Canadian Dollar To Indian Rupee Exchange Rate History
Canada and India have a long-standing relationship, which has always been bolstered by their strong economic ties. One of the key components of these ties is the exchange rate between the Canadian dollar (CAD) and the Indian rupee (INR). Over the years, the exchange rate has fluctuated significantly, with several factors contributing to these fluctuations.
The Early Years
In the early years, from 1947 to 1975, the INR was pegged to the British pound, and the CAD was pegged to the US dollar. The exchange rate between CAD and INR was therefore indirectly linked to the USD-GBP exchange rate, which was quite stable during this period. The CAD to INR exchange rate was around 4.76 in 1947, and it remained relatively stable until the early 1970s.
The 1970s and 1980s
In the 1970s, the world experienced a significant oil shock, which led to a global recession. This had a significant impact on Canada, which was heavily dependent on its oil exports. The CAD to INR exchange rate fell to around 1.5 during this period.
In the 1980s, the CAD was hit by high inflation, which led to a decline in its value. The CAD to INR exchange rate fell to around 0.6 during this period.
The 1990s and Early 2000s
In the 1990s, the CAD to INR exchange rate remained relatively stable, hovering around the 20 mark. However, in the late 1990s and early 2000s, the CAD began to appreciate against the INR. This was due to several factors, including the rise of the Canadian economy, which was driven by its strong service sector.
The Global Financial Crisis
The global financial crisis of 2008 had a significant impact on the CAD to INR exchange rate. The CAD initially fell against the INR, but it quickly recovered as investors sought out safe-haven currencies. The CAD to INR exchange rate reached a high of around 58 in 2012.
The Recent Years
In recent years, the CAD to INR exchange rate has remained relatively stable, hovering around the 50 mark. This is due to several factors, including the strong economic ties between Canada and India and the stability of the Canadian economy.
Conclusion
The exchange rate between the CAD and INR has fluctuated significantly over the years, reflecting the economic conditions in both countries. While there have been periods of instability, the exchange rate has remained relatively stable in recent years, which is a positive sign for Canada and India's strong economic ties.