Best euro to rupee exchange rates today (EUR/INR)
Find the best exchange rate when converting your euros to Indian rupees.
Whether you're a forex investor or simply looking to trade euros for rupees, you'll get the most for your money by keeping an eye out for a strong exchange rate. In this guide, we'll go through the history of the EUR/INR exchange rate and show you what exchange rate money transfer companies are offering today.
Forecasting the EUR to INR exchange rate
The past can be a good indicator of the future. The sociopolitical atmosphere, interest and inflation rates, foreign trade, public debt and export-to-import price ratios all influence exchange rates. Check out the graph below to see how the euro has traded against the Indian rupee historically.
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Exchange rate history of EUR to INR
The euro continues to remain in second spot in the world’s most traded currencies table with 19 countries using it, up from the 11 that initially signed the common monetary agreement in 1999.
Restrictions that the Indian government places on the movement of the rupee outside the country can be a reason why the euro finds increased favour in international payments, but close to 20% of the world’s population still uses the INR. There have been noticeable fluctuations in the euro to rupee exchange rate in recent times, and both currencies rely on floating exchange rates.
Euro historically strong against rupee
From its launch in 1999 until hard currency hit the market in 2002, the euro was mostly limited to electronic transactions. From independence to the late 1990s, the value of the rupee steadily dropped because of public debt, weak economic competitiveness and high levels of inflation. In 1999, the euro was valued at INR50.
In the next two years, the value of the euro fluctuated in between INR40 and INR50, and it saw its low point of INR39.50 in May and October of 2000. The euro witnessed an upward trend in mid-2001, and by the end of 2002, it rose back to the INR50 mark.
From 2003 to 2008, the euro hovered between INR50 and INR60. When the subprime mortgage crisis in the US threatened to upset world markets in 2008, the euro held its own. During this period, its value in comparison to the rupee increased a lot, with the euro crossing the INR70 mark for the first time in September 2009.
Rupee fluctuates against a weaker euro
Due to the geographical distance between the Eurozone and India, the two currencies don't affect each other as much as, say, EUR/USD.
The global economic slowdown got to Europe by late 2009, which put considerable pressure on the Eurozone financial system, and the euro ended up going down in value against many currencies. In between November 2009 and June 2010, the euro went down by 18% in comparison to the rupee, settling at a little less than INR57.
Because of economic growth, the euro began to gain back value against the rupee, getting back to the INR70 mark by the end of 2011. From early 2012 to May 2013, the euro valued in between INR67 and INR72.
An announcement by the US Federal Reserve saying it would cut back on its quantitative easing program saw a surge in investors pulling their money out of India alongside the worsening inflation of the rupee. This saw the euro reach the historic INR90 mark in August 2013.
Another reversal came towards the end of 2014. India had a newly elected government that promised significant economic reforms. This boosted investor confidence, which lead to a slight strengthening of the rupee. The Greek government, on the other hand, revived fears of it exiting the Eurozone. This combined with the euro’s tip into deflation got the euro down to INR69.54 in March 2015. The result was a 15% fall in the preceding six months.
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