Click on Indian Rupees or Indonesian Rupiahs to convert between that currency and all other currencies. Wise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference , for the issuing of electronic money. Wise works with a local bank partner to offer the service in India with the approval of the Reserve Bank of India. The Xe Rate Alerts will let you know when the rate you need is triggered on your selected currency pairs. This website is using a security service to protect itself from online attacks.
Large amounts of Rupees are expressed in lakh rupees or crore rupees. A Lakh Rupee is one hundred thousand rupees and a crore rupee is ten million rupees. If you are interested in knowing more information about INR ( Indian Rupee ) or IDR ( Indonesian Rupiah ) such as the types of coins or banknotes, the user countries or the history of the currency, we recommend you to consult the related Wikipedia pages.
Historical Exchange Rates For Indonesian Rupiah to Indian Rupee
Some small fees might apply in addition to your bank changes, such as the transaction fee, the international exchange fee, etc. – luckily, the amounts are still reasonable. Regardless, it is best to prepare cash in Rupiah currency in Bali since most smaller restaurants, warung, phone SIM card kiosks, conventional minimarkets, taxi drivers, and laundry kiosks can only accept cash payments. Furthermore, according to the newest official regulations, any transactions done in Indonesia must be paid in Rupiah (not in foreign currency) unless paying for a visa on arrival at the airport. This Indonesian Rupiah and Indian Rupee convertor is up to date with exchange rates from July 11, 2023.
- Credit cards are widely accepted in restaurants, hotels, and shops.
- View the latest currency exchange rates from Indonesian Rupiahs to Indian Rupees and over 120 other world currencies.
- The INR and IDR can be traded 24×5 starting from the time markets open on Monday mornings in Sydney all the way to the time markets close on Fridays at 5 pm in New York.
- Despite the fall of the currency of about 70% from June 1997 to December 1998, inflation of 60–70% in 1998 (which caused riots and the end of the Suharto regime after 30 years in power) meant that the real exchange rate fell only slightly.
- Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers.
- You can convert Indian Rupees to Indonesian Rupiahs by using the exchange-rates.org currency converter in just one easy step.
The IMF response had only been published in summary form from the government and BI, the choice of the 16 banks being closed appeared arbitrary, and the details of the 34 others subject to special measures were not announced. The deposit guarantee was seen as inadequate, and funds were moved from private to state banks, exchanged for dollars, or transferred offshore, as confidence in the plan began to evaporate. The government response to the crisis sent mixed messages, with falling interest rates doing nothing to support confidence in the rupiah, and the rupiah continued to be sold, as companies that had been borrowing heavily in dollars had to meet their obligation. By 4 October, the currency had collapsed a further 19%, falling to Rp3,690 per dollar. It had now lost a third of its value, and now a full-blown ‘crisis’ existed in Indonesia. The continued overvaluation of the rupiah meant that Indonesia was beginning to suffer a trade deficit, as well as falling foreign exchange reserves.
Currency Of India
How much is INR (Indian Rupee) in IDR (Indonesian Rupiah)? Yes, you can convert over 120 global currencies to Indian Rupees using the ValutaFX currency converter. Although the bank had violated its BMPK (credit limit), Bambang was given permission by BI to buy Bank Alfa, another bank, seen by many as a reward for withdrawing his lawsuit. In effect, the failed bank was reopened under a different name. The government maintained price controls over goods and raw materials, with the official oil price unchanged from 1950 to 1965.
You’ll now see the value of the converted currency according to the most recent exchange rate. Despite the fall of the currency of about 70% from June 1997 to December 1998, inflation of 60–70% in 1998 (which caused riots and the end of the Suharto regime after 30 years in power) meant that the real exchange rate fell only slightly. On 15 January, the second letter of intent was signed with the IMF, agreeing an accelerated reform package in return for US$43 billion of aid. The rupiah had strengthened from an all-time low of Rp9,100 per dollar on 23 January to Rp.
Once you see the historical exchange rate graph appear, scroll anywhere along the graph line to see the historical exchange rate for that particular day in that year. The currency devaluation of large notes in 1959 had the official exchange rate devalued to Rp45 as of August 1959. The black-market rate at the end of 1956 was Rp31 to US$1, falling to Rp49 at the end of 1957, and Rp90 by the end of 1958. Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate.
Thousand IDR to INR – Rupiahs to Indian Rupees
Getting the smaller denomination would make it easier for you to do the transaction since the taxi drivers might not have the chance if you hand them the 100,000 rupiah banknotes. Check live rates, send money securely, set rate alerts, receive notifications and more. Our currency rankings show that the most popular Indonesian Rupiah exchange rate is the IDR to USD rate. With this link you can refer your visitors and friends to our currency converter. Please enter the amount of Indian Rupee you want to convert, and the currency converter will automatically calculate the equivalent amount in Indonesian Rupiah (for example, Indian Rupee would be converted to approximately 183,34 IDR).
The rupiah–dollar rate was at Rp2,436 to one dollar on 11 July. It fell to Rp2,663 by 14 August and Rp2,955 by 15 August – a 122% fall. Government debt (Bank Indonesia Certificates or SBI) rose from 12% to 30%, and overnight call rates reached 81% (per annum). The price of the certificates quickly reached 332% of face value by April 1958, i.e. Rp38, a rate at which the government chose to end the free market, fixing the price at 332% of face value. At this stage, the crisis was a limited one; while the currency had fallen, the extent of the fall did not appear catastrophic.
