Instances of people sending money from Canada to India and the other way around are not uncommon. In 2016, more than U.S. $2.6 billion made its way from Canada to India as remittances. In the same year, around U.S. $2 million was sent from India to Canada. Bilateral trade of merchandise and services between both countries accounted for over C$10.15 billion in 2016.
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The Canadian Dollar
The Canadian dollar, nicknamed the loonie, has served as Canada’s official currency since 1858. It gets its nickname from the picture of the loon found on the country’s one dollar coin. The Canadian dollar is also used as legal tender in Miquelon and Saint Pierre.
Canada moved away from the gold standard temporarily during the First World War, and then again in 1933. The Canadian dollar adopted the floating regimen in 1950. In 1962, it was pegged to the U.S. dollar, before returning to the floating system again in 1970.
The global foreign exchange market turnover share of the Canadian dollar was 5.1% in April 2016, making it the world’s sixth most commonly traded currency.
|Currency symbol||$, C$|
|Nicknames||Loonie, huard in French|
|Bank notes||$5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1, $2|
Mention of the rupee in some form dates back to 6th century BCE in India. The use of silver coins referred to as “rupiyas” was common from 1540 to 1545, during the rule Sher Shah Suri, a Mughal king. The word rupee comes from the Sanskrit word “rūpyakam”.
After India’s independence from the British in 1947, the rupee replaced all currencies used by states that were previously autonomous. Now, the use of the Indian rupee in varying degrees can be seen in Nepal, Bhutan, Bangladesh, and Zimbabwe.
From 1947 to 1971, the value of the Indian rupee depended on a par value system. Fixed at 4.15 grains of fine gold in 1947, it changed to 2.88 grains of fine gold in 1949. Another revision came in 1966, when the value of the rupee was further devalued to 1.83 grains of fine gold. Its exchange rate did not change from 1966 to 1971.
The Indian rupee was pegged to the pound sterling in 1971, and then to a basket of currencies in 1975. The rupee’s dependence on the peg system ended in 1991.
In April 2016, the global forex market turnover share of the Indian rupee was 1.1%, making it the 18th most commonly traded currency globally.
|Currency symbol||, Rs|
|Bank notes||Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, |
Rs 100, Rs 200, Rs 500, Rs 1,000
|Coins||Rs 1, Rs 2, Rs 5, Rs 10|
Canadian Dollar / Indian Rupee Historical Rates
From the early 1990s to mid 2013, the Indian rupee almost consistently dropped in value against the Canadian dollar.
The Indian rupee traded at below Rs 15 against the Canadian dollar in mid 1990. By mid 1991, it was trading at more than Rs 20 against the Canadian dollar. From then until mid 1995, it traded largely in between Rs 22 and Rs 25 against the Canadian dollar, although it did breach the Rs 25 mark a couple of times.
The Canadian dollar’s steady upward trend returned around July 1995, at which point the Indian rupee traded at around Rs 23 against the Canadian dollar. By December 1999, the rupee was trading at over Rs 30 against the Canadian dollar.
While the Indian government was unable to deal with rising inflation and high public debt, Canada’s economy was bolstered because of rising oil prices and an increase in demand for its commodities. As a result, the Indian rupee was trading at over Rs 35 against the Canadian dollar by mid 2004. The rupee’s downward trend continued, and by mid 2006, it was trading at over Rs 40 against the Canadian dollar.
The rupee had some respite going forward, trading at around Rs 37 against the Canadian dollar in early 2007. However, this did not last long, and it crossed the Rs 40 mark again by September in the same year. In early 2011, it breached the Rs 45 mark against the Canadian dollar for the first time. By the end of the year, it was trading at over Rs 50 against the Canadian dollar.
Economic reforms introduced by India in 2012 did not do much good for the value of the rupee, and by the end of the year it was trading at over Rs 55 against the Canadian dollar. The panic created by the 2013 U.S. Federal Reserve Board’s announcement about its intention to cut-back on its foreign bond buying program had a telling effect on the value of the Indian rupee. It got to an all-time low of over Rs 62 against the Canadian dollar in August 2013.
The Indian rupee saw a revival of sorts in the next few months. In early 2015, it briefly traded at below Rs 50 against the Canadian dollar. Since then, its value has fluctuated largely between Rs 47 and Rs 55 against the Canadian dollar.
CAD/INR in the last five years
|1 July, 2013||Rs 59.215|
|1 July, 2014||Rs 55.522|
|1 July, 2015||Rs 48.889|
|1 July, 2016||Rs 51.129|
|1 July, 2017||Rs 51.451|
CAD/INR in the last five months
|1 March, 2018||Rs 50.500|
|1 April, 2018||Rs 51.744|
|1 May, 2018||Rs 52.037|
|1 June, 2018||Rs 52.132|
|1 July, 2018||Rs 52.633|
What Affects CAD/INR Rates?
Oil prices have typically affected the value of the Canadian dollar. For instance, when oil prices increase the value of the Canadian dollar increases against most currencies, the Indian rupee included. Other factors that may have an effect on how the CAD/INR currency pair performs include changes in monetary policies implemented by Canada and India, as well as their interest rate differentials, gross domestic product (GDP), trade balances, and sociopolitical environment.
The CAD/INR exchange rate you get to see on Google is the interbank rate, and not the rate that applies on personal transfers. Besides, if you wish to send money from Canada to India or in the opposite direction, pay attention not just to the exchange rate you get, but also to the fees to need to pay.