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According to the exchange rate compiled by Google, the Indian currency to dirham exchange rate plummeted to 24.83.
The exchange said that search engine giant Google had a temporary failure on Wednesday, and its currency conversion tool showed that the exchange rate of dirhams to Indian rupee was far lower than the actual level, which triggered a large number of inquiries from potential senders.
According to the exchange rate compiled by Google, the Indian currency to dirham exchange rate plummeted to 24.83. However, the exchange rate of the rupee to the US dollar was 73.48, and no exchange or bank reflected this plunge in interest rates. The price of one dirham fluctuates between 23 rupees and 24.83 rupees.
Adeeb Ahamed, managing director of Lulu Financial Holdings, said that Wednesday’s rumours about the devaluation of the rupee were a glitch in online search engines.
“However, because financial service providers have their own accurate information, they have no impact on this model.”
Ahmed stated that the rupee has been trading within a narrow range of 8-12 paisa for a long time. Its exchange rate against the U.S. dollar is 73.49.
“Most investors expect a correction in the Indian stock market. With the recent rise in global oil prices, we expect the rupee to test 73.84 and 74.05, as well as 74.30, possibly before the end of the month, which is 20.10-20.20 against the UAE dirham,” Ahah Mead said.
In the past, when such failures occurred, Google had stated that “the accuracy of the displayed exchange rate cannot be guaranteed. You should confirm the current exchange rate before making any transactions that may be affected by exchange rate changes.”
Search engines never claim that their converters should be the only source for checking conversion rates, and the disclaimer tab covers everything from delays in updating exchange rates to providing no guarantees on the displayed numbers.
— Issacjohn@khaleejtimes.com
Isaac John
The editorial director of Khaleej Times is a well-connected Indian journalist and economic and financial commentator. He has worked in mainstream journalism in the UAE for 35 years, including 23 years in Khaleej Times. He is a graduate of English major and a graduate of economics major, and has won more than 20 awards. He is widely praised for his real and insightful analysis of global and regional business and economic trends, and is respected for his keen understanding of local business scenarios.
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