As the dollar strengthens, Indian rupee slips to 23.27 against AED, boosting NRI remittance prospects
The Indian rupee has weakened against the UAE dirham and US dollar, arriving at an opportune moment for Non-Resident Indians (NRIs) in the Gulf gearing up to send funds home in early June—a peak remittance period. As of today, the INR has fallen to 23.27 per dirham, down from the recent average of 23.00–23.10 and a temporary recovery high of 22.89, reported gulfnews.com.
NRIs in the Gulf gain a window for higher remittance value as INR heads toward 23.40 against AED.
Currency experts anticipated the rupee’s downward shift due to the dollar’s upward momentum this week. “The INR drop to 23.30 levels was widely expected,” said Neelesh Gopalan, Treasury Manager at a Dubai-based fintech firm. “If the dollar continues to strengthen, we may soon see the rupee hit 23.40 to the dirham.”
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June is traditionally a high-remittance month, and this latest dip in the rupee offers a better exchange rate for NRIs
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With the dollar’s upward trajectory intact, many in the diaspora are likely to capitalize on the favorable conversion window
Rupee’s trajectory could mirror February lows—expats brace for potential 23.90 range again.
The rupee had reached a historic low of 23.92 to the dirham in February. Since then, it had shown signs of recovery, aided by a softer dollar influenced by global concerns—ranging from delayed US tariffs to fears of recession or stagflation. However, those gains appear to be reversing as the dollar regains ground.
While a return to all-time lows remains speculative, the current weakening trend provides NRIs with a strategic opportunity to maximize remittance value. With market volatility persisting, further fluctuations in the rupee-dollar/dirham dynamics remain likely.
With June remittances peaking, Indian expats eye favorable exchange rates as rupee weakens again.