Indian expatriates cash in on rupee’s record low
Indian expatriates who were sending money back home had smiling faces yesterday as the struggling Indian rupee hit a record low against the US dollar.
The rupee ended the day at Rs58.15 per dollar, a fall of more than 1.9 per cent during the day that easily surpassed a previous all-time low of Rs57.32 — set in the middle of 2012.
Although the salaried class generally send money either during the beginning or end of the month, some of them were seen at money exchange centres yesterday in Abu Dhabi and Dubai to cash in on the record rupee low.
Mohammad Saidalavi, an administrator, who sent money from a money exchange centre at Abu Dhabi Mall, said he had been waiting and watching the downward trend of the rupee for the past two weeks. “I am going home on annual vacation by the end of this month and planning to carry out an expansion of my house, which may cost around Rs500,000 (Dh32,026),” he said.
He said he could save a handsome amount by holding the remittance for more than two weeks.
The staff at a money exchange centre at Abu Dhabi Cooperative Society Mall on Muroor Road said they came across customers who were sending huge amounts taken as loans from banks. “Today there were not many customers until afternoon but we expect a rush by evening after 6pm,” one said.
But there were Indian customers for whom the record low of rupee did not make any difference.
Harikrishna Baghalo, a graphic designer, who was at an exchange in Deira in Dubai, said he had to send money home, irrespective of its value. “Sending money is a frequent requirement ... when you have family back home it’s your responsibility to take care of them and send them money.”
Karan Ailapuram, a CCTV operator, said that he was sending home his monthly salary like he does every month. He said he was sending the same amount and depreciation had no effect on the amount or frequency of his remittance.
Employees at Leela Megh Exchange in Deira City Centre said that they have noticed an increase in remittances to India during the past one week. Echoing the same trend, an employee at Ghurair exchange in Deira said the remittance rate was very high but he did not have any figures.
- To Bibi or not to Bibi: Israeli's and the cost of living question
- A crisis in the cards? UN official warns of economic downslide in Turkey
- The diversification 'diverse': Dubai stocks extend losses with crude oil
- Sharjah official says economy is healthy, diverse
- Bahrain: Social responsibility ‘vital for companies’