With Gulf currencies hitting all-time highs against the rupee, expatriates are busy seizing the opportunity to send money back home.
First Published Oct 7, 2022, 11:06 PM IST
ABU DHABI: With the Indian rupee breaking new records, expatriates remittances from Gulf countries are now getting the most value. As usual, expatriates are taking advantage of this situation when the value of the Indian rupee reached 82.42 per dollar today. With Gulf currencies hitting all-time highs against the rupee, expatriates are busy seizing the opportunity to send money back home.
The exchange rate on Friday was 22.49 per UAE dirham and 22.03 rupees per Saudi riyal. Qatar Riyal 22.69 Rs. 219.72 per Bahraini Dinar. The value of the Kuwaiti dinar reached Rs 266.40. The value of Oman Rial crossed Rs 214.54. With this, expatriates rushed to send money back home. Expatriates in the Gulf countries are in a hurry 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.
Observers believe that if the price of oil continues to strengthen, the value of the rupee will fall further. The World Bank has cut India’s growth forecast for this financial year by one percent amid rising commodity prices. The World Bank has cut India’s GDP growth forecast to 6.5 percent from 7.5 percent. The US Federal Reserve had raised tax rates sharply to control inflation. This has caused the rupee to depreciate. Experts estimate that the Indian rupee will fall to Rs 8 83.5 against the dollar in the coming days. It had reached Rs 81.93 on the 28th of last month.
Although the Reserve Bank of India is trying to pull the rupee out of the slump, there may not be an immediate reflection in the market. Inadequate liquidity in the current deficit banking system is one of the reasons why the RBI has not been able to save the currency from falling.
Last Updated Oct 7, 2022, 11:06 PM IST
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