Expats buoyed by strong USD amid demonetization imbroglio

The fall of Rupee against the strong US Dollar has given the expats in the Gulf countries a huge relief amidst the confusion after the demonetization.

Many expats used the favourable exchange rates to send money home and enjoy the benefit. On II November, one UAE Dirham fetched Rs 18.22, but on Saturday, as USD rallied further high, the exchange rate touched Rs. 18.52 and it remained high on Saturday also.  

Exchange rate on Saturday

• AED:  ₹18.52
• Oman Riyal: ₹176.872 
• Saudi Riyal:₹ 18.14
• Kuwait Dinar: ₹223.326
• Bahraini Dinar:₹ 180.42
• Qatar Riyal: ₹18.68

 

Even though the expats are a happy lot as the higher exchange value would bring more benefits when they send money home. But the confusion over how to transfer the Indian currencies of Rs.500 and Rs.1,000, which were demonetized early this month, continue to be a big headache for them. 

Days following the overnight ban of the old bills on 8 November, the expats in Gulf countries had rushed to the money exchange outlets to get the stash of banned currencies, but they were turned town, causing panic. 

Some of them had sent money home amidst the uncertainty after the currency at a low rate. They now regret that they could have waited a few days more. The market experts have predicted that the USD would remain strong for a couple of days more. 

• Expats
• USD
• Rupee fall
• demonetization