The Indian rupee is trading today (2 September) at 23.99 against 1 Dirham in the morning. The Reserve Bank of India (RBI) is believed to have interfered in the market by purchasing dollars, which strengthened the rupee slightly.
Yesterday the rupee fell at the lowest level of its history by 24.04. Overseas Indians in the UAE and Gulf countries sent a large -scale remedies due to touching 24 consecutive levels, as they were getting the best rates. Some digital platforms offered rates up to 24.02.
Nilesh Gopalan, a Treasury manager of a Dubai -based Remittens Platform, said, “Indian exporters benefited from the arrival of rupees under 24. Hopefully RBI would take a little late step, but he interfered very quickly.” The major reason for the rupee fall is 50% tariffs imposed by the US on India. Out of these, additional 25% tariffs have been imposed on India’s Oil purchase from Russia. America opposes this, but India has clearly stated that it will not stop importing oil from Russia.
Interestingly, the rupee was declining when the US dollar itself was under pressure. The dollar index is currently at 97.79, while recently it went above 99.