The Indian rupee slumped to Rs16.65 against the UAE dirham (Rs61.18 vs USD) in intra-day trade on Monday, a whisker short of its six-month low of Rs16.72 as the Indian currency witnessed its biggest single-day decline in six weeks.

Fluctuations in the exchange rate matter for expatriates since a favourable rate (weakness in currency of destination) means that they are able to remit more money to their dear ones back home, or simply more savings and investments in their home country. Read More..