Since the beginning of the pandemic AUD/INR has increased over 23 percent and that's been great news for Indian expat workers in Australia.
Earlier in 2022 AUD had been strengthening against the Indian Rupee, passing the 57₹ threshold, in March as the tragic situation in Ukraine worsened.
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The fall in gas and oil prices sees the strongly commodity influenced Aussie dollar dropping, in May the AUD/INR is back below it’s 90-day average of 55 rupee to the Australian dollar.
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 war in Ukraine and the continuing Coronavirus pandemic.
In late January and again in May the AUD slipped below the key 0.70 USD mark, its lowest level since mid 2020.
However, AUD is widely expected to rise to US75¢ by the end of 2022 – the Aussie dollar is forecast to have a volatile year against a range of currencies.
Most Asian currencies weakened in 2021 (including the rupee) against the dollar on fears that surging energy prices could spur inflation and interest rate hikes.
India imports most of its oil requirements and higher crude prices tend to push up domestic inflation.
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.
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.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.