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
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 57.21 is 2.1% above its 90-DAY average, range 54.14-57.63.
🔔 AUDINR is DOWN 0.7% TODAY.
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 pandemic year 2020 saw solid gains for the AUD against the majority of currencies, in particular from the initial pandemic driven market volatility in March right through to the end of the year. This was off the back of positive sentiment which continues to drive direction into 2021. The end of February sees the Aussie dollar nudging 0.90 US cents.
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:
18 Feb 2021
26 Jan 2021
27 Nov 2020
26 Feb 2020
27 Feb 2016
28 Feb 2011
AUD/INR 10 year historic rates & change to 25-Feb-2021 : 57.6326
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