Menu

Post image 1
Post image 2
Post image 3
Post image 4
Post image 5
Post image 6
1 / 6
0

Indian rupee hits new record below 26 as oil surge boosts UAE remittance value

Gulf News: Latest UAE news, Dubai news, Business, travel news, Dubai Gold rate, prayer time, cinema·Justin Varghese·20 days ago
#g2zpxgQu
#share#google#app#indianrupee#hamburger#india
Reading 0:00
15s threshold

Dubai: The Indian rupee slid to a record low against the US dollar, giving UAE-based remitters one of the strongest exchange-rate opportunities in recent years as rising oil prices and sustained foreign investor outflows intensified pressure on Asia’s third-largest economy. At 7pm UAE time, Dh1 fetched Rs26.08, according to XE.com, while the rupee weakened to 95.80 against the dollar. The decline means Indian expatriates in the UAE now receive significantly more rupees for every dirham sent home, benefiting workers and families managing school fees, loan repayments, property expenses and household costs in India. A Dh1,000 transfer would return roughly Rs26,080 before exchange-house charges and margins, making the current rate especially attractive for larger remittances. The rupee had closed at 94.39 per dollar on Monday before weakening further as the effect of earlier support measures by the Reserve Bank of India began fading.…

Continue reading — create a free account

Join HashtagPLUS to read full articles, follow hashtags, vote, and join the conversation.

Read More