Indian rupee expected to seesaw this week, high oil costs to limit currency’s gains against the UAE dirham

Indian rupee expected to seesaw this week, high oil costs to limit currency’s gains against the UAE dirham

Dubai: When it comes to remitting money back home, Indian expats in the UAE need to be mindful of the fact that the rupee is expected to have a topsy-turvy week, but stay largely subdued due to the high costs of oil. In light of this forecasted trend, the currency opened a tad stronger on Monday against the UAE dirham, from Rs20.18 to Rs20.16, but quickly weakened by over 10 paise to Rs20.27. Check . So India-based forex analysts are currently evaluating how high crude oil prices along with a wider monthly trade deficit are expected to subdue the Indian rupee in the coming week. Accordingly, the rupee is expected to seesaw between 74.50 to 75.59 against $1 or a greenback. 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. Lately, the Brent-indexed crude oil's price has hovered over $91 per barrel. The latest official data showed that India's trade deficit widened by 20.23 per cent on a year-on-year basis to $17.42 billion in January 2022 from $14.49 billion in the like period of 2021. It had widened to