Convert AUD to INR
Agriculture is a major contributor to the Indian economy, but it is a highly unorganized sector with most farmers heavily dependent on rains. Any changes to the monsoon or weather patterns in India, such as floods or drought, cause heavy losses in the agricultural sector, affecting the GDP. This in turn weakens the value of the Indian rupee, turning AUD/INR bullish.
The Australian dollar's value is closely correlated with the price of commodities such as gold, iron ore and coal - which are key exports from Australia. When the prices of these commodities rise, the AUD strengthens and AUD/INR trades bullish and vice versa. Meanwhile, India is a major importer of crude oil, and whenever crude oil prices increase, the INR weakens, which also turns AUD/INR bullish, and vice versa.
The lowest level AUD/INR touched so far this year was on 28 September 2020, when it fell to 51.642.