UAE residents alert: Indian rupee falls further

The Indian rupee fell on Wednesday morning, hitting 20.2 versus the UAE dirham after the country’s central bank kept interest rates unchanged, for the fifth consecutive time.

Rupee fell to 74.18 against the US dollar on Wednesday morning, hitting around four-month low. It had touched the same level of 20.2 during late November 2020.

The Reserve Bank of India (RBI) kept its policy repo rates unchanged at four per cent on Wednesday and warned that the Indian economy faces renewed threat from the growing coronavirus cases in the country.

The South Asian country reported a record over 115,000 new Covid-19 cases a day, taking its tally to 12.8 million cases.

Pakistani rupee strengthened on Wednesday morning from 41.7 to 41.5 but later it steadied at around 41.7 level.

-waheedabbas@khaleejtimes.com