Mumbai: The rupee has depreciated to a record low against the UAE dirham. It also slipped to an all-time against the US dollar in opening trade on Thursday.
The reasons behind it are a stronger greenback overseas and unrelenting foreign fund outflows. Besides, a sell-off in domestic equities and risk-averse sentiments weighed on the local unit, forex traders said.
Rupees reached a record low of Rs. 22.55 against the UAE dirham. Against the Saudi Riyal, the rupee slid to Rs. 22.02 on Thursday.
At the interbank foreign exchange, the domestic unit opened weak at 83.05 against the dollar, then slipped further to quote 83.06, a fall of 6 paise over its previous close. The local currency also hit a high of 83.07 in early deals.
In the previous session on Wednesday, the rupee plunged 60 paise to end at 83 against the dollar.
As the rupee conversion rate is continuously falling for the past few months, Indian expats in the UAE, Saudi Arabia, and other countries have started remitting money back home.
