The rupee collapsed to a fresh low of 73.77 against the US dollar Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows. Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.
According to UAE Exchange, against the UAE dirham, the rupee was trading at 20.05 in the morning.
The rupee slide is good news for Indian expatriates who are looking to make a windfall in exchange rates. But many expatriates are wondering how long the slide will continue.