Exchange Rate Of Canadian Dollar To Nepali Rupees
As an international traveler or a business owner, it is important to keep track of the exchange rates of different currencies. The exchange rate between the Canadian dollar and Nepali rupees is an important one to keep an eye on. In this article, we will discuss the current exchange rate, factors that influence the rate, and ways to get the best rate when exchanging currency.
Current Exchange Rate
As of August 2021, the current exchange rate of Canadian dollar to Nepali rupees is 86.01. This means that one Canadian dollar can be exchanged for 86.01 Nepali rupees. However, it is important to note that the exchange rate can fluctuate daily due to various economic and political factors.
Factors That Influence The Exchange Rate
The exchange rate between the Canadian dollar and Nepali rupees is influenced by several factors such as inflation rates, interest rates, political stability, and economic growth. Inflation rates in Nepal and Canada can affect the exchange rate. If inflation rates in Nepal are higher than in Canada, it can result in a decrease in the exchange rate. Similarly, if interest rates in Canada are higher than in Nepal, it can increase the exchange rate.
Political stability is another factor that can affect the exchange rate. If there is political instability in Nepal, it can result in a decrease in the exchange rate. On the other hand, if there is political stability, it can increase the exchange rate. Economic growth is also a significant factor in determining the exchange rate. If Nepal's economy is growing faster than Canada's, it can increase the exchange rate, and vice versa.
Ways To Get The Best Exchange Rate
There are several ways to get the best exchange rate when exchanging Canadian dollars to Nepali rupees. One of the best ways is to compare the rates of different financial institutions such as banks and currency exchange offices. It is recommended to check the rates of at least three different institutions to get a better idea of the average rate.
Another way to get the best rate is to use online currency exchange services. These services offer competitive rates and can be more convenient than physically visiting a currency exchange office. However, it is important to ensure that the service is legitimate and secure before using it.
Lastly, it is recommended to avoid exchanging currency at airports or tourist areas as they often offer poor rates due to high demand and low competition.
Conclusion
Keeping track of the exchange rate between the Canadian dollar and Nepali rupees is important for international travelers and business owners. The current exchange rate is 86.01 Nepali rupees for one Canadian dollar, but it can fluctuate due to various factors such as inflation rates, interest rates, political stability, and economic growth. To get the best exchange rate, it is recommended to compare rates of different institutions, use online currency exchange services, and avoid exchanging currency at airports or tourist areas.