Exchange Rate For Indian Rupee To Australian Dollar
The exchange rate between the Indian Rupee (INR) and the Australian Dollar (AUD) is an important factor for individuals and businesses that conduct international transactions between India and Australia. The exchange rate is the value of one currency in terms of another currency, and it affects the cost of goods and services that are purchased or sold across borders.
Factors That Affect the Exchange Rate
The exchange rate between INR and AUD is influenced by various factors, including:
- The economic performance of India and Australia
- The inflation rates in both countries
- The interest rates set by their respective central banks
- The political stability of both countries
- The level of trade between the two countries
All of these factors can affect the supply and demand for INR and AUD in the foreign exchange market, which ultimately determines the exchange rate between the two currencies.
Current Exchange Rate
As of August 2021, the exchange rate for INR to AUD is approximately 0.018 AUD for every 1 INR. This means that if you have 10,000 INR, you can exchange it for approximately 180 AUD.
It is important to note that the exchange rate can fluctuate daily due to various factors, such as changes in economic policies, political events, and market sentiment.
Impact of Exchange Rate on Businesses
The exchange rate can have a significant impact on businesses that conduct international trade between India and Australia. A stronger INR can make Indian goods and services more expensive for Australian importers, while a weaker INR can make Indian exports more competitive in the Australian market.
Similarly, a stronger AUD can make Australian goods and services more expensive for Indian importers, while a weaker AUD can make Australian exports more competitive in the Indian market.
Businesses can manage their exchange rate risk by using various tools, such as forward contracts, options, and currency hedges.
Conclusion
The exchange rate between INR and AUD is an important factor that affects individuals and businesses that conduct international transactions between India and Australia. It is influenced by various factors, such as economic performance, inflation rates, interest rates, political stability, and trade levels. The exchange rate can fluctuate daily, and businesses can manage their exchange rate risk by using various tools.