Time to remit? Indian rupee weakens to 22.43 against UAE dirham, to slip further still
Rupee to drop as much as 22.53 in May before rising; remit soon to make most of the rates
Dubai: When it comes to sending money back home, it is vital to know whether it is currently an ideal time to remit. So if you were wondering whether or not you should send Indian rupee back home now or wait a bit, here's what analysts are saying.
After the Indian rupee dropped to 22.43 against the UAE dirham on Monday, the currency is expected to slip further to 22.53 in the coming weeks, but get rebound soon after, so remit soon to take advantage of rates. Check the latest forex rates here.
Rupee to drop, then rise
On Monday morning, the Indian rupee weakened by 25 paise to 82.46 against the US dollar, pulled down by an overnight spike in oil prices.
The Indian rupee is expected to remain range bound and trade in the band of Rs82 to Rs83 against a US dollar, analysts evaluate. Any weakness or strength in the Indian currency's value against the US dollar will be automatically reflected in its exchange rate with the UAE dirham as the UAE currency is pegged to the dollar.
Against the US dollar, the Indian rupee was at 82.36. It is expected to trade lower at 83.48 by the end of this quarter, according to Trading Economics' analysts expectations. The analysts estimate it to trade at 85.70 in 12 months time.
The Indian rupee appreciated by 0.2 per cent in March (up to March 14) after depreciating by 0.9 per cent in February. Compared to other currencies, the Indian rupee has remained an underperformer. While 18 currencies appreciated around 1 per cent, the rupee was way behind.