The Indian rupee has fallen to 23.86, which was earlier 23.80. This happened when US President Donald Trump threatened to impose 25% tax on goods coming from India. Due to this, the pressure on the rupee has increased.
It is now believed that in the coming hours and days, the number of sending money from UAE will be very high. Money exchange companies have said that it can be ‘the most remedies ever’ (money being sent from abroad). When the currency market opened in India, many people were sending money to banking apps and money transfer platforms. As soon as the exchange companies confirm their rates, the number of transfer will increase further.
This time is also beneficial for Indians living in Saudi Arabia and Qatar. Currently, the rupee is 23.37 against the Saudi Rial and 24.07 against Qatar’s currency. Large money transfer companies can also offer low fees or special offers at this time, so that more and more people send money. An official said, “Indians who send money on 28th or 29th every month are also waiting for the rate to be good.” Because the threat of Trump can make the rupee further fall.
The rate of 23.86 is very close to 23.94, the lowest rate so far, which was seen on 10 February. Experts believe that today this rate can touch again or go below. This is a very beneficial time for Indians living in UAE and Gulf countries. When the rupee fell till 23.94 in February, this benefit was only a few days.
Nilesh Gopalan, a Treasury manager of a fintech company, said, “Today the most people are sending money and the special thing is that all this is happening when NRI is getting their salary.” If the Reserve Bank of India does not interfere in the middle, then more people can send money in the coming days.
