KUWAIT CITY: The rupee's fall is fuelling India's inflationary woes, however the slidingIndian rupee begin to induce non-resident Indians (NRIs) to remit more. Indian rupee has come down to its lowest level in a long time, giving NRIs more value in exchange terms. NRIs in Kuwait would want to benefit from the current situation as seen by the beeline at exchange houses. The advantage of the weak rupee helped them to send more money to India.
The Indian rupee touched a recent low on Friday against a Dinar, which further came down on Saturday morning. As of Saturday morning, various money exchanges in Kuwait are offering 5 dinar 620 fills against 1000 Rupees. The volume of remittance has increased substantially in many of the exchange houses in Kuwait.
A Majority of the Indian expats in Kuwait are the working class, who generally send money to India by end of the month when they receive their salaries. The good exchange rate these days gives more reasons for them to enjoy. There are other section of the expats who saves good amount here and waiting for a good exchange rate to shift their savings to India. They also are taking advantage on the weak rupee. High net worth individuals and investors, who can afford to save money, are sending more money as they were waiting for better rates.
In fact, several factors contributed to the recent depreciation of dollar against Indian rupee. Weak local equity markets -- which have slid more than 20 percent so far in 2011 -- have put additional pressure on the rupee as overseas funds sell Indian stocks.
The Indian rupee touched a recent low on Friday against a Dinar, which further came down on Saturday morning. As of Saturday morning, various money exchanges in Kuwait are offering 5 dinar 620 fills against 1000 Rupees. The volume of remittance has increased substantially in many of the exchange houses in Kuwait.
A Majority of the Indian expats in Kuwait are the working class, who generally send money to India by end of the month when they receive their salaries. The good exchange rate these days gives more reasons for them to enjoy. There are other section of the expats who saves good amount here and waiting for a good exchange rate to shift their savings to India. They also are taking advantage on the weak rupee. High net worth individuals and investors, who can afford to save money, are sending more money as they were waiting for better rates.
In fact, several factors contributed to the recent depreciation of dollar against Indian rupee. Weak local equity markets -- which have slid more than 20 percent so far in 2011 -- have put additional pressure on the rupee as overseas funds sell Indian stocks.
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