Expatriates in the Gulf countries are in a rush to make the most of the depreciation of the rupee. The current situation is most beneficial for those who have to repay the loans and those who have to pay the EMI of various loans.
Dubai – United Arab Emirates, First Published Jul 21, 2022, 10:20 PM IST
DUBAI: Gulf currencies are also at all-time highs as the Indian rupee faces its biggest fall in history against the dollar. The Indian rupee, which had crossed 80 against the dollar the previous day, had improved its level a little. The trade closed at 79.86 on Thursday.
Expatriates in the Gulf countries are in a rush to make the most of the depreciation of the rupee. The current situation is most beneficial for those who have to repay the loans and those who have to pay the EMI of various loans. Remittance firms say there has been an increase in the number of Pakistanis remittances from the Gulf as Pakistan’s currency has been depreciating heavily along with the Indian currency.
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Economists say that the appreciation of the dollar and the country’s trade deficit are weakening the value of the rupee. A large withdrawal of foreign investment has also been putting pressure on the rupee for some time. The rupee has depreciated by nearly seven percent against the US dollar this year.
The exchange rate for UAE dirham was 21.74 today. It rose to 21 in May from 20.10 against the UAE dirham earlier in January. Today’s rate was Rs 21.31 for Saudi Riyal, Rs 21.96 for Qatar Riyal, Rs 259.57 for Kuwaiti Dinar, Rs 212.39 for Bahraini Dinar and Rs 207.70 for Omani Rial. After getting a good exchange rate, various exchange centers have been crowded with expatriates for sending money back home.
An exchange firm in the UAE has reported an increase of over 11 percent in remittances by individuals. This is due to the increase in the number of people sending money to India and Pakistan, taking advantage of the decline in currency value. They also say that there has been a 12.5 percent increase in the amount of remittances sent to India compared to the previous quarter.
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Last Updated Jul 21, 2022, 10:20 PM IST
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