Indian Rupee Hits All-Time Low; UAE Remitters Get Rs 26 For Dh1
The Indian rupee hit a record low against the UAE Dirham on Thursday, April, with the rupee falling 32 praise lowering to 95.20 against the US dollar.
The UAE remitter would now get around Rs 26 for 1 dirham, giving the UAE-based remitters one of the strongest exchange-rate windows yet. The higher oil prices and sustained foreign outflows added pressure on Asia’s third-largest economy.
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The currency is weighed down by soaring Brent Crude Oil prices, which hover around $122 per barrel, and a strong American dollar. The rupees fall often means the remittance value rises for the UAE expats.
The UAE residents can now send money to India, encouraging more remittances from expats with school fees, family expenses, property payments or loan commitments back home.
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Notably, A Dh1,000 transfer would fetch about Rs25,930 before exchange-house margins and fees, making the current rate attractive for Indian workers and families who track the dirham-rupee rate closely.
