The Canadian Dollar is the official currency of Canada. It is the fifth largest reserve currency in the world and is represented as CAD or CAN$, or C$. Also known as the loonie, the Canadian Dollar was first introduced in 1858, and since then, it has become the legal tender for the country. Read to find out how INR and CAD rates have evolved over the years.
How to convert INR to CAD?
To convert INR to CAD, you will have to divide the Indian currency with the exchange rate. Let's understand this with an example. If you want to convert Rs 2 lakhs to Canadian Dollars and the current exchange rate of CAD INR is Rs 60.90. You will have to divide Rs 2 lakhs with 60.90 to get its equivalent value in Canadian Dollars.
CAD = 2,00,000/60.90
CAD = 3,283.60
Though this looks like a simple calculation, with changing exchange rates, it can be a difficult task. Hence it is better to use a currency converter that uses the latest exchange rate. Jupiter free currency convertor is one such calculator that can help you in estimating how many Canadian Dollars you can get against your Indian Rupees.
What is the highest CAD to INR?
The Rupee depreciated against the Canadian Dollar in August 2013 to Rs 65.59. This was the highest CAD to INR rate in the last ten years, 2012-2022.
Will the Rupee get stronger against CAD?
The CAD and INR rate has grown from Rs 50 to Rs 60 in the last five years. Several reasons contributed to the depreciation of the Rupee, including increasing oil prices and a growing current account deficit. With oil being one of the major commodities of Canada, the Canadian Dollar is expected to remain a dominant currency against the Rupee for some time now. However, as the movement towards more natural and eco-friendly fuels increases, we can expect the Canadian Dollar to weaken against the Rupee slightly. But the Rupee will never surpass the Canadian Dollar as Canada has a very diverse economy spread across several industries, including oil, mining, fishing, agriculture, tourism, and manufacturing. A downturn in one industry is made up by the outperformance of other industries.
What is the best way to convert INR to CAD?
Banks and money changers help in converting INR to CAD. But banks charge an additional fee and also have a high exchange rate. In contrast, money changers charge lower fees than banks and offer competitive exchange rates. So it is best if you approach money changers to convert currency. You can visit their websites to check the exchange rate and compare the available options. Choose the one with the least exchange rate and convert your currency. You can opt for cash or a prepaid forex card. If you are travelling to Canada, then it's better you carry 80% in forex card and the rest in cash.
A brief history of the Canadian Pound to Canadian Dollar
In 1760, when the British conquered Quebec, Canada was already using French coins and American colonial bills. After this, Canadians also used pounds, shillings and pence as their currency. However, in the mid-19th century, when the British wanted all its colonies to link their currency to the sterling, the Canadian colonies preferred linking their currency to the US Dollar due to their strong local trade relationships.
By 1840, the British merged all Canadian colonies into one, establishing a set exchange rate between the Canadian Pound and the British Pound. Despite this, the Canadians preferred the US decimal system, the Canadian currency was linked to gold. Hence the Canadian Dollar emerged and was valued at par with the US Dollar.
Why is CAD falling?
In 2022 US Dollar strengthened against all currencies mainly due to interest rate hikes initiated by the Fed. A high-interest rate led to higher investment in the US as compared to other countries. Despite multiple rate hikes by the Bank of Canada, high inflation in the country and a weak economy led to the depreciation of the CAD against the US Dollar.
History to 1 CAD to INR from 1947
Frequently Asked Questions
What is $1 called in Canada?
The Canadian Dollar is called ‘The loonie'. The name is derived from the loon, an aquatic bird which is minted on one side of the coin. Canada doesn't have one Dollar bill. Instead, it has coins for one and two dollars, which are called loonie and toonie, respectively. The lowest printed currency bill in Canada is CAN$ 5 bills.
Do I need Canadian money in Canada?
Yes, you will need Canadian Dollars in Canada. Though most of the local attractions accept US Dollars, Canadian Dollars are the best if you are travelling from India. You can carry some amount in cash, but it's best to use debit and credit cards as they are widely accepted across the country.
How much cash can I bring to Canada if I am traveling from India?
There is no restriction on the amount of money you can carry to and out of Canada. However, if you carry more than CAD 10,000, you must declare it at customs.
How much was 1 Canadian Dollar in INR in 1947?
In 1947, one Canadian Dollar was worth Rs 4.37. The value stayed the same until 1966. However, the Rupee depreciated after it adopted the floating exchange rate system.
List of supported countries
Common currency conversion values at today’s exchange rate:
Commonly used currency terms are:
1 crore which has 7 zeroes - 1,00,00,000
1 Arab which has 9 zeroes - 1,00,00,00,000
1 Kharab which has 11 zeroes - 1,00,00,00,00,000
1 Neel which has 13 zeroes - 1,00,00,00,00,00,000
1 Padma which has 15 zeroes - 1,00,00,00,00,00,00,000
1 million which has 6 zeroes - 1,000,000 (Ten lakh in Indian common currency terms)
1 billion which has 9 zeroes - 1,000,000,000 (One Arab in Indian common currency terms)