INR Slips All Time Low against AED and USD after Fresh Coronavirus Cases, May Go Further Down, Predicts inrtousd.com
Pune, India – With increasing cases of new COVID-19 cases, there are fears that the Coronavirus, is impacting the financial market in India. Right now, these are just concerns. The rupee to dirham has fallen. On March 2, 2020, the rupee started out fluctuating and ended the day on a low note and is expected to go down in short term predicts India based inrtousd.com which is a specialists forecast Agency and market leaders in long and short term financial and currency forecasting.
The rupee ended at 73.65 to the US dollar as of Monday. The Reserve Bank is working hard to ensure that these fluctuations are just temporary amid COVID-19. However, there is a legitimate concern for public fear. The global amount of the infected is at 91,783 and counting so far. So far, 2,981 have died from the disease. The sentiments led BSE Index continue to crash after some recovery and closed at 37,319 points on first week of March, 2020.
The INR to AED was trading at 1 Indian Rupee to 0.050 United Arab Emirates Dirham while AED to INR was trading at 20.05 on week ending 7th March, 2020. The dirham was much stronger in mid-February and was creeping up to 0.051. Ultimately, the volatility of the market is dependent on many factors, with the virus just being a well-reported concern of a global pandemic in the making.
Inrtousd.com predicts that if fears of COVID-19 and industrial slowdown continues, exchange rate of AED to INR Forecast may down well below 21 INR for a quarter against 20 INR last week while for 1 USD to INR may touch 74 rupees. In long term, it similar situation prevails, it may further slips below 22 rupee for 1 dirham while 75 rupees for 1 US dollar in 9-12 months duration.
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