Sunday 24 / November / 2024
Muscat: With the Indian rupee continuing its recent slide against the US dollar, exchange houses in Oman have seen a rise in remittances to India. Indian rupee slid to 83.15 against dollar and was INR216.063 against Omani rial on Sunday after consistent falls in the past few months spurring quick home bound dispatches.
Iftekhar Ul Hasan Chowdhury, CEO of Gulf Overseas Exchange, admitted that “there has been a rise in the remittances to India with the Indian rupee fetching between INR215-216.”
Basheer, an Indian expat living in Oman, said: “I’m not sure what this means for India, but such moments are favourable for workers like us as we get to send more money home.”
Another expat said: “Rupee decline is not good for India’s economy but as a worker in Oman, it brings a smile on my face as I am able to send more money than what I did last month. I don’t have much money to send now and am eagerly waiting for my salary. I hope the Indian rupee will stay like this or even go down by the end of the month.”
Sashi Bhusan, another Indian expat, said, “In Gulf, people like us are always happy when the rupee weakens. I have asked a friend to loan me some amount so that I can send a good amount back home as I have a wedding by the end of the year. I will repay my friend in a couple of months’ time.”
Various factors that have put pressure on the rupee are rising current account deficit, strengthening of US dollar, and rising inflation amid high global commodity prices. Prices of crude oil, which India imports heavily to meet its domestic demand, have also seen a sharp rise from the start of this year.
Earlier last week, the Indian rupee weakened to its lowest level in nine months following a broad overnight rally in the dollar and US Treasuries. The rupee was weighed down by a strong greenback overseas and firm crude oil prices in the international markets. Foreign fund outflows also weighed on the local unit.
