The Indian rupee experienced a decline of 12 paise after 3 days, on Friday against the UAE Dirham as the Dollar’s rate has hiked.
According to the Forex traders, the rise in crude oil prices further added to the pressure on the India’s currency, despite the presence of foreign fund inflows.
Starting off at INR 82.60 at the interbank foreign exchange, the Indian rupee subsequently dropped to its lowest point of INR 22.53 against the UAE dirham (INR 82.69 against the dollar). Eventually, settling at INR 82.68, observing a decrease of 12 paise compared to its previous close.
A forex trader at a Mumbai-based bank remarked that this decline of currency’s rate below 82.50 has likely dampened the overall momentum. Moreover, the dollar index exhibited a 0.6 percent surge on Thursday and continued to advance during the Asian session, reaching its highest point in two and a half months.
