Buy, Sell or Transfer Australian Dollar at the Best Rates in India

Australian Dollar (AUD) Overview

The Australian dollar is Australia's official currency and is abbreviated as AUD. It was adopted on February 14, 1966, at a conversion rate of 2 AUD for each Australian pound. A number of regions, such as Norfolk Island, Christmas Island, and Keeling Islands, have adopted AUD as their official currency. AUD is managed by the Reserve Bank of Australia (RBA), Australia's central bank, which determines the country's monetary policy and issues and regulates the country's money supply. To distinguish the Australian dollar from other dollar-denominated currencies, symbols such as A$ or AU$ are used. In terms of trade volume, the Australian dollar ranks fifth among all currencies. 

Australian Dollar Currency Facts

History of the Australian Dollar

Historically, the Australian currency dates back to January 26th, 1788, when the first European settlement was established. During this period, an English currency was used, however, there was a shortage of supplies and other forms of currency were used. It was not until 1910 that an official Australian currency, the Australian pound, was introduced. In 1966, the Australian dollar was finally replaced by the AUD. Here is a comprehensive overview of Australian currency history:

1. Early Settlement (1788-1815):

The commencement of European settlement in Port Jackson (now Sydney) in 1788 urged the need for a functional currency system. However, the scarcity of British coinage prompted unconventional methods, including the use of rum in transactions. 

2. Unique Currency Solutions (1813-1817):

In 1813, Governor Macquire introduced an innovative solution to address the coinage shortage by punching Spanish coins to create the dump and holey dollar. Additionally, the establishment of the Bank of New South Wales in 1817 brought forth the issuance of widely accepted private banknotes.

3. Gold Rush and Currency Shift (1851-1910):

The discovery of gold in 1851 marked a pivotal moment, leading to the opening of Royal Mint branches in Australia. The introduction of British sterling in 1825 and the gold standard in 1851 reshaped Australia's monetary landscape. Furthermore, the inception of the first Australian bank in 1817 and the issuance of private banknotes contributed to the evolving financial scene.

4. Australian Pound Era (1910-1965):

Prime Minister Andrew Fisher's Australian Notes Act in 1910 marked the introduction of the Australian pound. Initially pegged to the British pound until 1949, the Australian pound underwent subsequent transitions. The shift to the Commonwealth Bank in 1920 and later to the Reserve Bank of Australia in 1960 further streamlined currency management.

5. Decimalisation (1966):

On February 14, 1966, Australia transitioned from the Australian pound to the Australian dollar. The move to decimalization aimed at simplifying transactions and aligning with global currency trends. The public competition for the currency's name resulted in the "dollar" triumphing over other suggestions.

6. Smooth Transition and Modern Innovations (1966-Present):

In 1988, Australia became the world's first adopter of polymer banknotes, offering benefits such as water resistance, durability, and heightened security. The ongoing evolution in banknote designs, with the latest 4th series incorporating tactile features for the visually impaired, highlights a commitment to innovation.

7. Current Landscape (Present):

The Australian dollar (AUD) continues to be a robust currency in international trade. Polymer banknotes, introduced in 1988, provide benefits such as water resistance, durability, and heightened security. The 4th series, with tactile features, underscores a commitment to inclusivity and accessibility.

Significance of the Australian Dollar (AUD)

The Australian dollar (AUD) assumes a significant role on the global economic stage owing to its distinctive floating exchange rate system. This system imparts a dynamic value to the AUD, which depends on the intricate interplay of market forces - a valuable indicator of Australia's economic health and global competitiveness. Referred to as a 'commodity currency,' its worth is directly linked to the price fluctuations of key exports, particularly in the significant mining sector. 

Australia's substantial commodity exports, particularly iron ore, coal, and gold, exert a significant influence on the AUD's value. When commodity prices flourish, the AUD tends to appreciate, reflecting the increased demand for Australian goods. Conversely, when commodity prices decline, the AUD often depreciates. Its significance also stems from Australia's position as a developed nation with a robust economy and a thriving commodity sector. Additionally, Australia's close ties to the Asian countries further enhance the AUD's role in international trade and investment. 

Current Australian Dollar Notes & Coins

1. The Reserve Bank of Australia (RBA) issues the Australian dollar notes, which come in five denominations: $5, $10, $20, $50, and $100. 

2. The Australian dollar is divided into 100 cents, and coins are minted in six denominations: 5c, 10c, 20c, 50c, $1, and $2. These coins serve as essential components of daily transactions.

3. Historically, the Australian dollar was divided into 20 shillings, each further subdivided into 12 pennies. This system underwent a transformation, and the current decimal-based currency was adopted.

4. Since 1998, Australian banknotes have been crafted from polymer, a durable material aimed at enhancing longevity and preventing counterfeiting. 

5. The series of banknotes introduced between 1992 and 1996 marked a pioneering shift as the first-ever polymer notes, replacing traditional paper.

6. Polymer banknotes offer various advantages. They have a longer lifespan compared to paper, ensuring sustained circulation. 

7. Australian banknotes, whether paper or polymer, incorporate advanced security features to prevent counterfeit attempts. 

How to Spot Counterfeit Australian Dollar Notes?

To identify counterfeit Australian Dollar notes, you can check the distinctive features of this polymer-based currency. Firstly, the use of polymer imparts a unique texture, allowing genuine notes to spring back when twisted. If you tilt the note, you will see a three-dimensional image framed by vibrant colors, particularly evident in the upper left corner and integrated into a bird design.

You can also hold the note up to the light to confirm the discernibility of the Australian Coat of Arms. Genuine notes have clean and clear text, devoid of inconsistencies in thickness or color. Notably, authentic Australian banknotes, except for serial numbers and security patches, do not exhibit any glow in the dark, when illuminated by UV light. By examining these characteristics, individuals can spot counterfeit Australian Dollar notes and ensure the authenticity of their currency.

How Do We Measure The Value Of AUD?

The measurement of the value of the Australian Dollar (AUD) is effectively conducted through the AUD Index, a valuable tool for assessing its relative strength against other currencies. This index serves as a comprehensive gauge, reflecting the performance of the AUD in comparison to a basket of other major currencies. 

What is the Australian Dollar Index (AUDX)?

The AUD Index offers a clear perspective on the performance of the Australian dollar, providing valuable insights into its relative value against a diverse range of international currencies. This tool proves crucial for traders, policymakers, and analysts seeking a comprehensive understanding of the AUD's performance against other currencies.

Here are a few key points about the Australian Dollar Index:

1. The AUD Index considers a diverse basket of major currencies, offering a well-rounded assessment of the AUD's performance.

2. A rising AUD Index indicates a strengthening position of the Australian dollar concerning the other currencies included in the index. 

3. This signifies a favorable trend, showcasing increased purchasing power and competitiveness in the global economic landscape. 

4. On the contrary, a declining AUD Index signals a weakening position of the AUD dollar relative to the other currencies within the index. 

5. This scenario may imply reduced purchasing power and a diminished standing compared to its counterparts.

Benefits of buying/selling AUD from BookMyForex

You can buy or sell AUD  online at the best rates with BookMyForex, a leading forex platform in India. On our site, you will find the live & transparent AUD rates as the rates get updated every 3 seconds. You get the following benefits when buying or selling AUD : 

1. BookMyForex offers the best rate for AUD to INR, or vice versa

2. You can place your order online 24x7 at live rates

3. Rates are compared across hundreds of money changers in your area

4. Same-day delivery of AUD currency notes is available

5. Freeze your desired rates for up to 3 days by paying a refundable deposit of 2%