Looking for the currency Egyptian Pound (EGP) to INR rate?
How was your
trip to Egypt? If you are an experienced traveler then you probably know the importance of carrying extra
forex. You don’t want the hassle of finding a reliable forex vendor in the middle of the ancient mummies of Egypt. Moreover, arranging for forex in Egypt could also be an expensive affair. This is why smart travelers prefer carrying marginally more than the estimated foreign exchange to ensure a worry-free vacation.
Importance of the EGP
The Egyptian Pyramid, the ancient pride of Egypt is not unknown to any corner of the world. The essence of Egyptian rich culture is popular across the world. Not just in terms of the socio-cultural sector, but the country has also advanced a lot in the economic sector. EGP or Egyptian Pound is an important currency and it is also known as Baku, Arnab, and Feel. 1 Egyptian Pound is equal to 100 Piastras. Prior to the introduction of the Pound in 1834, the country had the currency known as Piastre. The symbol for the Egyptian Pound is E£. Not just in Egypt but EGP is also used in some parts of Sudan and the Gaza Strip.
Introduction of the EGP
EGP is the short form for the Egyptian Pound which was adopted as the official currency of Egypt back in 1834 in place of Piastras. It is sometimes also symbolically represented as LE (Livre Egyptiénne ). EGP was initially fixed at par with gold and silver bi-metal standards. In 1961, Egypt established its central bank, known as The Central Bank of Egypt. The institution started looking after the circulation, management, and administration of the currency.
Later on, EGP was pegged to the Pound Sterling until 1962. In 1962, the EGP got pegged to the US Dollar (USD). Later on, after the devaluation of the USD in 1973 and that of the EGP in 1978, EGP continued to be only partially pegged to the USD. In 2016, EGP unpegged itself and became a floating currency. It was done in order to receive IMF funding. Currently, EGP comes in both banknotes of denominations 1, 5, 10, 20, 50, 100, and 200 Pounds and coins in the denominations of 5, 10, 20, 25, and 50 Piastras and also of 1 Pounds.
Factors that affect the exchange of the EGP to INR
The exchange rate is one of the essential parts of any economy. It explains the position of one currency with respect to others in the world market. The current exchange rate of EGP-INR is 2.66 EGP per INR. This means one has to give INR 2.66 in order to receive 1 EGP and vice-versa.
There are several reasons that have affected the currency of both Egypt and India so far. Egypt has both an import and export market. So, the prices of commodities in the international market affect the exchange rate to a great extent. Also, internal economic and political stability is also responsible. Crude oil, natural gas, metal, chemicals, textiles, pharmaceuticals, cement, etc. are some important products traded by Egypt. Apart from these, tourism also makes a huge impact.
Convert EGP to INR Online as per Today’s Conversion Rate
EGP is a floating currency as it is not pegged to any currency since 2016. On the other hand, INR is also not pegged to any currency. So, both countries follow floating currency and depending on various factors, the exchange rate also varies every now and then. The current exchange rate is 2.66 INR/EGP. Let's see an illustration:
Mr Manish works in Cairo and is excited about her wife's birthday. Her wife, Shivangi is currently in Mumbai, Delhi. Manish is planning to send today EGP 10,000 to her wife so she could make the most of her birthday. Today's exchange rate of EGP-INR is 2.66 INR/EGP. So, as of today's rate, Shivangi will receive INR 26,600.
Convert EGP to INR
When you are planning to make an international transaction like that of EGP-INR, do not forget to make use of the currency converter. This online tool/calculator gives you a quick insight into the amount you will receive upon conversion as per the current rates. Also, using a currency calculator helps you make informed decisions. Let's see what the will be results for EGP-INR conversion as per today's exchange rate of 2.66 INR/EGP:
1 EGP = INR 2.66
100 EGP = INR 266
1000 EGP = INR 2,660 and
INR 1= 0.38 EGP
INR 100= 38 EGP
INR 1000= 380 EGP.
How are EGP-INR Rates Determined?
The monetary authorities of both countries are responsible to manage and administer the currency flow in the country and also look after the exchange rate in the global market. The Central Bank of Egypt and the Reserve Bank of India are the central banks of both countries. These institutions collaborate together to decide the current exchange rate depending on global economic changes on a daily basis. With a rise in the value of the trading commodities in the international market, the exchange rate is likely to increase and vice-versa.
EGP and INR Overview
Egypt is one of the most popular countries in the world due to various reasons, both ancient and current. The pyramids of Egypt attract huge attention from tourists which has led to flourishing Egypt tourism. Although Covid-19 hit the tourism sector hard, slowly all the countries are recovering from it. When it comes to African countries, Egypt is one of the most important trading partners for India. Both countries enjoy bilateral trade and the trading relations are only expected to grow further. So, the monetary transaction also is an essential process for both countries. Currently, the rate is 2.66 INR/EGP. If you are willing to make any transaction, do give the currency converter a try to calculate the results for you.
Disclaimer: The figures are for illustrations only, as the currency rates are subject to change.
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