| Provider | Amount To Send | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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Smart Currency Exchange | AUD $10,000.00 | No Fee | 53.9477 | 1-3 days | more... |
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Moneycorp | AUD $10,000.00 | No Fee | 53.2066 | 1-3 days | more... |
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Average Australia Bank | AUD $10,000.00 | No Fee | 51.7462 | 1-5 days | more... |
Below are the best exchange rates for australian dollars to rupees offered on FXcompared from our listed money transfer companies, to help you make the best decision for your transfer. AUS to INR Exchange Rates.
One-off payments | Regular payments | Great rates | Safeguarded customer funds
Average of the top 9 Australian Banks costs as compiled by our own FXC Intelligence group
Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers
The Australian dollar (AUD), Australia’s official currency, was originally a fixed currency at its introduction in 1966, directly pegged to the US dollar (USD). It was switched to a managed floating arrangement and was briefly pegged to Great Britain’s pound sterling (GBP) in August 1971, following the US dollar’s announced float. By the end of that year, the AUD had been revalued and was once again linked to the USD. The Australian dollar became a free-floating currency in December 1983, though the Reserve Bank of Australia (RBA) maintains the authority to intervene in the foreign exchange markets to prevent potentially harmful swings in the currency’s value.
The Australian dollar has historically traded at a higher conversion rate against the Indian Rupee (INR, “Rs”). Since 2000, the AUD to INR average conversion rate is Rs38.6018, with the AUD-INR exchange rate ranging from a high of Rs58.9932 to a low of Rs23.4571.
The AUD has steadily appreciated against the rupee for many years. In 2000, the conversion rate was AUD to INR Rs28.5871. While the dollar’s value fluctuated slightly against the rupee for the next several years, it consistently climbed in value, even as India’s economy grew. Starting in the early 1990s, the Indian government introduced a series of economic liberalization measures, which included privatization of state-owned enterprises, reduced controls on foreign investment and trade, and deregulation of many industries. These measures helped to accelerate India’s growth, with the country’s growth rate averaging under 7% each year from 1997 to 2011. During this time period, the Australian dollar continued a steady increase in value against the INR, and by January of 2011 was trading at Rs45.5154.
In 2011, the Australian economy began to weaken, brought on by slower annualized growth rates. This decline in growth was attributed in part to a drop-off in mining investments, weakened consumer sentiment and consumption, and softening labor markets. India’s economic growth also began to slow in 2011. Higher interest rates, rising inflation, and investor pessimism regarding the global economy and the Indian government’s commitment to push through additional economic reforms led to a decline in investment in the country. By the end of 2012, the Indian government introduced a series of additional economic reforms, including allowing increased levels of foreign participation in direct investment, and a number of deficit reduction measures. The rupee, however, was still in a slide against the Australian dollar. The year finished with the AUD to INR conversion rate at Rs57.0504 to the dollar.
The Reserve Bank of Australia recently announced that it will keep interest rates steady in the first quarter of 2015. The long-term outlook for the AUD, however, points to an overall weakening over time. India’s long-term growth outlook is moderately positive. This is due to a young work population and India’s increasing integration into the global economy. In 2014, India saw its investor confidence bounce back as a reform-minded government was elected to power.
During the last quarter of 2014, the Indian economy grew at a rate of 7.5%, the rupee began to stabilize, and the government began to get the country’s inflation under control. Over the next several years, India’s growth is expected to stay within the 7% range, as government reforms begin to have an effect. In early 2015, the currency exchange rate between AUD:INR showed the dollar with a slightly lowered value compared against the rupee, with a conversion rate of Rs48.2983. If India’s economy continues to strengthen, the rupee may continue to gain ground against the Australian dollar.
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