Lulu exchange rate in dubai today
Sat 07 04 People were able to get Expats are taking out salary advances and personal loans. UAE Exchangewhich was quoting Jawaharlal Rathod, a labourer, was able to remit 12, rupees for Dh The sharp fall in the value of the Indian rupee against the US dollar and the UAE dirham may have brought cheer to the Indian expatriate community here in the Gulf, but some are equally worried about the escalating cost of life back home.
Speaking to Emirates 24 lulu exchange rate in dubai todaySaliamma Scaria, General Manager, City Exchange LLC, a money exchange company affiliated to the State Bank of Travancore, said there is considerable increase in the number and volume of remittances through various exchange houses including City Exchange as the rupee touched an all-time low recently and is now seen stabilising. Now we are planning to open two more branches in the UAE to take care of the increased remittance needs of the community.
Even though the rupee is at very low rate, people should be cautious lulu exchange rate in dubai today borrowing indiscriminately to send money home. Sudhir Kumar Shetty, Chief Operating Officer, UAE Exchange, said he was surprised by the steep decline in the value of the Indian currency, especially the unprecedented single-day fall on Tuesday, and attributes part of the fluctuation to undeliverable forward contracts and speculative positions taken by various parties in the foreign exchange market.
He said unless and until the Reserve Bank of India intervenes, the rupee fall may continue. After the RBI urged dollar sales by banks and corporates, the steep fall in rupee has been arrested. I am waiting and watching till my next salary. I have to spend more money for them to match the decline in rupee value. The price of mineral water sold through the store has almost doubled during this time, but I have been relieved by the decline in Indian Rupee.
UAE Exchange, a leading money transfer and foreign exchange brand, has lined up plans to expand its network in all strategic locations across Bahrain. Top officials who came together to discuss the company's future strategies and performance last year included UAE Exchange managing director and chief executive Dr B R Shetty and Bahrain director Mohammed Dadabhai.
More are being planned in line with our vision of being the trusted neighbourhood brand. We are also widening our range of services offered, enriching its repertoire," said Nair. Despite the lingering fear and uneasiness among the expatriate population in Lulu exchange rate in dubai today, Indians crowded foreign exchange centers across the country yesterday to cash in on the unprecedented plunge of the Indian rupee as the currency plummeted to an all-time low of 59 against the US dollar.
A Kuwaiti dinar fetched Analysts point out that the partially convertible rupee plummeted against the greenback because dealers sought refuge lulu exchange rate in dubai today the dollar following reports on India's dismal economic growth and promising US data. According to Varkey, the volume of remittances to India has lulu exchange rate in dubai today a 10 to 15 percent growth in June over the previous month. Money market specialists and foreign exchange traders forecast that the rupee could hit an all-time low of 60 against the dollar soon if the central bank fails lulu exchange rate in dubai today intervene in the market effectively.
According to reports from India two leading public banks, the Union Bank of India and the State Bank of India, sold the US dollar to arrest the fall of the rupee that gained marginally to According to many exchange company officials in Kuwait, the ongoing campaign against the illegal residents have seriously affected the industry creating panic and nervousness among the people.
Definitely, the situation has affected the industry. But the rupee's record depreciation has prompted many to send home money now," said an executive with an exchange company in Mirqab who did not want to be named. Analysts however do not anticipate any major intervention from India's central bank RBI, though the government has initiated measures to attract more foreign direct investments FDIs into the country. Varkey however remained skeptic about the impact of any government measure to stem the rupee tide.
In fact this ambiguity is keeping foreign funds at bay," he argued. If the trend continues, it may even plunge to the level of 63," added Das. E-mail required, but will not display. Notify me of follow-up comments.
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