Dubai: The Indian rupee has hit an all-time low of 23.82 against the UAE dirham (87.51 against the US dollar), intensifying fears of further depreciation. With the rupee losing nearly one rupee against the dollar in just a month—dropping from 86.64 on January 31, 2025—analysts warn that the currency may soon breach the critical 24-mark against the dirham, sooner than expected.
The depreciation has been accelerating since early November, largely influenced by a stronger US dollar following the re-election of Donald Trump as U.S. President. The growing strength of the greenback, coupled with global economic factors, has put additional pressure on the Indian currency.
Despite these challenges, the decline presents an opportunity for Indian expatriates in the UAE to capitalize on favorable exchange rates for remittances.
“This is a challenging period as the Indian rupee continues its downward trend against the US dollar,” said Anthony Jose, Executive Director of Joyalukkas Exchange.
With market volatility and global economic shifts shaping currency movements, financial experts advise expatriates to stay informed and make strategic decisions regarding remittances and investments.
