The Indian rupee on Monday dropped 48 paise at 81.81 against the USD on rising demand for US Dollar by bankers and importers.
For the first time in history, the exchange rate between the Qatari riyal and the Indian rupee crossed 22 rupees. Earlier, two and a half years ago in March 2020, the exchange rate between the rupee and rial was 20 rupees. In May this year, it reached 21.
The dealer of Foreign Exchange reported this drop. The local unit was seen as weak because of the strong US dollar against other world currencies amid a weak start in the stock market. The rupee recorded some days high and low at 81.78 and 81.84 respectively.
As the value of the Indian rupee fell again against the dollar, expatriates are optimistically trying to make the most of this situation when the Indian rupee is facing a big fall. The Indian rupee fell to 81.16 per dollar. With this, the Gulf currencies hit all-time highs against the Indian rupee. Expatriates are busy taking advantage of this situation to send money back home.
All the Gulf currencies have enjoyed the rupee weakening against the dollar. The Indian rupee has depreciated to Rs 22 per UAE dirham. Gulf News reports that there was a situation where the UAE dirham could get up to Rs 21.92 on Thursday morning.
Reports also indicate that those who sent money through Emirates NBD received up to Rs 21.86. The rupee opened at a record low of 80.2850 against the US dollar on Thursday. It is down from 79.9750 in the previous session.
As the UAE currency is linked to the dollar, weakness in the value of the Indian currency against the US dollar will be reflected in the exchange rate with the UAE dirham. The Indian rupee is currently trading at 22.08 or 81.08 against the dollar. There were indications in the first minutes of the opening of the currency market that the rupee would fall to the 80.20 level.
Earlier in UAE time, the rupee fell below 81. The rupee, which reached 81.24 earlier, is now at 80.86. The overnight exchange rate shows 21.87 per dirham. Meanwhile, other Gulf countries are also reflecting this change in exchange rates.