Sudhesh Giriyan, COO, Xpress Money, said: "The current level of the rupee
is very attractive for customers, especially white collar remitters, to send money home.
Like Hema, many Indian expats in the UAE are not as excited with the current weakness in the rupee
compared to the third quarter of last year.
An analyst said, ' The weakness in the rupee
doesn't reflect disappointment over the new government's performance.
options contracts launched by Indian exchanges have proven to be highly successful, which augurs well for the success of the DGCX Rupee
Pilgrims coming through the government Haj scheme, however, will not have to pay extra on account of the falling rupee
Crisil also said in its research report that rupee
would recover from a lower CAD and foreign capital inflows.
In a bid to provide support to the flailing rupee
, India's central bank institution, the Reserve Bank of India, has undertaken immediate measures.
From students who were planning to settle down in foreign nations to those who had plans to vacation abroad, all have been affected by the weak value of the rupee
Sudhir Kumar Shetty, chief operating officer, Global Operations, UAE Exchange, said the scarcity of the dollar in the market, due to the control on dollar flow, had brought the rupee
to its all-time low.
The smaller size of the contract will support retail remitters, individual investors and small and medium-sized businesses (SMEs) in cost-effectively managing currency risk exposure to the Indian Rupee
Despite the RBIs intervention, the rupee
has reached its all-time low.
A steady fall in the value of the Indian rupee
against the US dollar over the last one month has sparked a flurry of remittance from Qatar, which has its currency pegged to the Greenback," said Zubair Abdul Rahman, operations manager at the Al Zaman Exchange.