RBC Currency Exchange Rate Calculator
.currency-exchange-calculator {
font-family: sans-serif;
border: 1px solid #ddd;
padding: 20px;
border-radius: 8px;
max-width: 500px;
margin: 20px auto;
background-color: #f9f9f9;
}
.currency-exchange-calculator h2 {
text-align: center;
color: #333;
margin-bottom: 20px;
}
.inputs .form-group {
margin-bottom: 15px;
}
.inputs label {
display: block;
margin-bottom: 5px;
font-weight: bold;
color: #555;
}
.inputs input[type="number"],
.inputs select {
width: calc(100% – 22px);
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box;
}
.inputs button {
width: 100%;
padding: 12px 20px;
background-color: #007bff;
color: white;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
transition: background-color 0.3s ease;
}
.inputs button:hover {
background-color: #0056b3;
}
#result {
margin-top: 20px;
padding: 15px;
border: 1px solid #e0e0e0;
border-radius: 4px;
background-color: #fff;
text-align: center;
font-size: 1.1em;
color: #333;
min-height: 40px; /* To prevent layout shifts */
}
function calculateExchange() {
var amountToConvert = parseFloat(document.getElementById("amountToConvert").value);
var sourceCurrency = document.getElementById("sourceCurrency").value;
var targetCurrency = document.getElementById("targetCurrency").value;
var resultElement = document.getElementById("result");
if (isNaN(amountToConvert) || amountToConvert <= 0) {
resultElement.innerHTML = "Please enter a valid amount.";
return;
}
// Placeholder exchange rates (these would typically be fetched from an API)
// These are *example* rates for demonstration purposes.
var exchangeRates = {
"CAD": {
"USD": 0.73,
"EUR": 0.68,
"GBP": 0.58,
"JPY": 108.00,
"CAD": 1.00
},
"USD": {
"CAD": 1.37,
"EUR": 0.93,
"GBP": 0.79,
"JPY": 148.00,
"USD": 1.00
},
"EUR": {
"CAD": 1.47,
"USD": 1.07,
"GBP": 0.85,
"JPY": 159.00,
"EUR": 1.00
},
"GBP": {
"CAD": 1.72,
"USD": 1.26,
"EUR": 1.17,
"JPY": 187.00,
"GBP": 1.00
},
"JPY": {
"CAD": 0.0093,
"USD": 0.0068,
"EUR": 0.0063,
"GBP": 0.0053,
"JPY": 1.00
}
};
var rate = exchangeRates[sourceCurrency][targetCurrency];
if (rate === undefined) {
resultElement.innerHTML = "Exchange rate not available for this pair.";
return;
}
var convertedAmount = amountToConvert * rate;
resultElement.innerHTML = amountToConvert + " " + sourceCurrency + " is approximately " + convertedAmount.toFixed(2) + " " + targetCurrency;
}
Understanding Currency Exchange Rates
A currency exchange rate is the value of one country's currency expressed in terms of another country's currency. For example, if the exchange rate between the Canadian Dollar (CAD) and the US Dollar (USD) is 1 CAD = 0.73 USD, it means that one Canadian Dollar can be exchanged for 0.73 US Dollars.
These rates are constantly fluctuating due to a variety of economic and political factors, including:
- Interest Rates: Higher interest rates in a country can attract foreign capital, increasing demand for its currency and thus its value.
- Inflation: High inflation erodes the purchasing power of a currency, generally leading to a decrease in its value relative to other currencies.
- Economic Performance: A strong economy with low unemployment and robust growth typically leads to a stronger currency.
- Political Stability: Countries with stable political environments are often seen as safer investment destinations, boosting their currency's value.
- Trade Balances: A country with a trade surplus (exports more than it imports) may see increased demand for its currency.
When you exchange currency, you're essentially buying one currency and selling another. Banks and currency exchange services, like RBC, facilitate these transactions. They typically use a benchmark rate (often based on the interbank market) and then apply their own spread or commission, which is how they make a profit. The rates you see on financial news or currency converter tools are usually mid-market rates, and the rate you get from a financial institution might differ slightly.
This calculator provides an estimate based on indicative exchange rates. For actual transaction rates, please consult RBC directly or check their official foreign exchange services.