Indian expats in UAE concerned about low exchange rate of rupee

Dubai, Oct 27 (UNI) Indian expatriates in the UAE are concerned about the low exchange rate of the rupee against the dirham.

They complain of lower savings with the rupee getting stronger and the dirham-rupee exchange rate hovering around Rs 10.5.

Voicing concern over depleted savings and low exchange rates, Faisal Mohammed, an Indian expatriate, said, ''I have been working in Dubai for past five years. The attraction for every Indian to come to the Gulf countries was the strong exchange value of the UAE dirham. I am earning 3,500 dirham a month and send 1,500 dirham home every month. I was getting Rs 19,000 in exchange for 1,500 dirham earlier, but now I only get around Rs 17,000. Losing Rs 2,000 every month has affected my family's household budget in India and wiped out my savings.'' He further said if the current trend of weakening of the dirham continues, there will be no point living there.

Other Indian expatriates share the same sentiments.

''The number of transactions for investment and business to India has declined marginally in the past 18 months. If the trend continues it would create problem for the Indian expatriates here,'' the Khaleej Times quoted Sudheer Shetty, General Manager of UAE Exchange as saying.

UNI