Remittance to India shot up on weak rupee

Dubai, Sep 22: With dollar gaining against a weakening rupee, remittances to India have shot up over the past one week across the Gulf, officials at city money exchange houses said. The turnout as well as the volume of remittances from Qatar have gone up by five to 10 per cent, as many Indians rushed to take advantage of the best-ever rates available over the past two years.

The exchanges in the UAE also saw brisk business, reports said. ''After dollar has gained momentum, people are sending home huge amounts. The volume of remittances has gone up significantly. Those who had been holding back their money are now keen to take advantage of the situation. We learned that some people are even taking bank loans to send money home,'' Thangavelu, general manager of the Eastern Exchange told The Peninsula daily in Doha.

The new development has boosted the business of exchange houses all over the city, which had been reporting a fall in remittances over the past one year due to the high inflation in the country.

The official said in the past two years, Indian rupee has not plummeted as low as it is witnessed now. ''A majority of our customers are Indians and we expect the rush to continue for another few days, depending on the developments in the market,'' he added.

A senior official from the Trust Exchange, Doha that also caters mainly to Indians said remittances to India had seen sudden rise over the past one week.

''Normally people prefer to send small amounts but now they are remitting bigger amounts,'' he said.

UNI