Price Of 1 Canadian Dollar In Indian Rupees
The Canadian Dollar, also known as CAD, is the official currency of Canada. It is one of the most traded currencies in the world, and is often used as a reserve currency by other countries. On the other hand, the Indian Rupee, also known as INR, is the official currency of India. It is one of the oldest currencies in the world, and is widely used in India and some neighboring countries.
Exchange Rate
The exchange rate of CAD to INR varies from time to time, depending on various factors such as the global economic situation, political stability, and government policies. As of August 2021, the exchange rate of 1 Canadian Dollar to Indian Rupee is around 58.60 INR. This means that if you have 1 CAD, you can exchange it for around 58.60 INR.
Factors Affecting Currency Exchange
There are several factors that affect the exchange rate of currencies, including the following:
- Economic Performance: The economic performance of a country can have a significant impact on its currency exchange rate. If a country's economy is doing well, its currency value may increase, leading to a higher exchange rate.
- Political Stability: The political stability of a country is also an important factor in determining its currency exchange rate. If a country is politically unstable, its currency may lose value, leading to a lower exchange rate.
- Interest Rates: Interest rates can also affect the exchange rate of currencies. If a country's interest rates are high, its currency may appreciate, leading to a higher exchange rate.
- Inflation Rates: Inflation rates can also affect the exchange rate of currencies. If a country's inflation rates are high, its currency may depreciate, leading to a lower exchange rate.
Impact of Exchange Rate on Trade
The exchange rate of currencies can have a significant impact on trade between countries. If the exchange rate of a currency is high, it means that the currency is stronger and can buy more goods and services from other countries. This can lead to an increase in imports and a decrease in exports, which can negatively impact a country's trade balance. On the other hand, if the exchange rate of a currency is low, it means that the currency is weaker and can buy fewer goods and services from other countries. This can lead to an increase in exports and a decrease in imports, which can positively impact a country's trade balance.
How to Convert CAD to INR
If you want to convert Canadian Dollars to Indian Rupees, you can do so through various methods, including:
- Bank: You can go to a bank that offers currency exchange services and exchange your Canadian Dollars for Indian Rupees.
- Online Currency Exchange: You can also use an online currency exchange platform to convert your Canadian Dollars to Indian Rupees.
- Currency Exchange Booth: You can also visit a currency exchange booth in your city and convert your Canadian Dollars to Indian Rupees.
Conclusion
The exchange rate of Canadian Dollar to Indian Rupee varies from time to time, and is influenced by various factors such as economic performance, political stability, interest rates, and inflation rates. The exchange rate can have a significant impact on trade between countries, and can be converted through various methods such as banks, online currency exchange platforms or currency exchange booths.