Indian rupee drops to fresh low point of 23.94 to dirham on new Trump tariff talk

Dubai: The Indian Rupee has crashed to another new low of Dh23.94 against a dirham, over more concerns about US President’s Donald Trump latest tariff talk.

The INR was at Dh23.80 to the dirham when the currency markets closed last Friday evening.
What this means is that the favourable situation continues for Indian expats in the UAE and the Gulf in sending money back to the home country.

There had been heavy remittances over the last weekend as many NRIs had thought the rupee could be in with a chance to firm up this week. Especially after the RBI’s meeting on Friday last, which cut interest rates for the first time in nearly 5 years and where the new central bank governor gave his thoughts on where the Indian economy is heading.
But then Trump brought up the subject of tariffs on aluminum and steel imports into the US from anywhere, and that was enough to bring back the market jitters all over again.

1.5% in just 10 days
In the first 10 days of this month, the INR’s drop has been nearly 1.5% falling from the closing level of 23.58 (86.64 in dollar terms) on January 31, 2025, said Neelesh Gopalan, senior FX analyst based in Dubai.