A fair amount of money flows between Australia and India regularly. In 2016, more than U.S. $1.76 billion was sent as remittances from Australia to India. In the same year, around U.S. $3 million made its way from India to Australia as remittances. Bilateral trade between both nations during 2015-2016 accounted for around AU $19.4 billion.
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The Australian dollar replaced the Australian pound in 1966. The new decimalized system introduced dollars and cents, and did away with pounds, shillings, and pence. The use of the Australia dollar is also common in Papua New Guinea, Kiribati, Vanuatu, Tonga, Tuvalu, and Nauru. The use of polymer bank notes began in 1988, as a means to prevent counterfeiting.
The value of the Australian dollar, upon its introduction, was pegged to the pound sterling, at which point one Australian dollar valued at a gram of gold. The peg’s shift to the U.S. dollar took place in 1973. The Australian dollar adopted the free floating system in December 1983.
The share of the Australian dollar in the international foreign exchange market turnover was 6.9% in April 2016, making it the fifth most commonly traded currency globally.
|Bank notes||$5, $10, $20, $50, $100|
|Coins||5c, 10c, 25c, 50c, $1, $2|
India is among the world’s oldest issuers of currency, with use of the rupee dating back to the 6th century BCE. Derived from the Sanskrit word “rūpyakam”, use of silver “rupiyas” was common during the reign of Sher Shah Suri, from 1540 to 1545. The Indian rupee replaced currency of states that operated autonomously after the country gained independence from England in 1947. Other than India, the use of the Indian rupee can also be found in Nepal, Bangladesh, Bhutan, and Zimbabwe.
Upon its decimalization in 1957, the rupee was divided into 100 paise. The exchange rate of the rupee relied on a par value system from 1947 to 1971. Its value was fixed at 4.15 grains of fine gold in 1947, it was revised to 2.88 grains of fine gold in 1949, and it devalued to 1.83 grains of fine gold in 1966. Then, its exchange rate remained the same until 1971.
In 1971, the value of the Indian rupee was pegged to the pound sterling. The peg’s shift to a basket of currencies took place in 1975. The rupee did away with depending on the peg system in 1991. The Indian rupee’s share in the global forex market turnover was 1.1% in April 2016, which made it the world’s 18th most commonly traded currency.
|Currency symbol||, Rs|
|Bank notes||Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, |
Rs 100, Rs 200, Rs 500, Rs 1,000
|Coins||Rs 1, Rs 2, Rs 5, Rs 10|
Australian Dollar / Indian Rupee Historical Rates
From the introduction of the Australian dollar in 1966 to around the end on 1988, the Indian rupee traded largely in between Rs 8 and Rs 12 against the Australian dollar. India’s efforts to liberate trade did not do much good for the value of the rupee, and by March 1992, it was trading at over Rs 24 against the Australian dollar. From then, until early 2003, the value of the Indian rupee hovered largely in between Rs 20 and Rs 30 against the Australian dollar.
The rupee witnessed in near consistent drop in value moving forward, trading at around Rs 35 against the Australian dollar by early 2004, and at over Rs 40 by mid 2008. After some brief respite until the end of 2008, the downward spiral began again. By mid 2011, the rupee was trading at over Rs 50 against the Australian dollar.
From mid 2012 to mid 2014, the value of the rupee hovered between Rs 54 and Rs 59 against the Australian dollar.
The 2014 elections in India worked in favor of the rupee’s value and by January 2015, the valued of the rupee dropped to below Rs 50 against the Australian dollar after more than a decade. Since then, the rupee has traded in between Rs 45 and Rs 52 against the Australian dollar.
AUD/INR in the last five years
|AU $1 =|
|1 July, 2013||Rs 54.663|
|1 July, 2014||Rs 56.295|
|1 July, 2015||Rs 46.743|
|1 July, 2016||Rs 50.638|
|1 July, 2017||Rs 51.380|
AUD/INR in the last five months
|AU $1 =|
|1 March, 2018||Rs 50.002|
|1 April, 2018||Rs 50.068|
|1 May, 2018||Rs 51.035|
|1 June, 2018||Rs 50.691|
|1 July, 2018||Rs 50.855|
What Affects AUD/INR Rates?
A decline in foreign investments along with stagnation in reforms has resulted in the rupee’s devaluation in recent times. Other factors that tend to have an effect on how the AUD/INR currency pair performs include policy changes, interest rates, inflation rates, trade balances, gross domestic product (GDP), investor sentiment, and the sociopolitical climate of both countries.
Pay close attention to the AUD/INR exchange rate you get when you transfer money from Australia to India or from India to Australia. This is because while the fee you pay has a bearing on the cost of your transfer, so does the exchange rate. To find the most cost effective option, it is best that you compare your options well.