The exchange rate between Malaysia Ringgit (MYR) and Indian Rupee (INR) is essential to consider while transferring money from Malaysia to India. The exchange rate fluctuates continuously due to various economic and political factors affecting the two countries. In this article, we will explore the current exchange rate, the factors that determine it, and how it impacts transferring money to India from Malaysia.
The current exchange rate between MYR and INR is 1 MYR = 17.11 INR. This means if you want to transfer MYR 1000 to India, you will receive INR 17,110. However, this exchange rate is not fixed and may change anytime due to factors such as inflation, economic growth, trade policies, geopolitical issues, etc.
The exchange rate is determined by the demand and supply of currencies in the forex market. When the demand for a particular currency is high, its value increases; when the supply exceeds the demand, the value decreases. In the case of MYR and INR, the exchange rate is affected by the trading relationship between the two countries, import-export, and capital inflows and outflows.
For example, if Malaysia imports more goods from India than it exports, it creates a demand for INR in the forex market, increasing its value. Similarly, if Indian companies invest in Malaysia or Malaysian companies repatriate their profits to India, it creates a demand for MYR, leading to an increase in its value.
The exchange rate significantly impacts the amount of money transferred from Malaysia to India. A higher exchange rate means you will get more Indian rupees for the same amount of MYR, while a lower exchange rate means you will receive fewer rupees. Therefore, keeping an eye on the exchange rate before transferring money to India is crucial.
Moreover, the exchange rate also affects the cost of money transfers from Malaysia to India. Most money transfer services charge a fee or commission based on the exchange rate. Therefore, choosing a money transfer service provider with the best exchange rate and minimal fees is essential.
One such service provider is Lotus Remit, a leading online platform for international money transfers. Lotus Remit offers competitive exchange rates and low fees to transfer money from Malaysia to India. The platform is user-friendly, and you can transfer money in a few simple steps. All you need to do is register with Lotus Remit, verify your identity, and provide the recipient’s details. You can transfer money to any bank account in India, and the recipient will receive the money within 24 hours.
In conclusion, understanding the exchange rate between MYR and INR is crucial when transferring money from Malaysia to India. The exchange rate is determined by various economic and political factors affecting the two countries. It impacts the amount of money transferred and the cost of money transfer. Therefore, it is essential to keep an eye on the exchange rate and choose a reliable money transfer service provider like Lotus Remit to get the best exchange rate and minimal fees.