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Likely intervention by the Reserve Bank of India helped the currency limit its losses, with traders citing strong dollar offers from state-run banks
Thu, Nov 21, 2024 | Jumada al-Awwal 19, 1446 | DXB
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Gold & Forex Rates
The dollar has surged since Donald Trump's victory in the US presidential election, hurting emerging market assets
The currency declined to a record low of 23 against the UAE dirham on Tuesday
While the US election may have a "sizeable impact on equities, the RBI is likely to keep rupee volatility in check," a trader with a large private bank said
The currency has been pinned near record low levels for much of the week amid a rise in US bond yields
Overseas investors have sold $8.4 billion of Indian stocks so far in October, a reversal from the $8-billion inflows last month
Government's crackdown on foreign currency smuggling led to a convergence of official and informal rates, stabilising the rupee
In a special tribute, the exchange's oldest customer wins the first free flight ticket
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