Spike in AED-INR transfers: What's driving Indians in UAE to remit more funds;
Currency exchange firms across the Gulf have reported a clear uptick in AED-INR transactions since Thursday, June 19. Industry insiders said that many expats are not waiting for the rupee to weaken further and are remitting funds as soon as they have spare cash.
'Last Thursday was one of the best days in recent weeks for AED-INR remittances,' a senior official at a UAE-based exchange house told Gulf News.
'Even though the rupee briefly strengthened to 23.46, most expats continued to send funds.'
Typically, June sees a slowdown in remittances due to higher summer travel and holiday expenses among expats. But this year, the attractive exchange rate appears to have changed that trend, with transactions remaining strong over the weekend and expected to stay high until Monday.
Exchange house executives suggest the trend could continue if the rupee stays weak or slips further into July.
'If the levels stay the same - or even drops further - by July, that's a double win for them,' said another official.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Free P2,000 GCash eGift
UnionBank Credit Card
Apply Now
Undo
Interestingly, the surge in remittances has occurred amid the ongoing geopolitical tension, particularly the ongoing Israel-Iran conflict. Traditionally, such instability strengthens the US dollar as investors seek a safe haven. However, this time gold has taken that role, while the dollar has remained relatively soft, a factor supporting the rupee's position.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
11 minutes ago
- NDTV
After Aerospace, Quantum Computing Tussle Erupts Between Andhra Pradesh And Karnataka
Bengaluru: The two neighbouring states and the governments are at it once again. The competitive spirit between Andhra Pradesh and Karnataka has now spilled into the realm of quantum technology, with a fresh war of words erupting between the two neighbours over the title of hosting India's first homegrown quantum computer. On July 25, Andhra Chief Minister N Chandrababu Naidu took to social media platform X to announce that Amaravati would soon deploy "India's first indigenously built 8-qubit quantum computer" by November, in collaboration with Bengaluru-based firm QpiAI and under the aegis of the National Quantum Mission. "Andhra Pradesh is set to deploy India's first indigenously built 8-qubit quantum computer this November in Amaravati, with support from QpiAI. This initiative, backed by the National Quantum Mission, aims to transform agriculture, water management, and healthcare," Mr Naidu had said in the social media post. Andhra Pradesh is set to deploy India's first indigenously built 8-qubit quantum computer this November in Amaravati, with support from @QpiAI. This initiative, backed by the National Quantum Mission, aims to transform agriculture, water management, and healthcare. I would like... — N Chandrababu Naidu (@ncbn) July 24, 2025 However, the claim didn't sit well with Karnataka's Minister for Science and Technology, NS Boseraju, who has now countered the post with a rebuttal. Mr Boseraju clarified that the first homegrown quantum computer by QpiAI has been operational in Bengaluru since April. "For the record: India's first Quantum computer built indigenously by QpiAI right here in Bengaluru, Karnataka began its commercial operations in April 2025. Let us stay rooted in facts and truth while celebrating progress," Mr Boseraju said. For the record: India's first Quantum computer built indigenously by @QpiAI right here in Bengaluru, Karnataka began it's commercial operations since April 2025. This 25 Qubit Quantum computer named "INDUS" is already delivering real-world services in sectors like healthcare,... — N.S Boseraju (@NsBoseraju) July 25, 2025 Not long ago, Andhra and Karnataka were caught in a similar standoff over claims relating to aerospace manufacturing supremacy, with both governments projecting their states as the future for India's aerospace industry. Just a few days ago, minister Nara Lokesh had invited aerospace industries to invest in Andhra after the Karnataka government had to call off land acquisition in Devanahalli following protests by local farmer groups. "Dear Aerospace industry, sorry to hear about this. I have a better idea for you. Why don't you look at Andhra Pradesh instead? We have an attractive aerospace policy for you, with best-in-class incentives and over 8000 acres of ready-to-use land (just outside Bengaluru)! Hope to see you soon to talk across the table," he had said. This was countered by several ministers in Karnataka who defended how the state has a ready ecosystem for aerospace industries. "This is not just about land, this is an entire ecosystem that we provide, that's why top companies like Boeing, Lockheed Martin etc prefer Bengaluru. If not Devanahalli, we will provide land elsewhere. I want to tell Nara Lokesh, he is looking to fish in troubled waters, but we will protect our interests," Industries Minister MB Patil had told NDTV.
