Time To Remit? Indian Rupee Slips To Record Low Of 91.1825 Against US Dollar

(MENAFN- Khaleej Times)

The Indian rupee slipped to a record low of 91.1825 against the US dollar as it opened on Wednesday.

As the UAE dirham is pegged to the US dollar at Dh3.67, this means that the Indian rupee is at 24.8453 against the UAE dirham.

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The currency's all-time low was 91.0750, set in mid-December.

The Indian rupee's steady weakening is pushing the UAE dirham closer to the psychologically important Rs25 mark, raising expectations of stronger remittance inflows from the Gulf and giving expatriate workers a timely exchange-rate boost.

With the Reserve Bank of India (RBI) signalling it will not defend any specific currency level and markets forecasting further rupee depreciation, traders increasingly see downside pressure as difficult to avoid in the near term.

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At current levels, the shift is already working in favour of overseas earners. With the rupee trading around 90.87 to the dollar, the UAE dirham - pegged at roughly 3.6725 to the greenback - is hovering between Rs24.70 and Rs24.75. If the rupee weakens to Rs92 per dollar, as some forecasts suggest, the dirham would cross Rs25 for the first time, delivering a direct boost to the rupee value of monthly transfers sent home by UAE and GCC-based workers.

[With inputs from Isaac John]

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