While a decrease in AUD/INR was forecast in 2020, the opposite occurred and that's been great news for Indian expat workers.
Australian dollar to Indian rupee bank forecasts
The Reserve Bank of India’s huge bond buying announcement in April sunk the Indian rupee back below 57 to the Australian dollar.
Unlike Latin American countries, which continue to benefit from a U.S. recovery, Asian countries are vulnerable to economic austerity in Saudi Arabia and elsewhere in the Middle East due to the drop in demand for Oil during the Covid pandemic. More than 60% of remittances to India, Bangladesh and Pakistan come from Gulf countries.
In 2020, from the initial pandemic shock in March through to the end of the year, AUD/INR rose 30 percent, welcome news for Indian expat workers, who represent one of the largest groups remitting money from Australia.
AUDINR at 57.49has risen 1.3% above its 90-day average, range 55.08-58.47.
Note that forecasts and predictions for the AUD/INR exchange rate change all the time, affected by news events and relative sentiment towards the Australian and Indian and this exchange rate is even more volatile than usual because of the uncertainties around the Coronavirus pandemic.
Australian Dollar in the markets
The Australian Dollar held above US77c after the RBA’s May monetary policy announcement left interest rates unchanged as expected. AUD Markets
Indian Rupee in the markets
The Reserve Bank of India’s announcement of a huge government bond purchase programme in April has ended the Indian rupee’s resilience to U.S. dollar strength and other currencies such as GBP and AUD. INR Markets
What is a good AUD to INR exchange rate?
Whether the Australian dollar will rise or drop in the future versus the rupee is a difficult question and the answer really depends on many factors. The best way to consider an exchange rate's relative value is to look at the rate's history.
The following table looks at the change in the AUD to INR exchange rate to the present day for periods going back upto 10 years:
30 Apr 2021
07 Apr 2021
06 Feb 2021
07 May 2020
08 May 2016
10 May 2011
AUD/INR 10 year historic rates & change to 07-May-2021 : 57.4902
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