Indian expats in UAE: Remit or hold? Rupee to stay weak for next three months before gaining marginally

Indian expats in UAE: Remit or hold? Rupee to stay weak for next three months before gaining marginally

Dubai: When it comes to sending money back home, it is vital to know whether it is currently an ideal time to remit. So if you were wondering whether or not you should send Indian rupee back home now or wait a bit, here's what analysts are saying. Against the UAE dirham, the Indian rupee is expected to stay range-bound at around 22.2 in the coming weeks, before edging up later, so remit soon to take advantage of rates. The currency was currently at 22.2. Check the . The Indian rupee will remain at its current level three months from now and gain only marginally by the end of February 2024, barely recouping any of its losses from last year, a Reuters poll of foreign exchange strategists found. Against the US dollar, the Indian rupee was at 81.69. It is expected to trade at 83.48 by the end of this quarter, according to Trading Economics' analysts expectations. The analysts estimate it to trade at 85.70 in 12 months time. Any weakness or strength 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