Business News
Indian rupee falls sharply, best time to send money?
Dubai: The Indian rupee fell sharply against the US dollar on Tuesday to go past 72-a-dollar mark again. At present the Indian currency is trading at 72.28 against dollar.
According to UAE exchange real time rates, one UAE dirham will fetch you Rs19.60 while the previous day it was 19.38.
Rupee has been hovering above 19 mark against UAE dirham for weeks and Indian expats in the UAE were constantly monitoring the rates for the right time to make highest gains.
“I follow the exchange rates regularly so that I get the best rates when sending money to India. Last week I missed an opportunity to send money. But the rates today are good and I will take advantage of it even though analysts say the rupee will fall further,” said Indian expat Pratap Singh.
The Indian rupee will remain under pressure in the coming months, analysts say.
“A few negatives are weighing on the rupee – not only the GDP data but also a move higher in USD/CNH and weaker equities,” Dushyant Padmanabhan, a forex strategist at Nomura Holdings Inc. in Singapore, told Bloomberg. The bank remains negative on the currency in the near term.
The weakness comes at a time when the government has little fiscal room to boost the economy with tax revenues lagging estimates. Even a record $24 billion payout by the central bank to federal coffers last week failed to excite markets – foreign funds pulled $2.3 billion from local shares in August, the biggest outflow since October.