AUD to INR Exchange Rate
Ahh, India: the country that brought you chess, the Taj Mahal and, of course, the neti pot.
What influences the AUD/INR exchange rate?
Amongst other macroeconomic factors, developing trade relationships may influence the AUD to INR exchange rate--especially as India’s service exports grow. As of 2016, India and Australia are still finalising talks for a bilateral free trade agreement (FTA), which would reduce tariffs for exports and make it easier for skilled professionals to transfer between the countries.1
Additionally it’s important to keep in mind that the Reserve Bank of India (RBI) applies a ‘managed float’ exchange rate policy to the INR/USD relationship, which means that the RBI routinely trades in the forex market to ensure the USD/INR exchange rate is not too volatile. This policy may have subsequent effects on the AUD/INR relationship.
- In terms of nominal GDP, India is the world’s 7th largest economy and home to the world’s second largest labor force with a population of 1.2 billion. Australia, by contrast, comes in at number 12 in nominal GDP. However, on a per capita basis Australia is number 7 and India drops to 141st 2
- India is one of the world’s largest gold importers and often outpaces China in the demand for gold jewellery. Jewellery is also a major export for India accounting for almost 4% of total exports with a value of almost $12 billion (USD) as of 20143
- As of 2015, one of the fastest growing communities in Australia is Indian-born Australians who account for 1.8% of the population up from .7%.4
Whether you’re paying for a lavish wedding or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to India, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
Currency Name: Indian Rupee
Currency Code: INR
Currency Symbol: ₹
Central Bank: The Reserve Bank of India
Countries Used In: The Republic of India. Unofficially used in Bhutan and Nepal
Major Unit: One Indian Rupee
Minor Unit: One Paise = 1/100 of one Indian Rupee
Note Denominations: 1, 2, 5, 10, 20, 50, 100, 500 and 1000
Coin Denominations: 50 paise,1, 2, 5, 10, 50, 75, 100 and 1000.