Malaysia is home to 2.4 million NRIs and the volume of remittances received from Malaysia to India is substantial. The transactions are often done by finding the best time to remit money to India keeping in mind the trend of the exchange rates while converting Malaysian Ringgit to Indian Rupees. In this article, we will explore this very trend for the conversion of MYR to INR.
MYR to INR Conversion Rate Today
Malaysian Ringgit VS Indian Rupee Trend: (July 2021)
|July 2021||MYR to INR|
|1st July||17.90 INR|
|31st July||17.62 INR|
|Highest Rate||17.94 INR (2nd July)|
|Lowest Rate||17.56 INR (30th July)|
Converting MYR to INR: The Factors
Converting one currency to another involves multiple factors that affect these exchange rates. The Forex market is the largest market in the world and the trade of currencies happens almost all the time. The exchange rate of the currencies is impacted by external factors like inflation, which refers to the rates at which the general price of goods and services increase in a country. The lowering of inflation is a healthy sign for the economy of the country resulting in the appreciation of the currency.
There are a lot of other factors that affect the rate of exchange such as interest rates, balance of payments, supply of money, etc. The economic, social and political conditions of a country defines how strong or weak its currency will be. With the positives falling in one place, the value of the currency rises and it becomes preferred by investors globally. The more the country exports its goods and services the more the currency strengthens. The balancing of imports with exports is a very essential factor to determine the strength and value of the currency.
These factors are very volatile and these exchange rates fluctuate every day. But worry not! We at SBNRI, trace these changes on a regular basis to help you with your investments and remittances. Connect to our experts using the button below to get advisory on choosing the best time to remit money to India capitalizing on the best exchange rates for JPY to INR. Also, visit our blog and youtube channel for more details.