Indian rupee may fall to 20.6 vs dirham due to rising Covid cases
Waheed Abbas/Dubai
Photo: Reuters
Pressure builds on the currency, despite a surge in India’s forex reserve.
An alarming rise in Covid-19 cases will keep the Indian rupee under pressure this week against the US dollar and the dirham, despite a surge in the country’s foreign exchange (forex) reserve.
The rupee ended last week at 74.5 versus greenback or 20.3 against dirham, registering gain for the first time in three weeks, driven by a surge in forex reserves and the broad-based weakness in the dollar.
The Reserve Bank of India (RBI)'s latest data for the week, ending on April 9, showed that forex reserves surged $4.34 billion to $581.21 billion.