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Dubai: UAE exchange houses are gearing up for an increase in remittances to India, as the Asian currency has fallen to a low of its life and is expected to reach more than 70 for a year. US dollar over the next few months.
According to a recent badysis, the rupee is expected to collapse to $ 70 per dollar, which means that hundreds of thousands of UAE foreign workers will be able to send many more of their dirhams to their home country .
on Thursday, the Indian currency was trading at 18.76 dirhams and 69.10 to the dollar, dipping 49 percent due to worries that high crude oil prices could worsen the current account deficit. the Asian nation and inflation.
Indians around the world the largest remitter of funds, sending a total of 69 billion dollars (253 billion dirhams) in 2016, which represents a large portion of the nearly 500 billion dollars of remittances to low and middle income countries.
point and thousands of workers across the country are expected to receive their salaries soon, money transfer operators see a tip in transfer transactions this weekend.
"Remittances to India will surely increase substantially, knowing that the salary is near.This could be one of the best times to transfer money, especially for the segment white-collar workers, who are waiting for situations like these, where they can benefit from a higher exchange rate and return a large portion of their money. Gulf News .
"The segment of blue-collar workers, who invariably send money every month to support their families, will also benefit because their salary coincides with a time when they can get
The rupee was one Asian currencies the worst performers this year. According to sources, the rupee will fall further and will reach the 70 – to – 1 dollar mark by the middle of the year 2019.
Since the end of last year, the rupee has fallen Is averaging around 17.86 per dirham emirate.
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