Indian rupee hits 2-month low against UAE dirham; good time to remit?

Filed on November 4, 2020


The US dollar is expected to weaken in two weeks' time.

The uncertainty regarding the US election outcome impacted the Indian rupee, which plunged to its two-month low mark during Wednesday's trade session.

Accordingly, the rupee hit an intraday low of 74.88. At around 3.15pm India time, the rupee traded at 74.80 to the greenback. Against the UAE dirham, it it a low of 20.41 in intraday trade.

"The markets would not like a delayed result, which can lead to prevalence of more risk-off sentiment," Sajal Gupta, Head, Forex and Rates, Edelweiss Securities.

"No matter who wins, stimulus shall be coming. So expect the US dollar to weaken in two weeks time after a clear win."

According to Nish Bhatt, Founder and CEO, Millwood Kane International: "A lack of clarity on the outcome of the US Presidential Election has created a lot of uncertainties."

"Global equity and currency market have reacted according to it. With the US dollar gaining strength, the Indian rupee saw a decline, as it slipped towards the crucial 75 per US dollar mark."

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