A handy tool to help you navigate study-abroad finances
Stay informed with MSM Unify’s real-time updates on the exchange rates for the most-traded currencies around the world. The following table presents the latest exchange rates for the popular currencies to help you make efficient financial decisions based on accurate data.
| Currency | Currency code | Symbol | Amount |
|---|---|---|---|
|
United States Dollar |
USD |
$ |
1 |
|
Euro
|
EUR
|
€
|
0.928
|
|
British Pound
|
GBP |
£ |
0.791 |
|
Canadian Dollar
|
CAD |
CA$/ Can$/ C$ |
1.347 |
|
Australian Dollar
|
AUD |
A$/ AU$ |
1.537 |
|
Japanese Yen
|
JPY |
¥ |
149.107 |
Read this section to gain a brief understanding of the major currencies used globally. The overview given below will help you understand the standing and significance of these currencies in the international market.
The USD or the United States Dollar is the official currency of the United States of America. 1 US Dollar is equivalent to 100 cents. The US Dollar is considered a benchmark currency and is popularly used in currency transactions across the world.
Apart from the US, many other territories such as Ecuador, the Republic of Zimbabwe, the Republic of El Salvador, The British Virgin Islands, and many more have adopted the USD as their official currency. Furthermore, many other countries use the US Dollar unofficially.
The euro (EUR) is the official currency of the European Union (EU), adopted by 19 of the 27 member nations. It is the most popular currency after the US Dollar used worldwide for currency transactions.
The euro is managed and administered by the European Central Bank and the Eurosystem, comprising the central banks of the eurozone (a group of states in the European Union that accept the euro as the official currency).
The British Pound Sterling, abbreviated as the GBP, is the official currency of the United Kingdom, the South Sandwich Islands, the British Overseas Territories of South Georgia, the Isle of Man, and the British Antarctic Territory.
The GBP, also referred to as the Pound or Sterling, is one of the oldest currencies in use and is accepted in several parts of the world. The British Pound competes with the euro, the US dollar, and the Japanese yen in daily volume trading.
Australian Dollar (AUD) is the official currency of Australia, the three sovereign Pacific Island nations – Kiribati, Nauru, and Tuvalu, and several regions including Christmas Island, Norfolk Island, and Keeling Islands.
The Reserve Bank of Australia (RBA) which is Australia’s central bank, manages the Australian Dollar, governs the country’s monetary policy, and regulates the money supply.
The Canadian Dollar (CAD) is the official currency of Canada and ranks as the sixth most traded currency in the world. The Canadian Dollar is also regarded as the benchmark currency which implies that several central banks globally retain Canadian dollars as reserve currency.
The value of the Canadian dollar and Canada’s monetary policy is significantly influenced by global commodity prices. Also, it is important to note that the Bank of Canada (BOC) manages the development and distribution of banknotes throughout the country.
Japanese Yen, abbreviated as JPY, is the national currency of Japan and is the third most traded currency in the Forex market after the USD and euro. Furthermore, just like the USD, CAD, and euro, JPY is also used as the reserve currency by several regions.
The incorporation of the Japanese yen was a part of the Japanese economy’s modernization policy introduced during the late 19th century by the Meiji government. The yen’s appreciation is majorly attributed to the strengthening Japanese economy and the US dollar.
The Indian rupee (INR) is the official currency of India. Apart from India, the Indian rupee is also acceptable in countries like Nepal and Bhutan. Currently, the value of 1 Indian rupee is equivalent to 0.012 USD.
The value of the Indian rupee fluctuates in the foreign exchange market, and the Reserve Bank of India (RBI) actively trades currency to regulate its value. Furthermore, it is important to note that it is illegal for foreign nationals to import or export rupees; only Indian nationals can legally import or export rupees, that too in limited quantities.
The following section entails the top-searched exchange rates as of today. The currency value of every country is subject to change and depends on various factors such as inflation, interest rates, debt, deficits, imports, exports, and economic performance.
In this section, let us understand what currency is, its history and how it evolved.
So, what is currency?
Currency is defined as the medium of exchange for goods and services. Currency is also referred to as the standardization of money in any form that can be used in transactions by buyers and sellers.
The use of currency can be traced back to about 5000 years ago. Before that, people used a barter system, which refers to exchanging goods and services with other goods and services. For instance, a potter would exchange his pots for a pair of shoes from a shoemaker.
Gradually, the barter system started getting replaced with the concept of money. The earlier forms of money entailed the use of natural objects, and coins made of stone. This later progressed to coins made from metals like gold, silver, and copper, and now money has taken the form of paper notes and coins made using copper-nickel, stainless steel, and other such durable alloys.
The modern currency is evolving at a rapid pace, with people saving their money in digital accounts. While modern money is physically represented by paper bills and coins, most currency transactions today are done electronically across the world.
The paper bills and coins we use today are not made of any precious materials as they were used in the past. However, modern money is a store of value. In other words, it implies that currency holds a certain value which enables ongoing transactions for goods and services.
