Dubai -The fall of the Indian rupee to a new low of Rs14.1953 against the UAE dirham (and Rs52.20 against the US dollar), has brought a feeling of joy among Indian expatriates here.
According to the Gulf News, the exceptional drop in the Indian rupee against the UAE dirham is expected to sharply increase remittances to India from the UAE.
The Indian expatriate community in the UAE expects the good mood to continue as they expect the rupee to fall further in the coming days.
"Technically, we expect the rupee to reach 14.25 for a dirham, or 52.40 as the next rupee level for a dollar," Sajith Kumar P.K., Director and CEO of JRG International Brokerage DMCC, told Gulf News.
He added: "The Indian rupee will continue its downward trend due to the Indian economic situation such as high inflation and lower investments by foreign institutional investors."
The Gulf News further quoted Pradeep Unni, senior relationship manager at Dubai-based Richcomm Global Services DMCC, as saying: "The sentiments are clearly pointing to further weakness as the rupee's fortunes are linked to the euro's trend and the EU debt crisis."
KamalVachani, Director of retailers Al Maya Group, told Gulf News: "This is good news for the Indian businessmen based in the UAE. For instance, if we want to get something from India, there is scope for getting a better deal on prices. So it's great news. However, I think it should stabilise soon."
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Today : Saturday - May 26, 2012, 04:20am (GMT+5.5)
