The money sent by Indian tourists in the Gulf countries, especially in the UAE and Saudi Arabia, has dropped drastically in the Gulf countries, especially in the UAE and Saudi Arabia.
According to a report, the money sent from abroad has increased sharply as the rupee has dropped to around ₹ 23.5 per dirham. Because of this, they can send more dirhams for less rupees, which will give more money to their families living in India. The rate is the weakest since the beginning of April. Because of this, Indians living in Gulf countries, especially in the UAE and Saudi Arabia, are sending money to India.
Most people are sending India Rs
The currency exchange house in the Gulf countries says that transactions from AED to INR have increased rapidly from June 19. According to traders, those who have extra money are sending it to India immediately. “It was the best day in terms of AED-inr remittances in recent weeks. Although the value of the rupee has risen to Rs 23.45 for a while, most people continued to send money,” said Gulf News, a senior UAE Exchange House.
Remittance increases despite summer holidays
Usually in June, NRIS sends less money to India due to vacation and travel costs. But this time the trend has changed due to the rupee decline. According to the Money Exchange House, the remittance pace remained the same on the weekend and is expected to continue till Monday. Experts believe that if the rupee remains in the same position in July or becomes more weak, it will be a double benefit to NRIS.
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