Foreign exchange market Australia functions as one of the principal sources of revenue for the government of Australia. The foreign exchange transactions in Australia support the economic growth of Australia to a significant extent. The official currency for the Commonwealth of Australia is the Australian dollar (AU$).
According to the ISO 4217 code, the Australian dollar is represented as the AUD. The Australian dollar was introduced in the country as the official currency in the year 1966. Currently, the Australian dollar ranks as the fifth most highly traded foreign currency in the worldwide foreign exchange market after the United States dollar, Euro, Yen and the Great Britain Pound Sterling ($).
The Australian foreign exchange market constitutes a considerable portion of all the foreign exchange transactions happening around the world. The reason behind the high volume of trading of Australian dollar is its global recognition and high liquidity.
The Reserve Bank of Australia (RBA) regulates the exchange rates of the Australian dollar. The foreign exchange rates in Australia are dependent on the exchange rate of AUD with the other foreign currencies of the world.
The forex market of Australia follows a floating exchange rate system.
The various foreign exchange market transactions that are present in Australia include the following:
Limit Order Deals
Following are the exchange rates of a number of currencies with the Australian dollar:
|Australian Dollar||1 AUD||in AUD|
|Hong Kong Dollar||6.51379||0.15352|
|New Zealand Dollar||1.17806||0.848855|
|South African Rand||6.00674||0.16648|
|South Korean Won||777.594||0.00128602|
|Sri Lanka Rupee||94.9036||0.010537|