AUD to AED Exchange Rate
Ahh, the United Arab Emirates. Where else can you get police who drive Lamborghinis and gold bars dispensed from an ATM?
What influences the AED/AUD exchange rate?
Like many Gulf currencies, the United Emirates Dirham (AED) is pegged to the U.S. dollar. Since 1997, the AED has been pegged to the U.S. dollar at a fixed rate of 3.6725 dirhams to 1 USD. That means the AED/AUD exchange rate will move in tandem with USD fluctuations.
While the UAE is a major petroleum exporter, the price of oil will not influence the AED/AUD exchange rate because of the U.S. dollar peg. Instead, the relative strength of the U.S. economy and changes in demand for Australian commodities such as iron ore, coal and gold may influence the AUD/AED exchange rate. As China is a major destination for Australian exports, any growth or slowing in the Chinese economy may influence the AUD/AED exchange rate.
Bilateral relations between Australia and the UAE are multifaceted and growing rapidly. They are underpinned by extensive trade relations, and the UAE is Australia’s largest Middle East trading partner. The two countries enjoy good defence and law enforcement cooperation, the latter underpinned by agreements on mutual legal assistance in criminal law matters and extradition.
--Australian Government Department of Foreign Affairs and Trade
The UAE’s major exports are petroleum products and gold with 85% of its exports headed for Asia.3
The export portfolio of Australia relies heavily on commodities including iron ore, petroleum gas, gold, and wheat. 34% of exports go to China.4
Dubai is home to the world’s tallest building: the Burj Khalifa. At 828 meters high, the Burj Khalifa opened in 2010 and took just six years to complete.
The Sydney Opera House welcomes 8.2 million visitors a year and contributes about a billion dollars annually to the Australian economy.5
AED to AUD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the AED to AUD exchange rate today.
For a more general discussion about exchange rate forecasting and macroeconomic factors to consider, check out this article.