Time of India
28 minutes ago
- Time of India
'Historic' FTA with Britain shows world's trust in India: PM Modi
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Prime Minister Narendra Modi on Saturday described the recently concluded FTA between India and UK as 'historic,' and said the trade pact showed the world's trust in the regards Operation Sindoor , he said weapons manufactured under the 'Make in India' initiative played a great role during the cross-border military offensive in destroying enemy targets and made enemies lose PM inaugurated, laid foundation stones and dedicated projects worth Rs 4,900 crore here and underscored the NDA government's commitment towards Tamil Nadu's his address after inaugurating the projects, Modi said he was blessed to directly land in Tamil Nadu after completing his foreign tour during which the India-UK Free Trade Agreement was signed before his visit to the trade pact with Britain was 'historic.'"India and Britain signed a FTA. This shows the growing trust of the world and our self-confidence. We will make Viksit (developed) Bharat and Viksit Tamil Nadu with this self-confidence," Modi said."FTA with Britain adds pace to our vision of Viksit Bharat , Viksit TN," the PM, clad in a traditional veshti (dhoti), shirt and an 'angavastram' worn around the neck, said. He landed here directly after wrapping up his official tour of the Maldives."After the FTA, there will be no tax on 99 per cent of Indian products being sold in Britain. If Indian products are cheap, the demand will grow there and this will lead to more production opportunities in India. Due to this FTA, TN youth, small businesses, MSMES, startups will get big benefits," he a developed India and Tamil Nadu, he said, "infrastructure and energy are the backbone of any state's development; our focus on infrastructure and energy in last 11 years shows our commitment to TN's growth."The NDA government has constructed Atal Sethu, Sonmarg Tunnel, Bogibeel bridge in different parts of the country and these created thousands of job regards the railways, he said it is the lifeline of industrial projects he inaugurated on Saturday are related to airport, highways, railways, port and power in Tamil Nadu and he said that inaugurated projects include a new state-of-the-art Tuticorin airport terminal building, developed at an estimated cost of around Rs 450 regards railway projects, it includes the electrification of the 90 km Madurai-Bodinayakkanur line, commissioned at a cost of Rs 99 Crore and the Rs 650 crore worth doubling of the 21 km Nagercoil Town-Kanniyakumari PM dedicated to the nation, two strategically significant highway projects-- 4-laning of 50 km Sethiyathope-Cholapuram stretch of NH-36, developed at a cost Rs 2,350 crore and 6-laning of the 5.16 km NH-138 Tuticorin Port Road, built at around Rs 200 inaugurated the North Cargo Berth-III with a cargo handling capacity of 6.96 MMTPA at V O Chidambaranar Port established at a cost of Rs 285 the occasion, he invoked legendary freedom fighters from the region--VO Chidambaram Pillai, king Veerapandia Kattabomman and chieftain Veeran Azhagu Nadu Governor RN Ravi participated in the event. State Finance Minister Thangam Thenarasu presented a memento, a replica of the iconic Valluvar Kottam in Chennai, to the prime minister on the Civil Aviation Minister K Rammohan Naidu, Union Minister of State L Murugan, TN Social Welfare Minister P Geetha Jeevan, Lok Sabha MP Kanimozhi and top officials took part.
Time of India
31 minutes ago
- Time of India
'Weapons made in India unsettle terrorism's masters': PM Modi hails indigenous arms in Operation Sindoor; pushes for manufacturing and economic growth
PM Modi NEW DELHI: Prime Minister Narendra Modi on Saturday highlighted the key role of indigenous "Made-in-India" weapons in Operation Sindoor , stating that they continue to unsettle those who support terrorism. Speaking at a public event in Tamil Nadu's Thoothukudi, he also launched a range of development projects aimed at boosting infrastructure and economic growth in the region. "Today, the Government of India is strongly emphasising Make in India and Mission Manufacturing. You all recently witnessed the power of Make in India during Operation Sindoor. The weapons made in India played a major role in reducing terrorist hideouts to rubble. Weapons made in India are still keeping the masters of terrorism awake at night," the Prime Minister said. PM Modi also spoke about the Free Trade Agreement (FTA) recently signed between India and the United Kingdom, calling it a major step toward making India the world's third-largest economy. "Today, we are here advancing the vision of a developed Tamil Nadu and a developed India through our efforts. A Free Trade Agreement has been made between Britain and India, which also accelerates this vision. This agreement will also give new strength to India's economy; it will further speed up our pace to become the world's third-largest economy," he said. He added that the agreement would open new markets for Indian goods by eliminating tariffs and increasing competitiveness. "After this FTA agreement, 99% of Indian products sold in Britain will be tax-free. When Indian goods are cheaper in Britain, their demand will increase... The India-Britain FTA will benefit Tamil Nadu's youth, our small industries, MSMEs, and start-ups the most," PM Modi said. During the visit, the Prime Minister inaugurated the new terminal at Thoothukudi Airport, built at a cost of Rs 450 crore. The upgraded facility increases the airport's capacity from 3 lakh to over 20 lakh passengers annually. "...Today, the inauguration of the new advanced terminal at Thoothukudi Airport is another big step in this direction. This terminal, built at a cost of Rs 450 crore, will now be able to host more than 20 lakh passengers annually, whereas earlier, the annual capacity was only 3 lakh passengers," he said. He also dedicated two major road projects worth around Rs 2,500 crore to improve connectivity between Thoothukudi and Chennai. These projects are expected to strengthen port connectivity, ease travel, and create more job opportunities. "Today, we have also dedicated two major road projects to the people of Tamil Nadu. These roads, built at a cost of approximately Rs 2,500 crore, will connect two major development areas to Chennai... The connectivity of Thoothukudi port has also significantly improved. This will enhance the ease of living in this entire region and open new avenues for trade and employment," the Prime Minister said. In all, PM Modi inaugurated and laid the foundation stone for various development projects worth Rs 4,900 crore, including port infrastructure upgrades, airport expansion, highway construction, rail electrification, and clean energy initiatives.
