Time to remit: Indian rupee feels the heat for a second day as Russia-Ukraine conflict continues

Time to remit: Indian rupee feels the heat for a second day as Russia-Ukraine conflict continues

Dubai: It still proved to be an ideal time to remit for Indian expats in the UAE as the rupee fell for a second day. This is primarily because forex market sentiments continued to be hit amid a persisting Russia-Ukraine conflict. Although the Indian rupee firmed up to Rs20.35 to a dirham at the start of Friday's session, the currency weakened to Rs20.52 by mid-day, hovering near the levels it closed at a day before. Check . The Indian rupee became a casualty of the ongoing Russia-Ukraine hostilities as it weakened by over 1 per cent on Thursday. The rupee weakened by 1.3 per cent to Rs75.65 per US dollar from its Wednesday's close of Rs74.55. The rupee became the worst-performing currency in Asia as Russia-Ukraine conflict roiled sentiments and strong month-end US dollar demand from oil importers. The geopolitical uncertainties fuelled sell-off in risk assets and oil prices surged past $100 a barrel, resulting in rupee falling the most since June 2021. Analysts expect the USD-INR (spot) to trade with a positive bias and quote in the range of 75.50 and 76.20. Weakness in the rupee's value against the US dollar will be automatically reflected in its exchange rate