The following are the primary characteristics of money typically observed in every country.
Grasping the concept of money brings clarity to the role of currency, which is a day-to-day medium of exchange utilized by people across the globe.
The 21st century introduced a new type of currency to our vocabulary which is cryptocurrency, a type of virtual currency having no physical form. Cryptocurrency is decentralized digital money, which doesn’t require a centralized bank or financial institution to monitor the generation of currency units and transactions. The current technology used in cryptocurrency is Blockchain, with Bitcoin, Litecoin, and Ethereum being the popular types.
The value of cryptocurrencies fluctuates just like any other normal currency and they too can be traded just like normal currency.
The exchange rate is the present value of a currency relative to another currency. In other words, it is a rate at which one currency will be exchanged for another currency. The exchange rate significantly influences trade and the movement of money across international borders.
The exchange rate is impacted by the domestic currency value as well as the foreign currency value. For instance, the current exchange rate of EUR to USD is 1.074, which implies it takes 1.074 US dollars to buy 1 EUR. These exchange rates keep fluctuating in response to economic and political events, which in turn create the market for currency trading.
The live exchange rates are provided by the Forex (Foreign Exchange Market) – the global decentralized market where most currency transactions or the trading of currencies take place. This market functions at lightning speed where the exchange rate fluctuates every second!
MSM Currency Converter is a handy tool available online to help you convert one currency’s value into a relative amount of another currency. MSM Currency Converter makes use of sophisticated software to give an accurate and rapid outcome in terms of currency conversion.
So, for currency conversion, you don’t need to keep a tab on the live exchange rate in the forex market. Instead, you can use an MSM Currency Converter and convert the value of one currency to the other in no time. For instance, you can quickly convert euros to dollars, Australian dollars to Canadian dollars, British pounds to INR, and so on. In essence, all the permutations and combinations of currencies are now at your fingertips!
The online tool by MSM is extremely easy to use! Here are the four easy steps:
Here’s how the online MSM Currency Converter helps while embarking on your study-abroad journey, and even later.
Study-abroad aspirants can use the MSM Currency Converter to convert tuition fees and other expenses across various countries available in varied currencies to the home currency. In turn, you can assess study-abroad expenses precisely and plan your budget meticulously.
MSM Currency Converter provides the latest exchange rates, eliminating the errors caused by manual calculations. With this tool, you can stay informed about the latest currency fluctuations, and make financial transactions for studying overseas confidently.
The MSM Currency Converter is very easy to use. As mentioned above, in four simple steps, the user can get the converted currency value at zero service cost. So, access the tool online anytime and anywhere free of cost to plan your finances effectively before studying abroad, while seeking overseas education, and even later.
MSM Currency Converter is programmed to fetch the latest exchange rates and provide quick currency conversion outcomes to the user. In a matter of seconds, without diving deep into the world of forex or the complexities of fluctuations in exchange rates, the user can check the price for the desired currency.
MSM Currency Converter can thus be used anytime to assess the cost of accommodation abroad, compare prices, assess the value of scholarships or other financial aid in home currency, etc.
FAQs
We can use a currency converter for easy, free, and quick currency conversions when we need to travel abroad on a vacation or to study or work. You can also use the MSM Currency Converter overseas to assess the value of any product or service and make informed financial decisions.
The Kuwaiti Dinar (KWD) is presently the strongest currency in the world, due to Kuwait’s economic stability. 1 Kuwaiti Dinar is equivalent to INR 270.15 or 3.25 USD. The Indian expat group has a strong presence in Kuwait, making the KWD to INR the most popular Kuwait Dinar exchange rate.
Kuwaiti Dinar (KWD), Bahraini Dinar (BHD), Omani Rial (OMR), Jordanian Dinar (JOD), Gibraltar Pound (GIP), British Pound (GBP), Cayman Island Dollar (KYD), Swiss Franc (CHF), Euro (EUR), and United States Dollar (USD) are the ten most valued currencies in the world.
The Iranian Rial (IRR) is considered the world’s most affordable currency. 1 INR is equivalent to 508.53 IRR. It is regarded as the world’s cheapest or lowest currency owing to the political unrest in the country and high inflation.
A currency is considered strong when it is worth more than another country’s currency. A currency’s strength is influenced by several crucial factors including the demand and supply in foreign exchange markets, domestic economic growth and inflation, the central bank’s interest rates, and the country’s trade balance.
The currency exchange fee is the charge levied on your credit or debit card when you make a financial transaction abroad. Credit and debit card users might also need to pay a foreign transaction fee if their card includes such charges. Generally, the currency conversion fee is 1% of the transaction value.
MSM Unify is a student marketplace that connects students with educational institutions and recruitment partners worldwide. We unify and allow everyone in the industry to work collaboratively to reach the world’s curious learners and provide them with a host of options when it comes to their education.
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