Indian rupee slips to 21.69/Dh – will it drop to even more remitter-friendly levels?

Indian rupee slips to 21.69/Dh – will it drop to even more remitter-friendly levels?

Dubai: The Indian rupee is treading lower at 21.68 to the dirham early Thursday (August 18) and within striking distance of the lowest point so far this month of 21.73. The INR had closed at 21.62 on Wednesday. If the pattern of weakness holds, this could be an ideal window for remittances by Indian expats in the UAE. Remittance volumes had been low through the week so far; for one being mid-month and also because the Indian markets were closed on August 15 (Independence Day) and 16 (Parsi New Year). “The rupee had not seen any major correction for some weeks now,” said a senior treasury analyst. “So, today’s drop is slightly beyond the typical trading patterns we have been seeing. Anything close to 21.70 levels should constitute as favourable for remitters.” The lowest point for the rupee to date has been 21.79, which was during mid-July. (It was on May 9 that rupee slipped below 21 for the first time.) "Next month will see heavy remittances, given that key festivals - such as Onam - will be going on in some of the states," said the analyst. "So, ideally anything in the 21.70 and over range will come in