A fair amount of money flows between different countries of the European Union (EU) and India regularly. For instance, in 2016, more than U.S. $550 million was sent from Italy to India and over U.S. $300 million was sent from Germany to India. These numbers only account for personal remittances. Trade wise, the EU remains India’s top trading partner, with exports and imports between the two regions exceeding €77 billion in 2016.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Fee Free. Every Transfer.
- USD$10 / NO FEES
- 1 - 3 Days
- £1000 / $1000 / €1000 / AUD$2000
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
The euro is the world’s second most traded currency, after the U.S. dollar. It is also the world’s second most preferred reserve currency. In April 2016, the global forex market turnover share of the euro stood at 31.4%. The name of the currency was officially adopted in December 1995. Its introduction to the world financial markets took place on 1 January, 1999, when it was officially introduced. However, euro-denominated coins and banknotes were released on1 January, 2002.
As of August 2018, 19 of the 28 EU member states have adopted the Euro. These include:
The euro is also used as legal tender in some overseas territories of EU members as well as in Kosovo and Montenegro. Cuba began using the euro as a trading currency in 1998, and Syria did the same in 2006.
|Nicknames||Quid, aereo, pavo, ege|
|Bank notes||EUR 5, EUR 10, EUR 20, EUR 50, |
EUR 100, EUR 200, EUR 500
|Coins||1c, 2c, 5c, 10c, 20c, 50c, EUR 1, EUR 2|
Roots of the Indian rupee trace back to the 6th century BCE. Incidentally, some of the world’s oldest coins belong to the Indian subcontinent. The word rupee comes from “rūpyakam”, a Sanskrit word that means “coin of silver”. During Sher Shah Suri’s rule from 1540 to 1545, he introduced silver coins referred to as “Rupiya”. The Indian rupee replaced currencies used by previously autonomous states when India became an independent nation in 1947.
The Indian rupee’s value was linked to gold from 1947 to 1971, although it changed over time, from 4.15 grains of fine gold in 1947 to 1.83 grains of fine gold in 1966. Its value remained constant from 1966 to 1971, after which it was pegged to the pound sterling. The next change came in 1975, when it moved its peg to a basket of currencies. Its reliance on the peg system came to an end in 1991.
The Bhutanese ngultrum is pegged to the Indian rupee at par. The Nepalese rupee is pegged to the Indian rupee at NPR 0.625 = INR 1. While the Indian rupee is commonly accepted in Bhutan and Nepal, Nepal does not permit the use of INR 500 and INR 2,000 banknotes. The Indian rupee was declared as legal tender by Zimbabwe in January 2014. Its unofficial use is also found in Bangladesh.
The Indian rupee was the world’s 18th most commonly traded currency in April 2016, making up for 1.1% of the international forex market turnover.
|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|
Euro / Indian Rupee Historical Rates
In 1850, the Indian rupee valued at £0.5. Between both the World Wars, its value dropped to around Rs 13 to the pound sterling. It did not change until the Bretton Woods agreement was abandoned in 1971. India’s liberalization efforts in the 1990s did not do much good for the rupee and its value declined further.
On 1 January, 1999, upon the introduction of the euro, the Indian rupee traded at around Rs 48 against the euro. The rupee then gained in value against the euro over the next few months, trading at below Rs 40 against the euro in October 2000. The euro then began gaining in value. It breached the INR 50 mark in December 2005, and crossed the INR 60 mark in February 2008.
The global financial crisis of 2008 did not dampen the value of the euro. It continued to rise in value against the Indian rupee, peaking at a then all time high of close to INR 70 in November 2009. The rupee experienced a brief respite over the next few months, trading at around INR 57 against the euro by May 2010.
Fuelled by economic growth, the euro was back on track, rising steadily in value against the rupee until early 2013. In March 2013, the rupee valued at just under INR 70 against the euro. The next few months saw the euro take a steep climb, as the rupee hit its all time low of close to INR 90 by August 2013. Fortunately for the rupee, this trend did not last long because the newly elected government in India helped boost investor confidence. The rupee was back to below INR 70 against the euro by February 2015.
The EUR/INR currency pair has continued to show signs of volatility since then. The rupee traded at around INR 75 against the euro in March 2016, before dropping to below INR 70 against the euro by March 2017. In April 2018, it traded at over INR 80 against the euro again.
EUR/INR in the last five years
|EUR 1 =|
|1 July, 2013||Rs 80.9528|
|1 July, 2014||Rs 81.0770|
|1 July, 2015||Rs 70.3100|
|1 July, 2016||Rs 74.4805|
|1 July, 2017||Rs 76.0255|
EUR/INR in the last five months
|EUR 1 =|
|1 March, 2018||Rs 80.2380|
|1 April, 2018||Rs 80.2740|
|1 May, 2018||Rs 79.8390|
|1 June, 2018||Rs 79.9955|
|1 July, 2018||Rs 80.0400|
What Affects EUR/INR Rates?
Since both the euro and the Indian rupee are floating currencies, this currency pair is subject to some degree of volatility. While the Reserve Bank of India (RBI), the country’s central bank, has placed restrictions of movement of the rupee outside of the country, around 20% of the global population still uses this currency.
The RBI trades the rupee regularly and also takes other measures to try and manage volatility to some extent. The Indian government has also imposed some capital controls and currency convertibility restrictions. For example, you cannot import or export Indian rupees as a foreign national. Other factors that may have a bearing on the EUR/INR currency pair include existing investor sentiment as well as trade deficits of both regions.
If you plan to transfer money from the European Union to India or in the other direction, take a look at the existing EUR/INR exchange rate. Then, compare it with exchange rates provided by the top overseas money transfer companies. What you also need to look at, though, is the fee you need to pay.