Bigger India
U.A.E. Remittances To India Surge As Rupee Continues To Dip
The blue-collar segment unfailingly remits money back home every month for the upkeep of their families irrespective of the exchange rate.
Over the last month, the Indian rupee has been weakening as the U.S. dollar gained strength. Although it might be bad news for India’s fiscal state, money exchange houses and banks within the U.A.E. are seeing a strong outflow of money to the country.
Exchange houses across the country are reporting a general 10% jump in remittances since April 2018, when the rupee started to sink in value. This surge could be largely attributed to the Emirates’ sizable proportion of white collar Indian workers.