Latest News
- Checdking's$with Special"s & Characters#update
- Testing New's To Check's Utf "issue"#update
- Palestine Full UN Entry Backed By Kuwait
- Expatriate Clicks On Link, Loses All Savings
- Kuwait Weekend Weather: Hot Weather And Scattered Rain
- Former MP Tabtabaie Goes To Trial On May 20
- Missing Algerian Man For 25 Years Found And Held Captive By Neig...
- Citizen Detained For Alleged Involvement With A Banned Group
- Kuwait And Ethiopia To Sign MoU For Domestic Workers Recruitment
- Service Bureau Announces Training Plans For Employees And Gradua...
- Filipino Worker Remittances Decline In Kuwait
- Health Ministry Reaffirms Commitment To Modernizing Healthcare S...
Remittance Time: Indian Rupee To Weaken Further After Losing 31 Paise Against Kuwaiti Dinar
Early Wednesday, the value of the Indian rupee dropped by 31 paise against the Kuwaiti dinar, so it is a good time to remit money for Indian expats in the Kuwait. This would have been the third straight session of declines for the stock.
Analysts all over the world reported that the currency was expected to weaken further as a result of a stronger dollar in overseas markets and higher crude oil prices.
A day after the rupee rate closed at 244.49 KWD against the Kuwaiti dinar on Tuesday, it was at 244.80 KWD early Wednesday, indicating the rupee rate will fall more than expected.
The Indian rupee opened Tuesday's session at 74.60 versus the greenback, and the currency reached an intra-day high of 74.57 and a low of 74.80 against the greenback.
Tuesday's closing price for the rupee was its lowest since December 27, 2021; this was the second straight session of rupee losses. A 33-paise decline has occurred in the rupee's value against the US dollar in the last two days.
Because the Kuwaiti dinar is pegged to the dollar, any weakening of the rupee against the dollar will be reflected in its exchange rate with the Kuwaiti dinar.
It is likely that the US central bank will normalize monetary policy at a faster pace as expected, analysts said, as the rupee depreciated and settled at a one-month low on the strength of weak regional equities and currencies. Wednesday is Republic Day in India, and the markets are closed.
The rupee also fell amid the possibility of a military conflict between Russia and Ukraine and risk-off trades. Furthermore, higher crude oil prices dragged down sentiment on Tuesday.
As a result of trade deficits and outflows of FPIs (foreign portfolio investments), the rupee has been under constant pressure. Foreign institutional investors (FIIs) may pull their money away from India and other emerging markets if the US increases interest rates.
In addition to Omicron normalization, more imports and pressure on the rupee would also result from demand revival, according to analysts. The rise in crude oil prices to $90 a barrel is a warning bell for commodity price rise in the future, they add.
Check Currency Exchange Rates in Kuwait
Â
Trending News
-
Ministry Systems Hacked, Electricity Bills Altered
11 May 2024
-
Kuwait Unveils Monumental Solar Energy Project For...
06 May 2024
-
Expatriates Caught On Video Stealing Electricity W...
11 May 2024
-
Team To Inspect New Airport's Solar Panel Installa...
12 May 2024
-
Gulf Electrical Interconnection Project Will Boost...
04 May 2024
-
Eid Al-Adha Holiday In Kuwait: Potential 9-Day Bre...
15 May 2024
-
Issuing Work Permits Based On Academic Certificate...
07 May 2024
-
Kuwait Banks Seek Clarity From Central Bank On Cit...
04 May 2024
-
Kuwait Cracks Down On Bachelors
02 May 2024
-
Kuwait Organizes 30 Events To Protect Children Fro...
04 May 2024
Comments Post Comment