In March 2023, one Australian dollar is equivalent to 55 Indian rupees. The exchange rate between AUD and INR has remained relatively stable in recent months, with minor fluctuations of a few rupees in either direction.
Since June 2020, the conversion rate between the two currencies has been consistent, with one dollar worth between 50-58 INR. This followed a significant drop in March 2020, where the conversion rate fell to 43.13 INR due to the impact of the COVID-19 pandemic.
As the global economy continues to recover from the pandemic, it is anticipated that the Australian dollar and Indian rupee will maintain their current exchange rate, with the AUD showing strength while the INR struggles to recover from its losses.
The AU Dollar’s Outlook in 2022
In 2022, the Australian dollar faced a challenging year, similar to many other currencies worldwide. Central banks worldwide are prioritizing economic recovery from the COVID-19 pandemic, and the Reserve Bank of Australia (RBA) is no different.
The RBA began implementing its strict monetary policy by raising interest rates early in 2022, with the 10th consecutive rate hike taking place in that same year. Consequently, the Australian dollar's value declined against other currencies, particularly the USD.
However, from October 2022, the AUD started to recover its losses as market sentiment improved, and the USD rally lost momentum. According to Bartosz Sawicki, a market analyst at global fintech Conotoxia, this reversal of losses helped the Australian dollar gain strength against the Indian rupee, ending 2022 with a conversion rate of $1 AUD to ₹56.3 INR.
INR Performance & Drivers in 2022
In contrast to the Australian dollar's recovery in late 2022, the Indian rupee did not fare well, according to Sawicki. He stated that unlike the AUD against the USD, the INR did not experience a significant rebound and ended the year hovering just slightly above its all-time low.
Reuters reported that the Indian rupee was one of the worst-performing Asian currencies in 2022, with a 10.14% drop against the US dollar. This was the most significant annual decline for the Indian rupee since 2013.
According to Sawicki, in the short term, the Australian dollar may demonstrate greater resilience, whereas in the long term, the Indian rupee, which is moderately undervalued, may have more potential.
He explained that as a result, the INR depreciated by nearly 4% against the Australian dollar in 2022, despite having traded over 10% higher in October.
According to Sawicki, in the next six months, the Indian rupee is expected to recover due to the tightening of US monetary policy, robust GDP growth, and decreasing inflation. However, he also noted that the Australian dollar is likely to thrive in such an environment, given the improving macroeconomic performance of the Chinese economy and high commodity prices.
In general, it is anticipated that the conversion rate will continue to move "in AUD's favor" in the upcoming months.
This belief is supported by a Reuters survey of foreign exchange strategists, which suggests that the Indian rupee is expected to remain at its present level for the next few months, "barely recovering any of its losses from last year."
Australian Dollar to Indian Rupee Long-Term Forecast
Sawicki has made a long-term forecast for the Australian dollar to Indian rupee conversion rate, predicting that the rupee will eventually outperform the Australian dollar.
He stated, "By year-end, [the conversion rate] might decline as much as three to five percent," and added that in the short term, the AUD may prove more resilient, but in the long term, the INR, which is moderately undervalued, has more potential.
Here are some frequently asked questions (FAQs) about the Australian dollar to Indian rupee conversion:
- Will the Indian rupee get stronger?
It is expected that the Indian rupee will increase in value, but not in the short term. For the next few months, at least, the Indian rupee is expected to continue trading at similar levels as it is now when compared to the Australian dollar and USD.
- How much is $100 Australian in Indian rupees?
At the time of writing, the AUD/INR conversion rate is approximately 1/55. That means $100 Australian dollars equals ₹5500 Indian rupees.
- What is the Indian rupee symbol?
The symbol for the Indian rupee is ₹. It is also known as INR.
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