Indian rupee crashes again: UAE dirham now gets you ₹24.55, remittances surge

Dubai: The India-UAE remittance window has just opened again — and it’s rare. With the Indian rupee slumping to a fresh trough of ₹24.55 per AED and ₹90.15 per US dollar, many expatriates here will rush to send money home before the exchange rate improves. (Check live forex rates here.)

On Monday, the rupee hit new record lows against both the UAE dirham and the dollar. For Indians living in the UAE, that means each dirham now converts into substantially more rupees than just weeks ago — making remittances suddenly more valuable.

The fall comes amid fresh pressure on the rupee from foreign fund outflows, rising demand for dollars, and stalled global trade deals affecting investors’ confidence. The slide gives an unusual advantage to those earning in dirhams when converting or sending money to India.

Banks and exchange houses in Dubai report a noticeable uptick in transfers over the past 48 hours. One remittance agent told me that a family sending Dh5,000 now gets about ₹122,750 — around ₹2,500 more than a week ago.

With the rupee near ₹24.55 per AED, many UAE-based Indians find themselves getting more rupees for each dirham they send. That helps — especially for those covering recurring expenses back home like rent, school fees, or loan EMIs.

But the windfall may be short-lived. Analysts warn volatility remains high. The rupee moved past the ₹90-per-dollar mark only days ago, suggesting more swings may be ahead.

The weaker rupee isn’t just a win for remitters. Export-oriented sectors in India — from IT services to textile manufacturing — stand to gain as their overseas revenues fetch more rupees.

On the flip side, imported goods become pricier. Raw materials, electronics, and fuel, usually priced in dollars, may see steeper rupee costs — which could feed into inflation and raise living expenses for people in India.

The central bank — the Reserve Bank of India (RBI) — has over the past months intervened intermittently to soften rupee volatility. But sources say it is unlikely to defend a specific exchange rate, preferring instead to smooth out extreme swings.

For now, UAE-based expats appear willing to take the chance — converting and remitting while the rupee is low.