Home GCC UAE India’s rupee hits fresh new low against UAE dirham India’s currency has weakened slightly against the UAE dirham in early trade, mainly off the back of dollar strength by Gareth van Zyl December 5, 2023 Image credit: Getty Images India’s currency, the rupee, hit a fresh new low against the UAE dirham on Tuesday morning as the US dollar has experienced renewed strength in recent days on the back of interest rate cut expectations by the Federal Reserve. On Tuesday morning, 1 UAE Dirham could buy 22.7080 rupees. The dirham is pegged to the US dollar, at a rate of 3.67. India’s rupee hit a fresh new low this week against the dirham. Source: Google Rupee impacted by fluctuation in international markets In a note on Tuesday morning, news agency Reuters highlighted how all eyes are on the US Federal Reserve, with market watchers hoping that interest rate cuts will be in the offing sooner rather than later, following years of inflationary pressure. “The US non-farm payrolls data – a key labour market report – and the non-manufacturing ISM data for November are expected during the week, which market participants will look to for further clarity on interest rates. Investors are currently expecting the Fed to cut interest rates by the first half of next year,” reported Reuters. Meanwhile, the Reserve Bank of India’s Monetary Policy Committee will kick off its bi-monthly review meeting on Wednesday and announce a decision on Friday. The current repo rate in India is Repo Rate has been stable at 6.50 per cent over the last five interest rate announcements. Tags dirham dollar Economy India Rupee You might also like India’s Reliance starts trading US oil setting Brent oil benchmark Egypt’s outlook upgraded to positive on reduced external financing risks: Fitch Qatar’s economy grew 1.2% year-on-year in Q3 2023 Investcorp to acquire National Stock Exchange’s tech unit