Current Exchange Rate Of Australian Dollar To Indian Rupee
Introduction
Australia and India share close ties in terms of trade, tourism, and education. The exchange rate between the Australian dollar (AUD) and Indian rupee (INR) affects the value of imports, exports, and remittances between the two countries. In this article, we will explore the current exchange rate of Australian dollar to Indian rupee, factors affecting the exchange rate, and its impact on businesses and individuals.
Current Exchange Rate
As of August 2021, the exchange rate of Australian dollar to Indian rupee is 1 AUD = 56.77 INR. This means that if you exchange 1 Australian dollar, you will receive 56.77 Indian rupees in return. The exchange rate changes daily based on various factors such as demand and supply, inflation, interest rates, and political stability.
Factors Affecting Exchange Rate
The exchange rate between the Australian dollar and Indian rupee is influenced by several factors. Let's take a look at some of them below:
Economic Performance
The economic performance of a country affects its currency value. If a country's economy is growing and stable, its currency value tends to appreciate. On the other hand, if a country's economy is shrinking or unstable, its currency value tends to depreciate. Therefore, the exchange rate between the Australian dollar and Indian rupee is affected by the economic performance of both countries.
Interest Rates
The interest rates set by central banks affect the exchange rate of a country's currency. If a country's central bank raises interest rates, its currency value tends to appreciate as foreign investors seek higher returns. Conversely, if a country's central bank lowers interest rates, its currency value tends to depreciate as foreign investors seek better returns elsewhere.
Political Stability
Political stability is an important factor that affects a country's currency value. If a country is politically stable and has a predictable government, its currency value tends to appreciate as foreign investors feel confident in investing in the country. However, if a country is politically unstable or has an unpredictable government, its currency value tends to depreciate as foreign investors feel uncertain about investing in the country.
Impact on Businesses and Individuals
The exchange rate between the Australian dollar and Indian rupee has a significant impact on businesses and individuals. Let's take a look at some of them below:
Importers and Exporters
Importers and exporters are directly affected by the exchange rate as they deal with foreign currencies. If the Australian dollar appreciates against the Indian rupee, it becomes cheaper for Australian importers to buy Indian goods, but Indian exporters earn less revenue in Australian dollars. Conversely, if the Australian dollar depreciates against the Indian rupee, it becomes more expensive for Australian importers to buy Indian goods, but Indian exporters earn more revenue in Australian dollars.
Remittance Senders and Receivers
Remittance senders and receivers are indirectly affected by the exchange rate as they deal with cross-border money transfers. If the Australian dollar appreciates against the Indian rupee, it becomes cheaper for Australians to send money to India, but Indians receive less money in Indian rupees. Conversely, if the Australian dollar depreciates against the Indian rupee, it becomes more expensive for Australians to send money to India, but Indians receive more money in Indian rupees.
Conclusion
The exchange rate between the Australian dollar and Indian rupee is a dynamic and complex concept that affects various aspects of international trade and finance. Understanding the current exchange rate, factors affecting it, and its impact on businesses and individuals is crucial for making informed decisions. As the global economy continues to evolve, the exchange rate between the Australian dollar and Indian rupee will continue to fluctuate, and it is up to us to adapt to these changes.