Best time to remit: Indian, Pakistani rupee to stay weak this week against US dollar, UAE dirham

Best time to remit: Indian, Pakistani rupee to stay weak this week against US dollar, UAE dirham

Dubai: The Indian and Pakistani currencies are expected to remain weak this week amidst a combination of negative global cues as well as domestic factors at play, proving favourable for UAE expats looking to remit more money back home. Against the UAE dirham, the value of the Indian rupee was at 21.23 on Monday, dropping in value from prior session's 21.11. The Pakistani currency held steady at 57.11, but depreciated from yesterday's 56.6. Check the . Dubai-based forex analysts evaluate that both the currencies are expected to stay at the current level against the US dollar and UAE dirham in the coming days. Weakness in the rupee's value against the US dollar will be automatically reflected in its exchange rate with the UAE dirham as the UAE currency is pegged to the dollar. The Indian rupee's depreciation is seen impacting the economy and various segments such as fuel prices, while pushing up inflation. However, the central bank Reserve Bank of India (RBI) is likely to intervene in the forex exchange market to support the rupee and prevent any sharp depreciation in the exchange rate. It raised interest rate by 0.5 per cent last week, its second hike by the central