The investor confidence in Indonesia was shaken, and due to previous deregulations, much of the Indonesian stock market was owned by foreign investors. Local confidence in the currency was also undermined as the population followed suit, selling rupiah for dollars. The spot rate soon fell below the selling rate (i.e. outside the 12% exchange rate band). BI attempted to intervene but eventually abandoned the managed float on 14 August 1997, leaving the rupiah to float freely.
The rupiah (Rp) is the official currency of Indonesia and is subdivided into 100 sen. The name derives from the Indian monetary unit rupee which is called as rupiya in Indian languages. Informally, Indonesians also use the word “perak” in referring to rupiah. Inflation has now rendered all coins and banknotes denominated in sen obsolete. For a 7 nights stay in Indonesia, expect to spend a minimum of around 1 crore Indonesian Rupiah!
These actions had been successful in the past in defending the rupiah, but on this occasion, a more serious crisis of confidence arose. Here is the currency converter tool to help you get today’s exchange rate from any foreign currency i.e., Indian rupee, Japanese yen, Australian dollars, US dollars, euros, etc. Upon your arrival at the Ngurah Rai International airport in Denpasar – Bali, you can see some ATMs and money changers where you can change money to Bali’s local currency just in case you need to buy anything where a credit card payment isn’t accepted. But since the exchange rates in the airport money changers are not the best, you might want to avoid exchanging too much currency at Bali airport. As the smallest current note is worth approximately US$0.067, even small transactions such as bus fares are typically conducted with notes and the Rp1,000 coin is far more common than the Rp1,000 note. You have selected the source currency INR and the target currency Indonesian Rupiah with an amount of INR.
IDR – Indonesian Rupiah
Various attempts have been made to maintain the value of the currency, but all were abandoned. Therefore try to withdraw money from the ATMs inside the bank, which usually have a security guard for 24h. Besides, always check whether the card slot is tightly installed and cover your hands as you type in your PIN into the ATMs – no matter where you are. Keep around 1000 USD with you and convert 50 or 100 USD at a time whenever required. In present-day Indonesia, when mentioning an amount of money in everyday life, the currency name is rarely used, and instead replaced by the words “thousand”, “million”, and “billion”.
View the latest currency exchange rates from Indonesian Rupiahs to Indian Rupees and over 120 other world currencies. Our live currency converter is simple, user-friendly and shows the latest rates from reputable sources. The Asian financial crisis of 1997 began in Thailand in May 1997, where the government found it harder to maintain the Thai baht peg at ฿25 to US$1. By 2 July 1997, Thailand abandoned its defence of the baht, allowing it to float freely. Indonesia, which had massive foreign reserves and was seen as having a strong economy, responded on 11 July 1997, by widening its exchange rate band from 8 to 12%. Indonesia had taken similar actions in the years leading up to the crisis, in December 1995 from 2 to 3%, in response to the Mexican financial crisis, and in June and September 1996, from 3 to 5% and then 5 to 8%.
On 8 October with the rupiah at Rp3,640 per dollar, the government decided to seek the support of the International Monetary Fund. During the month, the rupiah fluctuated in the Rp3,300–3,650 range. Sixteen small and insolvent banks, holding a market share of 2.5%, would be closed. Private banks would be subject to improved monitoring, and some state banks would be merged. Deposits would be underwritten up to Rp20 million (about US$5,500).
Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. The rupiah, which had strengthened to around Rp8,000, depreciated in the wake of the Jakarta riots of May 1998, and in particular the run on the Bank Central Asia, Indonesia’s largest private bank, that ensued, causing the bank to be taken over by IBRA on 29 May. The SBI rate was increased to 70% in the wake of massive inflation. After this announcement, the rupiah immediately gained almost 10%, to around Rp3,300 per dollar.
All You Need to Know About Exchange Rate and Bali Currency
Further audits showed that the other banks were also fundamentally weak. Banking reform continued throughout 1999, with the merger of four state banks in July 1999 into Bank Mandiri, the closure of 38 banks, recapitalisation of nine, and takeover of seven more in March 1999. By this point, the total bank capital had reached a negative 245 trillion rupiah. Twenty-three further banks were recapitalised in May, and in October 1999, Bank Mandiri itself was recapitalised. Interest rates fell steadily in 1999, to an SBI of 13.1% in October.
Little action was seen immediately, and by 17 June, the rupiah had bottomed out at Rp16,800 per dollar. On 25 June 1998, the fourth letter of intent was signed with the IMF, which was refusing to provide aid due to breaches of its original agreement. The IMF agreed to provide an immediate US$5 billion of aid to cover basic necessities. History of daily rates INR /IDR since Sunday, 19 June 2022.
Feel free to try converting the currency rate in reverse from Indian Rupees to Rupiahs. The Indonesian Rupiah is the currency in Indonesia (ID, IDN). The Indonesian Rupiah is divided into 100 sen.
The Indian Rupee is divided bali indonesia currency rate in india into 100 paise. The exchange rate for the Indonesian Rupiah was last updated on June 5, 2023 from MSN. The exchange rate for the Indian Rupee was last updated on July 10, 2023 from The International Monetary Fund.
The rupiah finished the year at Rp7,900 to the US dollar. The worst day to change Indian rupees in Indonesian rupiahs was the Wednesday, 10 May 2023. We partner with leading data providers to bring you the latest and most accurate prices for all major currencies, cryptocurrencies and precious metals. The currency, cryptocurrency and precious metals prices displayed on our site are aggregated from millions of data points and pass through proprietary algorithms in order to deliver timely and accurate prices to our users. Withdrawing money in Bali from ATMs might be the best and most practical option since they are widely available throughout the island. ATMs in Bali mostly have English language settings and accept Cirrus, Maestro, Visa, Master, and other cards in western networks.