Cash Exchange: Good News For Remittances

Abu Dhabi: Good news for remittances. Rupee hits record low again Yesterday, the international market rate for a UAE dirham was 21 rupees 28 paise. But expats (expat) could not get this benefit. As the Reserve Bank of India (RBI) closed on Saturday and Sunday over the weekend, financial institutions in the Gulf traded at the old rates (Rs 21 05 paise). Exchange officials said the rate would change only if the market resumes today.

The market was trading at a closed rate on Friday until last night. The rupee had closed at 77.84 against the dollar in yesterday’s trade. According to economists, it will touch Rs 78 in the coming days. This will be reflected in the Gulf currencies as well, so expatriates are waiting for better rates. Meanwhile, the Saudi riyal was trading at 20 rupees 83 paise, the Qatari riyal at 21.46, the Omani riyal at 202.98, the Bahraini dinar at 207.36 and the Kuwaiti dinar at 254.77.

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