Remit now: Indian rupee hits 23.9, on track to 24 against UAE dirham soon

Dubai: The Indian rupee has dropped sharply to 23.88 against the UAE dirham, offering one of the best remittance opportunities for Indian expats this month.

After holding steady around 23.3 to 23.4 for most of July, the rupee slid significantly this week—creating an ideal window for those who had delayed transfers, especially with end-of-month salaries being processed.

The dip comes as the US announced a 25% tariff on India, citing stalled trade negotiations ahead of an August 1 deadline. The move, confirmed by President Trump, triggered volatility in Indian markets and added pressure on the rupee.

UAE exchange houses are now quoting 23.6–23.7 levels, last seen in February. That’s close to the currency’s lowest-ever exchange rate of 23.92 to the dirham earlier this year—a level that was short-lived. (Check latest forex rates here.)

“The rupee has tumbled quickly over the last few days, making this one of the most favourable remittance windows for Indian expats so far in 2025,” said a Dubai-based currency trader.

The rupee’s drop is also being compounded by a strong US dollar, which is hovering around 87.70. The dollar headed for its longest run of daily gains since February after the latest data underscored the strength of the US economy.

The Bloomberg Dollar Spot Index rose 0.3% to the highest level since June 23, with the gauge on course for its fifth straight advance, as investors expect the US Federal Reserve to hold interest rates steady, keeping upward pressure on the dollar.

Many UAE-based remitters had been holding off in hopes of a better rate if a US-India trade deal materialised. But with tariffs now confirmed, currency analysts say the current 23.88 level may be the peak of this dip.

“If you're waiting for a perfect moment, this could be it,” said one forex advisor. “These spikes don’t last long.”