It rose to 21 in May from 20.10 against the UAE dirham earlier in January. Today it reached an all-time high of 21.74.
Abu Dhabi – United Arab Emirates, First Published Jul 14, 2022, 10:55 PM IST
ABU DHABI: Expatriates are in a rush to send remittances home as the Indian rupee hits an all-time low against the US dollar. The dollar was down 0.17 percent at 79.90 on Thursday morning. With this, the exchange value of the currencies of the Gulf countries also increased.
Financial experts point out that rising crude oil prices in the international market and decline in foreign exchange reserves are taking the rupee down. The news that the US Federal Reserve will meet on July 26 and 27 has fueled speculation that interest rates may rise. The rupee opened at 79.64 against the dollar on Thursday morning but later fell to 79.77.
Expatriates in the Gulf countries are trying to make the most of the depreciation of the rupee. The UAE dirham touched an all-time high of 21.74 today. The previous day’s exchange rate was Rs.21.66. After starting trading at 21.72, it later fell by two paise to reach an all-time high of 21.74. It rose to 21 in May from 20.10 against the UAE dirham earlier in January. Today it reached an all-time high of 21.74.
Today’s rates were Rs 21.31 for Saudi Riyal, Rs 21.95 for Qatar Riyal, Rs 259.42 for Kuwaiti Dinar, Rs 212.58 for Bahraini Dinar and Rs 207.88 for Omani Rial. With the good exchange rate, there was a general rush of expatriates in various exchange centers to remit money back home.
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Last Updated Jul 14, 2022, 10:55 PM IST
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