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Indian rupee may slip down against UAE dirham, US dollar due to Omicron Covid variant

Dubai: Market experts said that the Indian rupee may soon slip down against UAE dirham and the US dollar due to the new Omicron Covid variant. The investors may decide to invest in more safer assets like the US dollar and this will affect the rupee.

As per market analysts, the Indian rupee could slide around 1.4% to 80 against the US dollar or 20.7 against the UAE dirham. As per the data released by the xe.com, the Indian currency strengthened from 20.55 on October 13 to 20.13 on November 9. On Sunday, the Indian rupee was trading at 20.4 against UAE dirham.

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Century Financial, a financial consultancy firm in the UAE said that the Indian rupee was the best-performing asset assets globally just before the new Covid-19 variant was detected. And now, the US treasuries are regarded as safe-haven assets. And the Indian rupee may decline due to sell-off by investors.


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