NRIs rejoice as Dirham fetches more Indian Rupees
Non-resident Indians (NRI), who earn in dollars, dirhams or any other strong currency, are rejoicing as they get more Indian rupees for the money earned.
One dirham fetched 19.25 Indian rupees yesterday, an increase of 11.1 per cent since the start of the year.
“NRIs across the world are largely benefiting from the weak Indian rupee as they get more value for every dollar or dirham that they send back home. Indian expats are closely monitoring the fluctuating currency and are using this situation to their advantage,” Sudhesh Giriyan, chief operating officer, Xpress Money said.
Xpress Money has witnessed double digit growth in remittances to India in the past few weeks and the trend is likely to continue.
“A few high-net-worth individuals (HNIs) could be holding on to a bulk of cash in the hope of a further depreciation in the days to come,” Giriyan said.
India has been one of the leading beneficiaries of the remittances from across the globe.
The global remittance industry is expected to hit $626.4 billion (Dh2.30 trillion) in 2017 — growing at around 3.97 per cent compared to 2016, according to reports from the World Bank.