Indian rupee drops again as NRIs decide when to send money home

Pakistan conflict, firming up of dollar factors in INR weakness

Last updated: May 09, 2025 | 08:37

Manoj Nair, Business Editor

1 MIN READ

UAE and Gulf Indian expats will need to track the rupee's movements closely in the coming days. There is a hint of a further weakening.

Bloomberg

Dubai: The Indian Rupee has slipped to its lowest levels since April 15, at 23.36 to one dirham, as the markets measure the impact from the breakout of conflict between India and Pakistan. Also, the dollar’s been strengthening in the last 24 hours, and that too has spelt change for the INR.

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Today’s levels of the AED-INR represent quite a turnaround from the way the rupee had firmed up over the last week, when it had gone to 22.89. This was the highest the INR had been to the dirham since October of 2024.

The previous lowest for the INR in recent weeks was the 23.21 on April 16.

But there could be a further dip. "There are indications of the INR slipping again to 23.68 against dirham, or 87 to the dollar," said Neelesh Gopalan, senior FX analyst. "Early next week could provide a better indication of where the INR-AED is heading."