Gulf currencies soar

Gulf currencies soar
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Abu Dhabi: Expatriates could not take advantage of the strength of the Gulf currencies against the rupee yesterday. Banks in India were not able to transact at the new rates as it was a holiday yesterday in observance of Buddha Purnima.

Financial institutions in the Gulf traded at the same level as when the market closed on May 13. Losses range from 20–50 paise. Knowing that the exchange was at the old rate, many returned without sending money.

The best price for a UAE dirham was 21 rupees 20 paise yesterday. The Saudi riyal was trading at 20.75, the Qatari riyal at 21.38, the Omani rial at 202.22, the Bahraini dinar at 206.48 and the Kuwaiti dinar at 253.45. Financial institutions are trading at 5–15 paise different from international rates.

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