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Malaysian Ringgit to Indian Rupee (MYR to INR) Exchange Rate

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Malaysian Ringgit to Indian Rupee (MYR to INR) Exchange Rate

Jun 22, 2024

15 Mins

Today's MYR to INR Rate: 1 MYR = 17.77 INR

The Malaysian Ringgit (MYR) is the currency unit of Malaysia, represented by the currency code MYR. The Ringgit is available in various denominations of banknotes, including RM100, RM50, RM20, RM10, RM5, and RM1, as well as coins worth 50 sen (cents), 20 sen, 10 sen, and 5 sen.

The term 'Ringgit' dates back to the historical use of Spanish silver coins. It was officially adopted as the name for Malaysia's currency in August 1975. Previously, it was referred to as the 'dollar' in English and 'Ringgit' in Malay, using the '$' symbol until it was replaced by 'RM' in 1993. The Malaysian Ringgit is divided into 100 sen and is issued in denominations of 1, 5, 10, 20, 50, and 100 Ringgit.

Currency Exchange Rate (MYR to INR) - Last 10 Days

Date1 MYR to INR21-June-2417.7720-June-2417.7319-June-2417.7318-June-2417.6917-June-2417.7216-June-2417.7215-June-2417.7214-June-2417.7213-June-2417.6912-June-2417.71

In the 1990s, higher-denomination banknotes of 500 and 1,000 Ringgit were withdrawn from circulation to combat money laundering. These denominations were subsequently demonetized and held no monetary value. The Malaysian Ringgit is not only the official currency of Malaysia but is also accepted in border regions of neighboring countries such as Indonesia, the Philippines, Thailand, and Vietnam.

The transition to the Malaysian Ringgit occurred in June 1967, replacing the Malaya and British Borneo dollar at a one-to-one exchange rate. The currency was initially referred to in dollars and cents until its name officially changed to 'Ringgit' and 'Sen' in August 1975.

Converting Malaysian Ringgit to Indian Rupee Online

To convert Malaysian Ringgit (MYR) to Indian Rupees (INR) online, you can use online currency converters that provide current exchange rates. As of Monday, 9 October 2023, 1 Malaysian Ringgit is equivalent to Rs. 17.6698, with no change from the previous day.

These online currency converters offer tables displaying popular Malaysian Ringgit to Indian Rupee conversions and historical charts depicting current, weekly, and monthly exchange rates.

Currency calculators on popular currency exchange sites allow you to convert Malaysian Ringgit to Indian Rupees at the most favorable exchange rates. These rates are live and updated every 3 seconds, matching the interbank rates found on popular search engines. Online currency exchange platforms typically offer better rates, providing the latest and most competitive exchange rates for their customers.

Factors Influencing the Value of Malaysian Ringgit

The value of the Malaysian Ringgit is influenced by several factors, including:

Global Emerging Markets: Changes in global emerging markets can impact investor sentiment and capital flows, affecting the Ringgit's value. Economic developments in these markets can cause fluctuations in exchange rates.
Political Sentiment in Malaysia: Political stability and sentiments within Malaysia play a crucial role in determining the Ringgit's value. Political events, decisions, or uncertainties can affect investor confidence and the currency's exchange rate.
Commodity Prices: As a significant exporter of commodities, particularly oil and natural gas, fluctuations in global commodity prices can influence the Ringgit's value. Higher commodity prices may strengthen the Ringgit, while declining prices can lead to depreciation.
Offshore Trading: Offshore banks without a physical presence in Malaysia may engage in non-deliverable forward trading of the Ringgit. In 2016, regulatory authorities like Bank Negara began regulating these offshore transactions. The Ringgit remains primarily non-tradable in offshore markets.

These factors contribute to the dynamic nature of the Malaysian Ringgit's exchange rate and should be considered when evaluating its value in the foreign exchange market.

Today's MYR to INR Rate: 1 MYR = 17.77 INR

Currency Exchange Rate (MYR to INR) - Last 10 Days

Date1 MYR to INR21-June-2417.7720-June-2417.7319-June-2417.7318-June-2417.6917-June-2417.7216-June-2417.7215-June-2417.7214-June-2417.7213-June-2417.6912-June-2417.71

Converting Malaysian Ringgit to Indian Rupee Online

These online currency converters offer tables displaying popular Malaysian Ringgit to Indian Rupee conversions and historical charts depicting current, weekly, and monthly exchange rates.

Factors Influencing the Value of Malaysian Ringgit

The value of the Malaysian Ringgit is influenced by several factors, including:

Global Emerging Markets: Changes in global emerging markets can impact investor sentiment and capital flows, affecting the Ringgit's value. Economic developments in these markets can cause fluctuations in exchange rates.
Political Sentiment in Malaysia: Political stability and sentiments within Malaysia play a crucial role in determining the Ringgit's value. Political events, decisions, or uncertainties can affect investor confidence and the currency's exchange rate.
Commodity Prices: As a significant exporter of commodities, particularly oil and natural gas, fluctuations in global commodity prices can influence the Ringgit's value. Higher commodity prices may strengthen the Ringgit, while declining prices can lead to depreciation.
Offshore Trading: Offshore banks without a physical presence in Malaysia may engage in non-deliverable forward trading of the Ringgit. In 2016, regulatory authorities like Bank Negara began regulating these offshore transactions. The Ringgit remains primarily non-tradable in offshore markets.

These factors contribute to the dynamic nature of the Malaysian Ringgit's exchange rate and should be considered when evaluating its value in the foreign exchange market.