27 C
Dubai
Friday, April 25, 2025
spot_img

Indian rupee nears historic lows, faces more pressure.

The Indian rupee, near a record low, faces ongoing pressure due to factors like crude oil prices and the US Federal Reserve’s policy decision. Non-deliverable forwards suggest the rupee may open around 22.683-22.694 to the UAE dirham, slightly lower than the previous session’s 22.688.

It’s worth noting that the local currency is very close to its all-time low of 22.694. Some forex experts predict further depreciation, while a few suspect that the Reserve Bank of India might have intervened in the non-deliverable forwards market to support the rupee.

Meanwhile, Brent crude has dipped below $94, down from its recent year-to-date high of $95.96. The dollar index is marginally lower at 105.08, and Asian currencies remain stable before the Fed’s decision. The market generally expects the Fed to maintain the policy rate, with a negligible chance of a rate hike.

Investors are keenly watching for the central bank’s interest rate projections for 2023 and 2024. Some analysts anticipate a modest increase in the 2023 median policy rate forecast, while others expect a shift upwards in the 2024 median rate projection, indicating a slightly less accommodative stance in the coming years.

Next Article

Related Articles

FUGENO: Awakening the Soul of Skincare

In today’s hyper-industrialized world of synthetic chemicals, rushed routines, and overloaded shelves of beauty products, finding skincare that is both effective and ethical feels...

Pakistan and UAE Forge Stronger Ties with Strategic New Agreements

Pakistan and the United Arab Emirates (UAE) have signed two agreements and a Memorandum of Understanding (MoU) aimed at enhancing cooperation and fostering stronger...

Transforming Education with Heart and Innovation: The Story of Twelve100Grams and Tarana Choudhury

In a world where education is continuously evolving, making a meaningful impact requires more than just knowledge—it demands passion, vision, and a deep understanding...

Weaving Culture Into Clutches: The Story Behind Clutch Craft

In a fast-paced world dominated by factory-made fashion and fleeting trends, one woman’s mission stands out like a thread of gold in a handwoven...

From Legacy to Leadership: How Shahriar Taha is Future Proofing REMEX Corporation Ltd.

A Legacy Reimagined When most entrepreneurs talk about "starting up," they refer to founding something from scratch. But for Shahriar Taha, Managing Director of REMEX...

Latest Articles