Expatriates do not gain despite the strengthening of Gulf currencies

Expatriates do not gain despite the strengthening of Gulf currencies
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Abu Dhabi – Rupee declines against Gulf currencies Yesterday, the UAE dirham traded at 21 rupees 31 pence on the international market. The dirham reached 21.28 on the 11th and 15th this month. However, this is the first time that it has crossed 21.31.

Online rates for the Saudi Rial were 20 rupees 85 pesos, the Qataririyal 21.49 and the Omaniriyal 203.21, respectively, as well as the Omani riyal 21.31, the Omani dinar 203.21, the Omani dinar 203.21, and the Kuwaiti dinar 277.57. Customers can get this rate at 5-15 paise lower from local financial institutions.

With only one week to receive their salaries, ordinary expatriates couldn’t avail this benefit. Only those who were looking to invest or hoard money to get better rates used the exchange to send money. There was not much rush. This year, the rupee has declined by more than 5%.

Economists predict that the rupee will reach 81 against the dollar and 22 against UAE dirhams if it continues to decline. Exchange rates have been affected by rising oil prices and the Russo–Ukraine conflict. https://economictimes.indiatimes.com/marketstats/pid-307,sortby-percentChange,sortorder-desc,pageno-1,continent-GULF,period-7days,currencycode-USD.cms.

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