Remit or hold? Indian, Pakistani rupee to be volatile this week ahead of US rate hike

Remit or hold? Indian, Pakistani rupee to be volatile this week ahead of US rate hike

Dubai: As market investors assess how aggressive a stance the US central bank would take on near-term monetary policy, remitters would have to wait and watch this week for beneficial forex rates before sending money back home, especially to India and Pakistan. The Indian rupee firmed on Tuesday as the US dollar retreated on improving risk sentiment. The partially convertible rupee rose 0.2 per cent to 79.61 per dollar on Tuesday, but it has weakened 0.8 per cent in the past four sessions from a high of almost 79.10. Against the UAE dirham, the value of the Indian rupee was at 21.69 on Tuesday. Check the . Weakness 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. "There will be some breather for the rupee. It may trade around 79.45-79.80 before the Fed event as we'll see more of a consolidation phase," said Kunal Sodhani, vice president at global trading centre, South Korea-based Shinhan Bank, told Reuters. Pakistan's currency is on the cusp of a record low. The rupee is about 0.4 per cent away from 240.375 per dollar,