Currency Conversion with Live Rate Currency Calculator
If you are looking for a quick way to know your currency conversion value, you are in the right place. Our Live Rate Currency Conversion Calculator lets you easily convert monetary values in real-time using the most up-to-date exchange rates. Moreover, this tool is perfect for anyone who needs to quickly and accurately determine exchange values on the go. Whether you’re a traveller, a business person, or just someone who wants to stay informed about global currency markets, our Live Rate Currency Conversion Calculator is the perfect tool for you.
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In this era of world tours, whether you are travelling from Australia to another country or vice-versa, you might encounter the need for currency conversion. But only some people are well versed with currency exchange rates and how it works. The infusion of technology has made currency conversion a layman's walk. With the help of a money converter, you can convert currencies in split seconds.
Generally, banks and small businesses offer currency exchange services as the government authorises them to convert one currency to another. Convert cash into another currency in various denominations to cater to your small to mid expenses, specifically when you plan to stay overseas.
What are Exchange Rates?
The price of one currency stated in terms of another currency (group of currencies) is known as an exchange rate. The exchange rate is a significant economic determinant for small open economies actively engaged in international trade, like Australia. Changes in the currency rate impact the decisions made by people, corporations, and the government. It impacts the balance of payments, inflation, and economic activity altogether.
The measurement of exchange rates can be done in a variety of methods. Additionally, many operational setups have been over time for calculating Australia's exchange rate. The fifth-most traded currency on foreign exchange markets is the Australian dollar, a freely traded currency.
Currency Exchange Rates
The following table depicts the currency conversion of Australian Dollars to other currencies.
| Currency Conversion | Currency Exchange Rate |
| AUD To INR | 55.06 |
| AUD To USD | 0.67 |
| AUD To EUR | 0.65 |
| AUD To PKR | 151.02 |
| AUD To PHP | 38.22 |
| AUD To GBP | 0.56 |
| AUD To HKD | 5.27 |
| AUD To LKR | 245.52 |
| AUD To MYR | 3.02 |
| AUD To VND | 16705.57 |
| AUD To CNY | 4.83 |
| AUD To JPY | 94.00 |
| AUD To NZD | 1.08 |
| AUD To IDR | 10572.55 |
| AUD To THB | 24.15 |
| AUD To BDT | 68.68 |
| AUD To CAD | 0.90 |
| AUD To NPR | 88.18 |
| AUD To SGD | 0.93 |
| AUD To TRY | 12.57 |
| AUD To RUB | 40.82 |
| AUD To ZAR | 11.54 |
| AUD To AED | 2.48 |
| AUD To COP | 3309.69 |
| AUD To KRW | 897.76 |
| AUD To BRL | 3.59 |
| AUD To EGP | 16.58 |
| AUD To PLN | 3.04 |
| AUD To CLP | 613.83 |
| AUD To FJD | 1.48 |
Note: The above table is based on the currency exchange rate of November 25, 2022.
Factors that Affect Money Exchange Rates in Australia
Several factors affect the money exchange rates in Australia and make them volatile. Here's the list of five major factors that influence the exchange rates:
Inflation Rates
Inflation rates generate a huge impact on the currency value of the country. The currency value is directly related to the inflation rate; as a result, whenever the inflation rate goes low, the currency value rises. It is because the currency's purchasing power soars compared to the other currencies.
On the other hand, countries with higher inflation frequently experience currency depreciation compared to their trading partners. It further escalates the interest rates. Additionally, government debt also plays a vital role in the increase and decrease of inflation rates.
Interest Rates
All three rates, i.e. exchange rates, interest rates as well as inflation rates, are interconnected with each other. Fluctuation in one somehow influences the other two.
A country's currency gains value when interest rates rise because lenders are offered larger returns, luring in more foreign capital. As a result, the currency value and exchange rate may increase. On the contrary, lowering interest rates may cause a decline in the currency's value.
