Indian rupee falls to record low against UAE dirham

By Business Reporter

The Indian rupee fell to its lowest level on record against the US dollar and UAE dirham on Friday, weighed down by broad weakness in its Asian peers and aggressive local dollar demand, traders said.

The rupee fell to an intra-day low of 22.732 against the UAE dirham, before ending marginally higher at 22.7316, but still down 0.3 per cent for the day.

Strong dollar bids close to the end of the session pushed the rupee to a record low alongside the “surprising absence” of the Reserve Bank of India’s intervention (RBI), a foreign exchange trader at a private bank said.

The RBI had likely sold dollars close to the 83.38-83.39 levels earlier in the session to ease the pressure on the rupee, traders said.