Arab Today, arab today expat remittances to india rise on falling rupee
Last Updated : GMT 04:38:06
Arab Today, arab today
Arab Today, arab today

Expat remittances to India rise on falling rupee

Arab Today, arab today

Arab Today, arab today Expat remittances to India rise on falling rupee

New Delhi - Arabstoday

UAE-based money transfer companies have seen a sharp increase in remittances being sent to India as expatriates look to capitalise on the declining value of the rupee against the dirham. A steady fall in the Indian rupee over the last two months has sparked a flurry of remittances from the dollar-pegged Gulf state as Indian expatriates look to take advantage of the fall. “One thing that a lot of people are experiencing right now is not an increase in the number of remittances - although we have heard from different people that it is happening – but definitely the principle amount that people is sending is more because they will get more for their rupee,” Sobia Rahman, regional vice president for Western Union, Pakistan, Afghanistan and the Gulf, said. London-based currency specialists First Rate FX said it had seen the number of transactions from either the UAE dirham or the US dollar into the Indian rupee increase 187 percent over the last 50 days.“The majority of these transfers have been spot contracts, which means that the transaction is for the immediate delivery of funds. However, the number of forward contracts has increased by almost 50 percent, which shows that many people want to lock in the current rate of exchange for future transactions,” said Chris Canning, head market analyst at First Rate FX.The Indian rupee was trading at 47.79/80 per dollar on Wednesday, the lowest in nearly two years amid concerns that Europe’s debt problems may snowball into a banking crisis roiled global markets.The rupee’s fall was in line with other regional currencies after credit rating agency Moody’s downgrade of Societe Generale and Credit Agricole hit risk sensitive currencies across the board.India’s chief economic advisor to the finance minister, Kaushik Basu, said on Wednesday that there is not much the government can do to stem the weakening of the rupee. The UAE, home to 1.7 million Indian expatriates, accounts for nearly 13 percent of the total remittance flow into India. The rupee is expected to remain low in the short term but will increase before the end of the year, said Canning. “Whilst it is unlikely that the central bank would artificially support the rupee, it is expected that the currency may remain weak for a prolonged period,” he said. “Eventually, however, rates are expected to fall. Increasing inflation throughout India has been putting pressure on the Reserve Bank of India to raise interest rates, and this would support the rupee against further declines. Realistic levels of exchange could reverse to sub-INR 47 per USD by the end of the year.”

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today expat remittances to india rise on falling rupee Arab Today, arab today expat remittances to india rise on falling rupee

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today expat remittances to india rise on falling rupee Arab Today, arab today expat remittances to india rise on falling rupee

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday