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Introduction
Are you planning to travel to the United States from Australia or make international payments? If yes, then you might be wondering about the current exchange rate of 85 AUD to USD. In this article, we will provide you with all the essential information you need to know about the exchange rate in 2023.
What is AUD and USD?
AUD stands for the Australian Dollar, and USD stands for the United States Dollar. The Australian Dollar is the official currency of Australia and its territories, while the United States Dollar is the official currency of the United States of America and its territories. The exchange rate between these two currencies fluctuates regularly, depending on various factors such as market demand and supply, political stability, and economic growth.
Current Exchange Rate of 85 AUD to USD
As of January 2023, the current exchange rate of 85 AUD to USD is 62.50 USD. However, please note that the exchange rate is not fixed, and it can change frequently. Therefore, it is essential to stay updated with the latest exchange rate before making any transactions.
Factors Affecting the Exchange Rate
The exchange rate of 85 AUD to USD is affected by several factors, including:
1. Economic Growth
The economic growth of both Australia and the United States plays a significant role in determining the exchange rate. If the Australian economy is doing well compared to the US economy, the AUD will appreciate, and the USD will depreciate, resulting in a higher exchange rate.
2. Political Stability
Political stability is another crucial factor affecting the exchange rate. If there is any political instability or uncertainty in Australia or the United States, it can lead to a decrease in their respective currencies’ value.
3. Interest Rates
The interest rates set by both countries’ central banks can also impact the exchange rate. If the Australian interest rates are higher than the US interest rates, it can lead to an increase in the AUD’s value and a decrease in the USD’s value, resulting in a higher exchange rate.
4. Market Demand and Supply
Finally, the exchange rate is also affected by market demand and supply. If there is a high demand for the AUD in the market, its value will increase, leading to a higher exchange rate.
How to Convert 85 AUD to USD
There are various ways to convert 85 AUD to USD, including:
1. Online Currency Converter
You can use an online currency converter to get an accurate exchange rate for 85 AUD to USD. Some of the popular online currency converters include XE, OANDA, and TransferWise.
2. Bank or Money Exchange Services
You can also visit your bank or money exchange service provider to convert your AUD to USD. However, please note that they might charge you a commission or a fee for the currency conversion.
3. Credit or Debit Card
If you have a credit or debit card that supports international transactions, you can use it to make payments in USD directly without converting your AUD to USD.
Conclusion
In conclusion, the exchange rate of 85 AUD to USD is subject to various factors such as economic growth, political stability, interest rates, market demand and supply. Therefore, it is crucial to stay updated with the latest exchange rate before making any transactions. We hope this article has provided you with all the essential information you need to know about the exchange rate of 85 AUD to USD in 2023.
