Time to remit: Indian rupee at this 12 months's lowest worth in opposition to the UAE dirham – Gulf Information

The Indian rupee continues to weaken, worth drops by as a lot as 26 paise in opposition to the AED
Dubai: Indian expats are on the brink of remit after worth of the Indian rupee dropped exhausting for a second straight session to as a lot as 20.52 on Friday. This was a day after the foreign money hit its lowest worth in opposition to the UAE dirham this 12 months.
In opposition to the UAE dirham, the rupee had closed at 20.26 on Thursday, however opened at 20.36 on Friday morning, earlier than weakening additional by 26 paise by 1100 (Dubai Time). The very best AED-INR change fee this 12 months earlier than Thursday’s 20.57 fee was 20.48 on January 27. Verify the newest foreign exchange charges right here.
The worth of the Indian rupee fell additional in opposition to $1 on Friday, after weakening on Thursday as properly. Weak point within the rupee’s worth in opposition to the US greenback might be routinely mirrored in its change fee with the UAE dirham because the UAE foreign money is pegged to the greenback.
After the Reserve Financial institution of India (RBI) stored benchmark lending fee unchanged for the tenth time in a row at 4 per cent, the rupee opened flat at 74.81 in opposition to the US greenback on Thursday, then depreciated to as a lot as 75.54, registering a decline of 73 paise from the final shut.
India-based foreign money analysts attributed the rupee’s sudden steep losses to foreign exchange buyers promoting off riskier belongings on the heels of Thursday’s red-hot inflation information on the planet’s prime economic system, the US.
The rupee dropped 0.5 per cent on Friday, its greatest share drop since October 6, with the US inflation determine weighing significantly exhausting a day on market sentiments after the central financial institution held its key charges regular.

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