Though converting INR to EUR looks like a simple task, with the exchange rate changing every minute, it can become cumbersome. Using a currency converter will help you convert INR to EUR at the current rate within seconds.
How can I convert Indian rupees to Euro?
To convert INR to Euros, you have to divide the amount you wish to convert with EUR to INR exchange rate to get the value in Euros.
Let’s understand this with an example. If you want to convert INR 50,000 into Euros, then you will have to divide this by the current exchange rate. As of 31st December 2022, the EUR to INR exchange rate is Rs 88.76. By dividing INR 50,000 by this rate, you will get EUR 536.29.
Jupiter’s free INR to Euro currency converter is a simple tool and gives results within seconds at the latest exchange rate.
Who fixes the value of the currency exchange rate for Indian Rupees (INR) to Euros (EUR)?
The currency exchange rate of INR to EUR is fixed by the market demand and supply forces. When a currency has high demand than its supply in the international market, it is scarce. The scarcity increases its value compared to other currencies. In contrast, if the demand is lower compared to the supply, its value falls.
Apart from demand and supply, inflation, interest rates, and government policies also influence currency exchange rates. In India, the Reserve bank of India (RBI) controls the foreign exchange reserves and monitors the exchange rates. If RBI wants to increase the value of Rupee, it can buy back its Rupee from the market using foreign currency. Alternatively, it can depreciate the value of the Rupee by buying back foreign currency from the market.
Why should I convert INR to EUR in India itself?
Converting Indian currency to Euros in India is better for several reasons. First, you will get a better exchange rate in India than in Europe. Second, you can carry only Rs 25,000 in cash to a foreign country. Europe is quite expensive, and you will exhaust the Rs 25,000 in no time. Then you will have to rely on debit and credit cards to get more Euros. The charges of debit and credit cards are as high as 5% per transaction, and you will be paying extra to get Euros. Hence to avoid this hassle, it is better to convert Indian rupees to Euros in India itself.
You can take some amount in cash and load the rest into a prepaid forex card. All banks and money exchangers offer prepaid cards and also give Euros in cash. All you have to do is find a bank or money exchanger offering the best exchange rate.
Which countries use Euros?
In Europe, 19 out of 27 countries currently use Euros as their currency. All these countries together form the Euro area or Eurozone. The following table contains all the countries that use Euros.
Why is Euro (EUR) stronger and more expensive than the Indian Rupees (INR)?
Euro is the second most traded currency in the world after the US Dollar and is used by over 314 million people every day. Moreover, over 60 countries have directly or indirectly linked their currency to the Euro.
The European Central Bank (ECB) sets the monetary policy for the Euro area and oversees the monetary policy of the entire continent. It also has greater independence than other central banks to make independent decisions which keep the Euro strong. Apart from this, the ECB can also strengthen the international role of the Euro by promoting the use of the Euro in its partner countries and increasing Euro-denominated trade.
Can India change its currency from INR to EURO?
No, India cannot change its currency from INR to Euro. This is because India is not a part of the Eurozone. Moreover, the Indian Rupee is India's domestic currency, and its purchasing power determines its value. Even if India changed its currency to Euros, its value would still be the same as the Rupee. By changing the currency, India cannot change its economic factors. The only thing that might change is its name, like the Australian Dollar.
What is the best way to convert INR to Euro at a minimal cost?
You can convert Indian rupees into Euros through offline and online methods. For offline conversion, go to a bank or any money changers, submit an application form and provide a copy of your passport. The bank will then give you Euros in exchange for Indian rupees at the current exchange rate.
Alternatively, you can buy Euros online from banks or money changers. They will either deliver the foreign currency to your doorstep or load it into a prepaid forex card.
Money changers and international money transfer services usually give the best exchange rates than banks. The best way to convert INR to Euros at a low cost is to approach these money changers. They offer competitive exchange rates and also charge lower fees when compared to banks.
What are the ways of sending money from India to Europe?
You can send money from India to Europe using any of the following methods.
- Foreign currency demand draft: A foreign currency demand draft allows you to send money abroad at the lowest cost. However, it takes longer to send money through this method.
- Wire transfer: A Wire transfer is an electronic transfer and is one of the best ways to send money abroad with respect to speed and costs. It costs lower than an online transfer and is faster than a demand draft. Moreover, it is also safe to send money through this method.
- Online transfer: You will be able to transfer money directly to the receiver’s bank account without an intermediary through online transfer. It is one of the fastest ways to send money abroad, but also slightly costlier than others.
INR to EUR Historical data
Below is the table showing the average annual exchange rate or transfer rate of EUR and INR since 1989.
Frequently Asked Questions
Are Euro to INR and INR to Euro conversion rates the same?
No, to convert Euros into Indian Rupee, you will have to multiply one Euro by Rs 88.09 (the current exchange rate for EUR and INR). In contrast, to convert Indian Rupee into Euros, you will have to multiply one Rupee by 0.0113 EUR.
What is the highest ever Euro to INR?
The highest EUR and INR exchange rate was Rs 90.6460 in April 2021. The Rupee depreciated by almost 10% in one year after the first lockdown.
When is the best time to convert EUR to INR?
The best time to convert EUR to INR is when the Euro is strongest. Currently, the EUR INR rate is around Rs 88.13, which is closest to the highest exchange rate between the two countries. You can consider converting the currency now or wait for another few days before converting. Remember, the exchange rates are dependent on market supply and demand and keep changing from time to time.
Where can I buy euros at the lowest rate in India?
Money changers offer the lowest exchange rate compared to banks in India.
Is there any formula to convert INR to Euro?
You can convert Indian rupees to Euros manually if you know the exchange rate.
Euros = Indian Rupees / Exchange rate
So, if you want to convert Rs 1 lakh into Euros, you can divide this with the current exchange, which is Rs 88.09. So Rs 1 lakh is 1,135 Euros.
List of supported countries
Common currency conversion values at today’s exchange rate:
Commonly used currency terms are:
1 crore which has 7 zeroes - 1,00,00,000
1 Arab which has 9 zeroes - 1,00,00,00,000
1 Kharab which has 11 zeroes - 1,00,00,00,00,000
1 Neel which has 13 zeroes - 1,00,00,00,00,00,000
1 Padma which has 15 zeroes - 1,00,00,00,00,00,00,000
1 million which has 6 zeroes - 1,000,000 (Ten lakh in Indian common currency terms)
1 billion which has 9 zeroes - 1,000,000,000 (One Arab in Indian common currency terms)