Abu Dhabi: Expatriates benefit from exchange rate depreciation in rupee. As it was time to get the salary, money exchange institutions were crowded with people who came to send money.
Due to this, there has been an increase of 20-25% in cash flow for a few days, various exchange officials have also informed.
The international market rate for one UAE dirham was Rs 22.55 yesterday. Other Gulf currency exchange rates yesterday were Saudi riyal 22.03, Qatari riyal 22.75, Omani riyal 214.21, Bahraini dinar 218.52 and Kuwaiti dinar 266.03.
But different money exchange institutions give 20-35 paise less than this rate to the customers of their respective countries.
Apart from the service charge, the variation in the profit share of each exchange is reflected in the rate difference.
If it’s an instant transfer that gets paid immediately, you’ll get 10–15 paise more. The same rate will continue today as it is an international market holiday.
Economists estimate that the concern that the US will raise interest rates in November and December and OPEC countries reducing their daily oil production will hit the rupee in the international market.