INR/IDR Exchange Rates and Providers Compared
This guide to the Indian Rupee to Indonesian Rupiah exchange rate with 90-day chart & alerts, historic rates, forecasts and INR to IDR comparison tables for foreign transfers and travel money rates and fees on offer by banks and foreign exchange providers. If you want to calculate equivalent amounts in foreign currencies or rate margins then use our INR/IDR Quick Calculator.
Exchange rates can vary significantly depending on the transaction type (transfer, cash or card), currency pair and amount. The below table shows an example of total costs charged by FX specialists and banks for INR/IDR International Money Transfers. Costs are calculated against the current interbank mid-rate.
INR to IDR International Money Transfers
|Foreign Transfer Providers||Receive IDR(Rp)||Exchange Rate||Fee INR||Total Cost||Deal Links|
Banks - Average Rate International Money Transfers
Banks - Average Rate
|Foreign Transfer INR→IDR|
|From Amount (INR)||₹10,000|
|Exchange Rate:||184.99 (6% from mid-rate)|
|To Amount (IDR)||Rp1,847,125|
|Transfer Speed:||2-3 days|
|Services:||Online, Branch, Bank Transfers|
INR and IDR in the Markets
When determining the best time to make a foreign exchange transaction, in this case the INR vs IDR, you should pay attention to the recent market trends for both currencies.
Indian Rupee (INR)
The rupee is doing remarkably well in what is normally a seasonally weak time of year and despite a 35 percent rise in the oil price this year (oil is India's largest import).
In early May, by the narrowest of margins, the rupee reached a 16-month high against the Australian dollar (₹48.4), before falling back slightly. It rose towards long-term highs against the euro (₹77.3) and was flat on the year against the US dollar (₹69.2), although it was 8 percent higher against the greenback than it had been in October of last year.
Read more in the article INR Forecasts.
Indonesian Rupiah (IDR)
The rupiah slipped in mid-May to 4-month lows against the US dollar (Rp.14,450) and yen (Rp.132), though it was steady against the Australian dollar (Rp.9,960). This pattern shows how much of the rupiah’s recent movements have been driven by risk sentiment. The rupiah remains historically weak, given its proximity to October’s 20-year low of Rp.15,265 per USD.
Weighing on investor sentiment this year has been the significant escalation in US-China trade tensions. Washington and Beijing both stepped up measures against one another.
For the rupiah, not helping matters in May was news of Indonesia’s worst monthly trade deficit in 6 years, at US$2.5 billion.
With exports struggling, Indonesia’s central bank is under pressure to lower interest rates from 6 percent, but having already pledged to support the rupiah, these rate cuts are unlikely to come, for now.
Capital Economics said in May that the rupiah would be “vulnerable to sudden falls during periods of weak risk appetite.”
DBS warned of “dire consequences” for emerging market currencies like the rupiah if no trade agreement is struck between the US and China.
Why can't I just get the INR/IDR market rate I see online or in the media?
The mid-rate is the rate you will see quoted online or the news. It is actually just the half-way point (hence mid-rate) between the last rate at which the INR / IDR was traded (bought or sold) in the international markets.
All foreign exchange providers charge a fee for providing their service and this fee is usually contained within the exchange rate margin (or difference to the mid-rate). Some providers such as Transferwise will quote you the mid-rate (or close to) and charge a separate percentage fee.
Getting a good market rate is mainly about timing however the transaction margin you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for travel money and possibly over 5% to 6% when sending money. The exact potential savings depends on the currencies being exchanged and the amount you are transferring and if you are willing to shop around.
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