Remit or hold? Indian rupee likely to fall further after hitting a record low of 22 against the UAE dirham

Remit or hold? Indian rupee likely to fall further after hitting a record low of 22 against the UAE dirham

The Indian rupee is likely to fall further after hitting a record low to the dollar on Thursday as the US Federal Reserve hinted at more aggressive rate hikes to tame inflation. Against the UAE dirham, the value of the Indian rupee hovered at an all-time level of 22 on Friday, with forex analysts evaluating how the currency is expected to get weaker in the coming days. Check the . The rupee opened at a record low of 80.2850 per US dollar on Thursday, down from 79.9750 in the previous session. 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. The Fed raised rates by 75 basis points, in line with expectations. More importantly, it hinted that more hikes were coming and that rates would stay elevated until 2024. Asian currencies opened weaker, with the Chinese yuan slipping below 7.10 to the dollar. "After the hawkish Fed Reserve commentary, the rupee is (set to fall)", said Anil Bhansali, head of treasury at India-based Finrex Treasury Advisors. "The intervention from the central bank will remain crucial and they are