Question 1

Who decides INR to CAD exchange rate?

Accepted Answer

A currency's value is set by the volume of transactions buying and selling it in the market. It is also affected by the trade deficit, commodity prices, GDP, inflation, and interest rates. The performance of its central bank sets the value of one currency relative to another; in this case, the Indian Rupee and the Canadian Dollar are managed by the Reserve Bank of India and the Bank of Canada, respectively.

Question 2

Why is the Canadian Dollar (CAD) rising against the Indian Rupee (INR)?

Accepted Answer

The performance of a currency is influenced by its trade balance, crude oil price, gold imports, GDP, and inflation rate. Compared to the Canada, India performs poorly in all the areas listed above. The rupee has lost value against the Canadian Dollar due to this and the economy's instability.

Question 3

Why is Indian Rupee (INR) weak?

Accepted Answer

The Indian Rupee is weak due to the country's growing trade deficit, rising inflation rates, and low GDP. The Indian Rupee's value falls as the Reserve Bank of India purchases more US Dollars. Foreign debt accumulation affects currency performance as well.

Question 4

Will Indian Rupee (INR) get stronger against the Canadian Dollar (CAD) in 2023?

Accepted Answer

Few expect the rupee to strengthen at the start of 2023. However, according to the Reserve Bank of India, the Indian economy and currency are expected to stabilize by the end of 2023. This implies that the rupee will rise against the Canadian Dollar.

Question 5

Which is the lowest currency in the world?

Accepted Answer

Iranian Rial (IRR) is the lowest currency in the world. 1 USD = 42200.00 IRR as of 26th January 2023, 8:40 pm UTC.

Question 6

Which is the highest currency in the world?

Accepted Answer

Kuwaiti Dinar (KWD) is the highest currency in the world. 1 KWD = 3.28 USD as of 26th January 2023, 8:40 pm UTC.

Question 7

Which is the safest currency in the world?

Accepted Answer

The Swiss franc is currently the most secure currency in the world (CHF). It has the safest currency in the world due to its neutrality, robust monetary policies, and low debt levels. However, only a portion of the money is secure. The US Dollar (USD) is, as is common knowledge, the most valuable currency in the world.

Question 8

Why countries keep their currency weaker?

Accepted Answer

As a nation's currency weakens, its ability to attract foreign investment and exports increases. This reduces their trade deficits, reducing their interest payments on their foreign currency debt.

Question 9

Why countries keep their currency strong?

Accepted Answer

Countries strive to maintain stable currencies to reduce inflation and import costs. This facilitates the acquisition of funds from other nations, raising funds at lower interest rates and enhancing the lives of individuals.

Question 10

What are the benefits of weak currency?

Accepted Answer

A weak currency has many benefits, such as a positive trade balance with profitable exports and fewer imports, a faster rate of GDP growth, and a lower current account deficit.

Question 11

What are the drawbacks of weak currency?

Accepted Answer

When the currency weakens, the inflation rate rises, reducing its value.

Question 12

What are the benefits of strong currency?

Accepted Answer

Lower inflation rates, cheaper imports, high purchasing power, and currency demand are the most significant benefits of a strong currency.

Question 13

What are the drawbacks of strong currency?

Accepted Answer

One of the main issues with having a strong currency is that it makes exports less profitable and makes it more difficult to run businesses and services in other countries.

Question 14

What factors determine the currency strength?

Accepted Answer

Currency strength is determined by various factors, including GDP, the Consumer Price Index (CPI), the unemployment rate, interest rates, crude oil prices, gold imports, the balance of trade, and so on. The strength of a currency is also closely related to its political and economic stability. A currency's value is also affected by how well it is used in other countries.

Question 15

Which countries have the highest forex currency reserves?

Accepted Answer

China, Japan, Switzerland, India, Russia, Taiwan, Saudi Arabia, Hong Kong, South Korea, and Brazil have the most foreign exchange reserves.

Question 16

How much forex currency reserve Canada has?

Accepted Answer

Canada has over $106 Billion of forex currency reserve.

Question 17

What is the highest ever INR to CAD exchange rate?

Accepted Answer

The highest ever INR to CAD exchange rate was 1 INR = 0.016944 CAD on 30 Sep 2022.

Question 18

What is the lowest ever INR to CAD exchange rate?

Accepted Answer

The lowest ever INR to CAD exchange rate was 1 INR = 0.016034 CAD on 11 Aug 2022.

Question 19

How much was 1 INR to CAD in 1950?

Accepted Answer

NA

Question 20

How much was 1 INR to CAD in 1975?

Accepted Answer

NA

Question 21

How much was 1 INR to CAD in 2000?

Accepted Answer

1 INR to CAD was 0.033 in 2000.

Question 22

How much was 1 INR to CAD in 2015?

Accepted Answer

1 INR to CAD was 0.021 in 2015.

Question 23

How much was 1 INR to CAD in 2020?

Accepted Answer

1 INR to CAD was 0.017 in 2020.

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