Indian Rupee falls to an all-time low. Is it time to send money from the UAE?
As the Indian Rupee continues to keep taking a beating from the US dollar, many money house exchange agencies within the UAE are seeing an opportunity in an increase in remittances. The currency of the Indian rupee had plummeted very low on Wednesday, going in at 18.58 in valuation against the UAE Dirham, which is the lowest in 16 months.
This decline has been recorded well ahead of the release of the meetings minutes of the US Federal Reserve. This plummet in the Indian currency can heavily benefit the lives and families of hundreds and thousands of Indian expatriates who are working very hard and living in the UAE.
Most of the Indian residents who reside inside the UAE has mentioned that they have not seen the rupee fall this low have a since the last two years. A source working in one of the many money exchange outlets has mentioned that they were expecting to see a spike in the transaction numbers in the next few days as the salaries of many workers get to be released.
Due to the higher oil prices and the US dollar getting stronger, the Indian currency has been going downward ever since last year. Ever since the crude oil prices per barrel had increased up to 80 dollars for the very first time in the history of the last four years, the Indian currency has been under very heavy pressure. As a result, many of the Indian expatriates living in the UAE have increased their money transfer transactions thereby taking as much out of the advantage of the Exchange rates that for now seems to be in their favor. The weaker the Indian rupee only means the stronger is the remittance power for Indian expats.
Another source from the money exchange service had mentioned that there had been a very significant rise in the remittances to India mainly from the white-collar segment ever since the last one month. Also, India has been the biggest beneficiary of the money transfers last year. In the case of funds from migrant workers all around the world, India had received a total of AED 253 billion (USD 63 billion).
Generally, it is those expense professionals residing in the UAE, are mostly the ones that take very good advantage of the great exchange rates. They also tend to time the money transfers when exchanging money or transferring money abroad while the rates work in their favor.
The blue-collar workers, however, do not look at the time to send money to their homes abroad to their families as they have to send money on a monthly basis in order to provide for them. Hence, they always do not take the advantage of such rates. They will have to send money regularly so that their families can manage the day to day expenses.