1 Canadian Dollar to INR in 1947: A Historical Exchange Rate
In 1947, India gained independence from British colonial rule, marking a significant milestone in the country's history. During this period, the Indian rupee (INR) was still pegged to the British pound, and the exchange rate with the Canadian dollar (CAD) was largely influenced by the British colonial legacy.
Historical Context
In the aftermath of World War II, the global economy was in a state of flux. Many countries, including India, were struggling to rebuild their economies. The Indian rupee, which was introduced in 1947, was pegged to the British pound at a fixed rate of 1 GBP = 13.33 INR.
Exchange Rate in 1947
According to historical records, the exchange rate between the Canadian dollar (CAD) and the Indian rupee (INR) in 1947 was approximately:
- 1 CAD = 21.50 INR
This exchange rate reflects the relatively strong position of the Canadian economy at the time, which was driven by its strong agricultural and natural resource sectors.
Economic Conditions in 1947
In 1947, India was facing significant economic challenges, including a severe food shortage, high inflation, and a large trade deficit. The country was heavily dependent on imported goods, particularly foodgrains, which put pressure on the exchange rate.
On the other hand, Canada was experiencing a post-war economic boom, driven by its strong agricultural sector and natural resource exports. This led to a strengthening of the Canadian dollar against the Indian rupee.
Conclusion
In conclusion, the exchange rate of 1 Canadian dollar to INR in 1947 was approximately 21.50 INR. This reflects the relatively strong position of the Canadian economy at the time, as well as India's economic challenges during its early years of independence. Understanding this historical exchange rate provides valuable insights into the economic dynamics of the time, and highlights the complexities of international trade and currency exchange.
