Find the best euro to rupee exchange rate to make your next international money transfer more affordable.
Today’s mid-market rate
The mid-market euro-to-rupee exchange rate is 1 EUR = 72.4906 INR. (Rate accurate as of February 3, 2017.)
We’ve gathered today’s best rates to inform your decisions when sending money from the Eurozone to India.
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Exchange rate history – euro to rupee
Forecasting the EUR to INR exchange rate based on historical data
The past can be a good indicator of the future. Depending on sociopolitical atmosphere, interest and inflation rates, foreign trade, public debt, and export to import price ratios all influence exchange rates. Below you can find the average exchange rate for the past ten years.
|EUR = INR||74.3438||71.1606||81.0339||77.7884||68.5973||64.7988||60.5981||67.2653||63.5762||56.4611|
Data courtesy of X-Rates.
The euro continues to remain in second spot in the world’s most traded currencies table with 19 states 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.
Laws and legal documents when transferring large sums of money into Europe
Euro historically strong against rupee
From its launch in 1999 until hard currency hit the market in 2002, the use of the euro predominantly limited to electronic transactions. From independence to the late 1990s, the value of the rupee steadily dropped owing to factors like rising public debt, weak economic competitiveness and high levels of inflation. In 1999, the euro valued at INR 50.
In the next two years, the value of the euro fluctuated in between INR 40 and INR 50, and it saw its low point of INR 39.50 in May and October of 2000. The euro witnessed an upward trend in mid 2001, and by the end of 2002 it got back to the INR 50 mark.
From 2003 to 2008 the euro hovered between INR 50 and INR 60, touching the upper end in December 2004 and August 2006. When the subprime mortgage crisis in the US threatened to upset world markets in between 2008 and 2009 the euro held its own. During this period its value in comparison to the rupee increased noticeably, with the euro crossing the INR 70 mark for the first time in September 2009.Back to top
Rupee fluctuates against a weaker euro
Due to the geographical distance between the Eurozone and India, the correlation between the two currencies have a medium to small impact on currency exchange.
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 INR 57.
A turnaround was in the coming owing to economic growth, and the euro returned to gaining against the rupee, getting back to the INR 70 mark by the end of 2011. From early 2012 to May 2013, the euro valued in between INR 67 and INR 72.
An announcement by the United States Federal Reserve Board stating that 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 INR 90 mark in August 2013.
Another reversal came around 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 INR 69.54 in March 2015. The result was a 15% fall in the preceding six months. While the euro is currently around the INR 73 and INR 74 mark, expectations of a weak euro continue.
Countries using the euro as currency