Value of UAE Dirham against Indian Rupee: It is important for Indian citizens living in UAE to know which can be the most beneficial opportunity to send money back to the country. What are the changes in the value of Rupee in the coming days?
Lakhs of people from India go to Gulf countries to work and send money to their families from there. The latest trends are indicating that the currency of many South Asian countries including India is weakening against the UAE’s dirham. This can prove to be a good opportunity for the Indians working here. In fact, due to this, in the last few weeks, such situations have arisen, due to which the remittance can be increased.
Most money comes to India
According to the Gulf News report, in the second quarter of 2021, this money remitted from the UAE has seen an increase of 8.7% or 3.6 billion dirhams annually. There was an increase of 6.1 billion dirhams through banks and a decline of 2.5 billion dirhams through exchange houses. During this maximum remittance was sent to India, Pakistan, America, Philippines and Egypt. The highest remittance was sent to India at 28.8%. There has also been an increase in the money sent annually to these five countries.
How will the coming time be?
When sending money back to the country, it is important to keep in mind what is the right time to do so. For this, first of all it should be known whether the currency of our country is going to rise or fall in the coming days. Talking about India, it has been told in the report that the Indian rupee is currently priced at 20.1 against the UAE dirham, while last week it had fallen to 73.8 against the US dollar.
When to send money to India?
It has been claimed by the research that the rupee may fall at 20.3 against the dirham in October and reach 19.9 at the end of the month. Accordingly, sending the remittance at the beginning of the next month can be beneficial as the profit margin is less till the end of October. It may go down further in November-December when the rupee can reach 19.6 against the dirham. Therefore, the most beneficial time will be of October.