Indian rupee: Exchange rates to stay remittance-friendly this week against US dollar, UAE dirham

Indian rupee: Exchange rates to stay remittance-friendly this week against US dollar, UAE dirham

Dubai: If Indian expats were hoping to send more money back home, it would be ideal to do it this week as exchange rates are seen staying remittance-friendly against the US dollar and the UAE dirham in the coming days. The value of the Indian rupee versus the UAE dirham was at 21.51 on Monday, and at 79 against the US dollar - with analysts foreseeing a bigger drop. 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. Check the . 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 depreciation in the currency's value is primarily attributed to India's ballooning trade gap and rising capital outflows, which create new risks for the rupee, just as the currency's plunge to a record low adds to inflation woes. "India's external balances are deteriorating," economists at Goldman Sachs Group Inc. wrote in a note Thursday, citing the terms-of-trade shock from higher commodities prices and weakening global growth. "Going forward,