Indian rupee dives to 12.80 against UAE dirham; 13 in sight

As the Indian rupee continues to stay low against the US dollar-pegged UAE dirham, currency exchange and money transfer houses were readying for a rush of remittances.

Exchange houses in Dubai put the Indian rupee at 12.80 against the dirham this morning, a new low in 14 months, lower than yesterday’s nadir of 12.78.

Exchange houses told Emirates 247 that Indian expatriates could be waiting for the exchange rate to hit the landmark 13 figure.

“We have witnessed a significant increase in high value remittances - meaning more than Rs400,000 to Rs500,000 in a single transaction,” said M Madhusoodanan, Branch Head, UAE Exchange, Al Ghusais.

“The number would have increased further if it was the beginning or the end of the month. It looks like people are waiting for the exchange rate to touch 13, which might happen within this week,” he added.

Although the rupee was up by 27 paise at Rs 46.95 per US dollar it further weakened by noon.

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