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
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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