Indians living in countries like UAE and Saudi Arabia are sending a lot of money to their homes in India. The biggest reason for this is that these days the Indian rupee has fallen. The rupee has become much weaker than the UAE currency AED. The price of an AED currency of UAE has been around Rs 23.5.
AED-Inr transaction boom in transactions
According to a report of Gulf News, due to the low price of India’s rupee, NRI (non-resident Indians) have started sending money quickly. From Thursday, 19 June, AED-Inr Transactions are seeing tremendous boom. Officers of the Currency Exchange House informed that NRIs are no longer waiting for the value to fall, who have even a little money, they are transferring to India immediately. The officer of a large Exchange House of UAE informed Gulf News that the last Thursday AED-Inr Meha has been much better to send money. He also said that the rupee was strong for a while till 23.46, but most of the NRIs continued to send Remitons.
Rupee weakness broke pattern
Every year the amount of sending money of Indian migrants living in Gulf countries decreases, but this year the weakness of the rupee has broken its pattern. Remitans also remained stady in the weekend and it is expected to be strong till Monday. Officers of the Exchange House say that if the rupee is more weak or the value falls further in July, then the NRI will benefit double from it. An officer said that if the rates remain like this or go down, then it will be a golden chance for NRI.
NRI benefits greatly
NRI is benefiting a lot due to falling value of rupee. The atmosphere of tension is going on all over the world these days, but the fall of the rupee has made NRI fun.
