Remit or hold? Indian rupee hits new all-time low against UAE dirham

Remit or hold? Indian rupee hits new all-time low against UAE dirham

The currency fell below 83 versus the US dollar for the first time on Wednesday

File photo

By ANI

Published: Wed 19 Oct 2022, 3:38 PM

The Indian rupee fell below 83 versus the US dollar (22.6 against the UAE dirham) for the first time on Wednesday, as surging US treasury yields forced a rally in the greenback.

The rupee plunged 61 points to dip below for the first time and closed at a record low of 83.01 against the dollar.

Rising crude prices in the international markets and risk-averse sentiment among investors weighed on the currency, traders said. The Bank of England’s expected interest rate rise next month, following the latest inflation figures, will act as a robust reminder for investors.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.31per cent to 112.48.

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