Will Indian rupee soon hit 24 against dirham?

Dubai: The Indian Rupee dropped to another lowest ever point today, at 23.82 to the dirham (87.51 against dollar). It also raises the real possibility of the rupee breaching the 24 mark to dirham well before most analyst forecasts.

It extends the slide for the INR, which has deepened particularly after early November, with the US Presidential election and the re-entry of Donald Trump. The dollar’s been on a strong footing since, and which has put additional strain on the INR-USD.

Clearly, the rupee remains at an extremely favourable level when it comes to remittance possibilities for UAE’s Indian expats.

‘Taken by surprise’
“The latest rupee drop is a bit of a surprise because many in the FX market was expecting it to be different,” said Neelesh Gopalan, senior FX analyst at a Dubai fintech. “That was because the exit polls for the Delhi elections was deemed as market-friendly.

“But it’s not how things are shaping up this morning.”