Favorable situation for expats to send money home, reason

DUBAI: The expatriates in the Gulf countries are in a favorable situation after the Indian rupee hit an all-time low. The exchange rate was finally at 23.94 against the dirham. With the decline in the value, a favorable situation arose for Indian expatriates in the UAE to send money home. The rupee's value crashed after Donald Trump took office as the US President.

Two days ago, the exchange rate of the Indian rupee against the dirham was 23.86 rupees per dirham. Earlier, the rate was up to 22 and has reached a level that is likely to reach 24. Meanwhile, expatriates had sent money home in large quantities last weekend. It was expected that the rupee would strengthen this week. But if this continues, it is expected that the rupee's value may reach 24.

Meanwhile, the exchange rate against the dollar plunged to a record low. A decline of 45 paise was recorded today. The rupee is currently at 87.95 against the dollar. The rupee's strength in the global market has hit the rupee. The rupee had gained 9 paise when trading opened on Friday. It fell 45 paise when trading opened today.