NRI alert: Rupee may hit Rs15 to Dh1

Indian expats in the UAE and across the world may be happy about the fact that, for once, the electorate back home has decided unanimously in the favour of a political party instead of a fractured verdict.
But the nation’s clearest verdict yet in decades has had financial implications for non-resident Indians (NRIs), with the rupee strengthening to an 11-month high after Narendra Modi-led Bharatiya Janata Party (BJP) received a clear majority in parliamentary seats.
Clearly, it means that expat Indians will now have to spend more dirhams, dollars, dinars and what have you to remit the same amount of rupees back home than what they had to a few months ago.
The Indian rupee, which had famously collapsed 54 per cent in about two years between July 2011 and September 2013, has since appreciated by 16 per cent - about 5.5 per cent since the beginning of 2014 itself - and, according to analysts, is set to strengthen further.
On September 3, 2013, the Indian rupee made a lifetime low of Rs18.55 against the UAE dirham (Rs68.15 vs $1), but has since recovered, and is now trading at an 11-month high. The million-dirham question, then is: will it continue to strengthen?