Foreign Exchange Rate Canadian Dollar To Philippine Peso
What is Foreign Exchange Rate?
Foreign exchange rate refers to the value of one country's currency against another country's currency. It is the exchange rate that determines the value of the foreign currency when converted into the local currency. The exchange rate is crucial in international trade, investment and travel.
Canadian Dollar To Philippine Peso Exchange Rate
The Canadian dollar (CAD) is the official currency of Canada while the Philippine peso (PHP) is the official currency of the Philippines. The exchange rate between the Canadian dollar and the Philippine peso varies depending on the forex market conditions. As of April 2021, the Canadian dollar to Philippine peso exchange rate is 1 CAD = 38.12 PHP.
Factors Affecting the Exchange Rate
There are several factors that affect the foreign exchange rate. These include:
- Interest rates
- Inflation rate
- Political stability
- Economic growth
- Current account balance
- Market speculation
Impact of Exchange Rate on Trade
The exchange rate plays a crucial role in international trade. If the exchange rate between two countries' currencies changes, it can impact the demand for goods and services between the two countries. For example, if the Canadian dollar appreciates against the Philippine peso, Canadian goods become more expensive for Philippine buyers, and demand for those goods may decrease.
How to Convert Canadian Dollar To Philippine Peso
Converting Canadian dollar to Philippine peso can be done through banking institutions or foreign exchange brokers. The exchange rate offered by each institution may vary, so it is important to shop around for the best rate. Another option is to use online currency conversion tools, which provide real-time exchange rates.
Conclusion
The Canadian dollar to Philippine peso exchange rate is subject to change based on various factors affecting the forex market. It is important to keep an eye on the exchange rate when travelling, investing or engaging in international trade.