its volatility. The Philippine peso is divided into 100 centavos.
The Exchange Rate History
The exchange rate history between the Canadian dollar and Philippine peso has been volatile over the years. In the 1960s, the Canadian dollar was worth around 2 Philippine pesos. However, in the 1970s, the value of the Canadian dollar began to increase, and by the 1980s, it was worth around 20 Philippine pesos.
The value of the Canadian dollar continued to fluctuate over the years, reaching a high of 42 Philippine pesos in 1991. However, by the early 2000s, the Canadian dollar had fallen in value to around 30 Philippine pesos.
Over the past decade, the exchange rate between the Canadian dollar and Philippine peso has been relatively stable, with the Canadian dollar worth between 35 and 40 Philippine pesos.
Factors Affecting the Exchange Rate
There are several factors that can affect the exchange rate between the Canadian dollar and Philippine peso. These include:
- Interest rates
- Economic growth
- Inflation
- Political stability
- International trade
Changes in any of these factors can cause the exchange rate to fluctuate. For example, if Canada experiences high levels of economic growth and low inflation, the value of the Canadian dollar may increase relative to the Philippine peso.
The Importance of Exchange Rates
Exchange rates play a crucial role in international trade and commerce. They determine the value of one currency in relation to another, which can have a significant impact on trade and investment between countries.
For example, if the Canadian dollar is strong relative to the Philippine peso, Canadian exports to the Philippines may become more expensive, making them less competitive in the Philippine market. On the other hand, Philippine imports to Canada may become cheaper, making them more attractive to Canadian consumers.
Conclusion
The exchange rate history between the Canadian dollar and Philippine peso has been a volatile one. However, over the past decade, the exchange rate has been relatively stable. Factors such as interest rates, economic growth, inflation, political stability, and international trade can all affect the exchange rate between these two currencies. Understanding the exchange rate is crucial for businesses and individuals involved in international trade and commerce.