Drax,
Like the others said in normal condition the peak of the sinusoidal current is equal the rms current * sqrt (2).
The peak sinusoidal current only depends on the X/R ratio when short circuit happens. During short circuit the first few cycle will have a DC component, which will add to the sinusoidal current. This current is called asymmetrical short circuit current. The peak and the duration of the asymmetry depend on the X/R (Inductive reactance /Resistance) ratio of the AC circuit.