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Dubai: It’s a golden age for expats. Time to get more value for their labor. Foreign currencies are doubly sweet as the Indian rupee has fallen sharply. Taking advantage of this opportunity, expatriates are sending money back home in droves. In this regard, the media reported figures from the UAE.
Financial observers also advise not to repatriate all the money in hand. Because the coming weeks will be happy for the expatriates. Here are the details…
The level of remittances from UAE to India has increased significantly. According to the employees of currency exchange companies, there has been a 25 percent increase in this matter. The increase in remittances comes amid an all-time decline in the rupee. The rupee will continue to fall in the coming weeks.
The value has fallen to Rs 83 per dollar. This is the first time that the rupee is facing such a devaluation. This indicates that India’s economic stability is not so smooth. While those in India may experience stress, it is a period of gain for the expatriates. The final rate is Rs 22.61 per dirham.
It is estimated that the value of the rupee will fall further in the coming weeks. Oil prices are going to increase in the global market from November. With that, India’s trade deficit will increase. This will cause the Indian rupee to depreciate again. It will also lead to reduction in foreign currency reserves of India.
On October 19, the value of the Indian rupee had plunged to 83. Later the situation improved a little but not much progress. After January 2022, the value of the rupee has fallen by 11 percent. Head of Al Fardan Exchange, Hasan Fardan, says remittances to the country have increased by 25 percent compared to previous months.
Lulu Exchange and Ansari Exchange also witness an increase in remittances. According to last year’s figures, the UN informs that India is the country that receives the most foreign money. Last year, expatriates sent 87 billion dollars to India. Most of the money came from the UAE. Then from the United States and Saudi Arabia.
The devaluation of the rupee is now an active debate among expatriates. Expats are calling many exchanges to inquire about value. They are also looking for possibilities in the coming weeks. The Saudi alliance has decided to cut oil production. This will hit the rupee. During this time, the value of the rupee will fall further.
It is observed that the value of rupee is likely to reach 84 next week. The Reserve Bank may do some intervention to hold down the value. Only if this intervention bears fruit will the value of the rupee rise. But as global markets continue to fluctuate, the value is unlikely to rise. Therefore, it will be profitable for expatriates even if they send money back home after waiting a little.
