Good news for Indian remitters in UAE: Indian rupee drops for fifth day, to slip further soon

Good news for Indian remitters in UAE: Indian rupee drops for fifth day, to slip further soon

Dubai: The Indian rupee dropped for a fifth straight session of declines on Wednesday, and is expected to drop to 22.60 against the UAE dirham, so if you were planning to remit in the coming weeks, it's time to take advantage of these rates. Down over 10 per cent against the US dollar this year, the rupee will trade at 82.5 per dollar in three months, according to the October 28 to November 1 Reuters poll of 26 forex analysts. For now, in the coming weeks, the currency is seen at around 81.50-81.55 per dollar, albeit largely steady compared to recent levels. Any weakness or strength in the Indian currency'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. Check the . If the rupee hits 85 to a dollar by December, it would have lost 12.5 per cent this year - the steepest decline in a decade. While the Reserve Bank of India has stepped in regularly to smoothen the rupee's drop, analysts said the intervention is depleting the foreign exchange pile at a robust pace. While it is difficult to explain