Arab Today, arab today indian expats set to incur losses as rupee strengthens
Last Updated : GMT 18:16:37
Arab Today, arab today
Arab Today, arab today

Indian expats set to incur losses as rupee strengthens

Arab Today, arab today

Arab Today, arab today Indian expats set to incur losses as rupee strengthens

Dubai - Arabstoday

Non-resident Indians (NRIs) in the UAE could see a drop in savings as the rupee gets stronger and interest rates back home sharply increase. The rupee falling below the Rs12 psychological barrier last week against the dirham has come as a rude shock to the community which is already reeling under the impact of the Reserve Bank of India\'s (RBI) steep interest rate hike by 50 basis points. Debajyoti Ray Chaudhuri, Chief Executive Officer of State Bank of India in Dubai, told XPRESS, \"This would affect borrowers, especially those who have home loans, because [repayments] or equated monthly instalments (EMIs) will go up due to the hike in interest rates. Also, higher remittances have to be made to take into account the strengthening of the rupee. \"If banks pass on the 50 basis point hike by RBI in key interest rates to home loan borrowers, the EMI will go up by Rs300 (Dh25) for a Rs1 million (Dh84,033) home loan over a 15-year period.\" Article continues below Chaudhuri said while there is a spurt in remittances when the exchange rate is perceived to be favourable, the vice-versa is not always true because Indians in this part of the world have strong ties with their home country and remittances are generally for investment or for sustenance purposes. \"Those who make remittances for sustenance purposes get affected as their families get a lesser rupee amount and accordingly they may have to compensate this by remitting a larger portion of their salaries,\" he said. Drop in remittance V.K. Bhatia, Chief Manager of the Representative Office of the Punjab National Bank (PNB) in Dubai, said it is the low-income Indians who will be affected as they will be left with less to send back to their families back home. \"However, to be optimistic, if RBI is able to rein in inflation, purchasing power will be neutralised,\" he said. S. Karunakaran, Additional General Manager and Head, Business Development, Al Rostamani International Exchange, said, \"Most NRIs are holding back their money to make use of a better exchange rate which resulted in considerable reduction in the remittances business. However, usual remittances to meet monthly expenses and liabilities are happening as they were.\" He added: \"The Indian rupee remained near its weakest level in a week on Wednesday as the dip in Asian equity market stoked fears of foreign fund outflows.\" The rate for August 3 was Rs12.05, he said, adding that it could touch Rs12.15 in the near future provided Euro and Indian stock markets decline further.

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 indian expats set to incur losses as rupee strengthens Arab Today, arab today indian expats set to incur losses as rupee strengthens

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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