Time to remit: Indian rupee nears Rs21 against UAE dirham, will it drop further this week?

Time to remit: Indian rupee nears Rs21 against UAE dirham, will it drop further this week?

Dubai: With the Indian rupee inching closer to the much-awaited Rs21 against Dh1, expats in the UAE are keeping a close watch in order to remit more money back home. The India rupee is currently at a new low to the UAE dirham, touching Rs20.95 after last closing at Rs20.81. Check . High commodity prices, as well as the outflow of foreign funds from equity markets, are expected to subdue the Indian rupee further this week. Analysis show the Indian rupee dropping to Rs21 against the UAE dirham on Wednesday, and drop as low as Rs21.34 by next week, if the Russia-Ukraine crisis continues to escalate. But analysts add that before the currency drops lower the Indian central bank is expected to intervene. Rising prices of crude oil along with other commodities triggered by Russia-Ukraine war will keep the rupee weak. However, interventions by the Indian central bank (RBI) might cap the downside to rupee against the US dollar. The RBI is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit. Weakness in the rupee's value against the US dollar will be automatically reflected in its exchange