Will Indian rupee hit 20-mark against UAE dirham again?

The rupee slumped 22 paise to 70.40 against the US dollar in early trade.
The rupee on Thursday slumped 22 paise to 70.40 against the US dollar amid strengthening greenback and sustained foreign fund outflows.

Against the UAE dirham, the rupee was trading at 19.18 at 8:30am (UAE time), according to XE.com .

Forex traders said the dollar strengthening against major global currencies overseas and fall in domestic equities dragged down the local unit, while falling crude oil prices capped rupee’s losses.

At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.30 and fell further to touch a low of 70.40 a dollar, down 22 paise over its previous closing.

On Wednesday, the rupee had depreciated 75 paise to 70.18 against the American currency.

Brent crude, the global benchmark, was trading lower at 54.44 per barrel, lower by 0.86 per cent.

Meanwhile, foreign funds pulled out Rs 621.06 crore from the capital markets on a net basis, while domestic institutional investors sold shares worth Rs 226.18 crore Wednesday, provisional data showed.

The 30-share BSE index was trading lower by 84.30 points, or 0.23 per cent, at 35,807.22. Similarly, the broader NSE Nifty was trading down 34 points, or 0.32 per cent, at 10,758.50.

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Also Read:

Indian, Pakistani expats making their dreams come true in UAE

10,914 restaurants and coffee shops are operational in Dubai since last November.
Indian and Pakistani nationals have topped the list of nationalities who are securing new restaurant and coffee licenses in Dubai.

This comes after the Department of Economic Development published a video report on the total number of operational restaurants and cafes up to November 2018 has reached 10,914.

Bur Dubai saw 5,774, while Deira saw 5,097, and Hatta 43.

Compared to last year, the total number increased by nearly 100 licenses.

Other nationalities who made it to the top 10 are Egypt, Britain, and Saudi Arabia.

Watch the video below:

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