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Indian, Pakistani rupee steady against UAE dirham after attacks
Currencies are usually among the first to react in case of military conflicts
- PUBLISHED: Wed 7 May 2025, 7:23 AM
[Editor's Note: Khaleej Times is bringing you the latest updates on rising tensions between India and Pakistan here.]
The Indian and Pakistani currencies were steady against the UAE dirham and US dollar after India launched a missile attack on Pakistan in the wee hours of Wednesday.
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According to xe.com, the Indian rupee was trading at 23.3 against the UAE dirham on Wednesday morning, while the Pakistani rupee stood at 76.5 against the Emirati currency.
Similarly, the Pakistani rupee was trading around 281 against the US dollar while the Indian currency was hovering around 84.5 against the greenback.
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Currencies are usually among the first to react in case of military conflicts. In the wake of the early morning attack by India, airlines cancelled flights to Pakistan as airspace was closed for commercial carriers. As a result of Indian strikes, eight civilians were reportedly killed in Pakistan. At the same time, Pakistan claimed to have shot down 5 Indian fighter jets.
Global ratings agency Moody’s on Tuesday said that prolonged tension between the two South Asian neighbours will hurt Pakistan’s economy.
“Pakistan's macroeconomic conditions have been improving, with growth gradually rising, inflation declining and foreign-exchange reserves increasing, amid continued progress in the IMF programme. A persistent increase in tensions could also impair Pakistan's access to external financing and pressure its foreign exchange reserves, which remain well below what is required to meet its external debt payment needs for the next few years,” Moody's said.