Monetary policy and Economic Performance
Investors are more likely to choose nations with a track record of robust economic growth and prudent monetary policy. It results in a surge in currency demand and an increase in the value of the national currency.
There are concerns about a potential recession given the current situation of the world economy, which is clearly in a slump. Because interest rates typically decline during recessions, the exchange rate may likewise decline; however, this is only sometimes the case.
Geopolitical Stability
The strength or soundness of the currency can also be influenced by the political state of a nation as well as its economic performance. International money will increase the value of a nation's native currency because that nation is less likely to experience political unrest and hence attract more foreign investors.
The risk that unanticipated political changes pose to foreign investors is known as "geopolitical risk." Investors believe in purchasing the currency if a nation's political and economic climate remains stable. Unexpected developments can also reverse impact, causing investors to withhold their capital and causing the currency's value to decline.
Import and Export Value
A nation's balance of Payments or BOP compiles all financial and commercial transactions between that nation's individuals, businesses, and governmental entities. These transactions make imports and exports of products, services, and capital possible.
BOP is taken into account because it affects the export to import prices ratio. A country's "terms of commerce" improve if the price of its exports is higher than the price of its imports. As a result, there is a surge in that nation's overall currency demand and exports.
When the export growth is slower than the import growth, the value of that nation's exports and currency declines.
Impact of Currency Conversions
Currency conversions occur daily, and a minute change in the currency exchange rates creates a certain impact in various domains. What exactly does it mean for those not trading in the forex market when one country's currency price rises or declines every day in relation to another country? Apart from the traders, majorly, it impacts the economy, exports, imports, and travel.
Here's what impact you can witness on people due to currency conversions.
The Impact of Currency Conversion on Travelers
Citizens of the United States will be less likely to travel abroad if USD 1 only buys EUR 0.7. That's because everything would cost more. In simple words, it will cost around 43% more than it would if the two currencies, i.e. USD and EUR, were trading at parity. This includes everything from meals to souvenirs. It is an example of how the PPP or Purchasing Power Parity idea works.
However, given similar circumstances, European visitors would be considerably more likely to come to the U.S. for business and travel purposes. Even if only temporarily, American companies and governments in European visitors' regions will flourish.
The Impact of Currency Conversion on Organisations and Equities
The impact on organisations is a bit more complicated as these organisations frequently carry out transactions in many different currencies. Additionally, organisations more often receive their raw materials from various places. However, businesses based out of the U.S., primarily purchasing their raw materials from Europe, will probably experience a decline in their margins due to greater expenses.
U.S. businesses that must pay their staff in euros would experience similar suffering. These reduced margins would likely negatively affect total corporate profits and, consequently, domestic equities prices. Simply put, lower earnings and projections towards future profit can lead to a drop in stock prices.
The Impact of Currency Conversion on Foreign Investment
European corporations would increase their investment in the United States under these presumptions. They would also be more qualified to buy American-based companies and properties. In actuality, this has occurred on numerous occasions in the past. For instance, Japanese companies made large real estate purchases, such as the iconic Rockefeller Center, during the 1980s when the Japanese yen surpassed the record high against the dollar.
In contrast, in a US$1 for 0.70 EUR scenario, U.S. ventures would be less likely to acquire a European firm or piece of real estate.
Where to Get Currency Exchange Service?
Currency exchange companies come present in several forms and geographical locations. Usually, currency exchange services are available through teller stations and exchange service kiosks. Such booths are installed at airports and other correlated places.
Currency exchanges available at airports permit visitors to purchase the local currency of the country before departing. The same can be used to convert the leftover currency back to the previous one before returning home. However, currency exchange rates at airports are somewhat higher than those offered at bank branches. This is because it is your last port of call, and you don't have any other option to count on.
Some Australian banks offer cards that can be loaded with currencies of various nations with little to no costs. This has made going cashless more popular than ever. Customers of international banks also have the option of offshore ATMs. Additionally, some businesses offer currency conversion services online. A bank, a forex broker, or other financial organisations also offers money converting services as one of their numerous offerings.
