Latest news with #AED-INR
Time of India
23-06-2025
- Business
- Time of India
Spike in AED-INR transfers: What's driving Indians in UAE to remit more funds;
Many NRIs in the UAE and Saudi Arabia are rushing to send money home as rupee weakens against the UAE dirham. Rupee is now hovering around Rs 23.5 per AED, its lowest level since early April, triggering a spike in remittances across the region. 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
India.com
22-06-2025
- Business
- India.com
Why is so much money suddenly coming to India from THESE countries, and who is sending it?
Image for representational purposes New Delhi: Due to the depreciation of the Indian rupee, the Indians living in the Gulf countries like the United Arab Emirates (UAE) and Saudi Arabia have increased remittances back to India. It is important to note that the rupee has weakened against the AED (UAE's currency), with one AED now valued at approximately Rs 23.5 — the lowest since the beginning of April. The fall in the rupee's value has prompted Non-Resident Indians (NRIs) to quickly send money home. There has been an increase in AED-INR transactions since June 19. Officials at currency exchange houses say NRIs are no longer waiting for further depreciation. Those who have even a small amount of money are remitting it immediately. A senior official at a UAE exchange house told Gulf News, 'Last Thursday was the best day in recent weeks to send money through AED-INR.' He also mentioned that although the rupee briefly strengthened to 23.46, most NRIs continued to remit funds. Remittances Usually Dip in June Remittances generally decrease in June. This is because many Indians spend on travel and other expenses during the summer holidays. However, this year, the pattern has changed due to decrease in the value of rupee. Remittance volumes remained steady even over the weekend and are expected to stay strong through Monday. Officials from exchange houses say that if the rupee remains weak or falls further in July, it will benefit those sending money. One official said, 'If the rates stay at this level or drop again, it will be a double advantage.' Growth Seen Despite Geopolitical Uncertainty It is important to note that the growth has come despite geopolitical uncertainty, including the conflict between Israel and Iran. Typically, such events lead investors to turn to the US dollar as a safe haven. However, this time, gold has played that role. In simple terms, the decline in the value of the rupee has proven beneficial for NRIs. They are able to send more rupees to India while spending fewer AED. As a result, they are taking advantage of this opportunity and remitting more money home.
Time of India
21-06-2025
- Business
- Time of India
Why are Indians in the UAE rushing to send their money home now?
The Indian rupee's fall against the UAE dirham has prompted a sharp rise in remittances from Indian expatriates in the Gulf, especially in the UAE and Saudi Arabia. With the rupee slipping to around ₹23.5 per AED , its weakest level since early April, many non-resident Indians (NRIs) are rushing to send money home, according to a report by Gulf News. Currency exchange houses across the Gulf have reported a clear spike in AED-INR transactions since Thursday, June 19. According to industry officials, expats aren't waiting for further dips in the exchange rate — they are remitting immediately wherever spare cash is available. 'Last Thursday was one of the best days in recent weeks for AED-INR remittances,' said a senior official at a UAE-based exchange house to Gulf News. 'Even though the rupee briefly strengthened to 23.46, most expats continued to send funds.' Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bai Chay: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo June usually sees a dip in remittance volumes as many Indian expats face added summer travel and vacation expenses. But the current exchange rate has changed the pattern, with volumes holding steady through the weekend and expected to remain strong until Monday. (Join our ETNRI WhatsApp channel for all the latest updates) Exchange house officials say that if the rupee remains weak or falls further into July, remitters will continue to benefit. 'It's a double win if the rates stay where they are or dip again,' one official added. Live Events RECOMMENDED STORIES FOR YOU Why do Indians still increasingly rush to Swiss banks to park their money? UAE visitors advised to plan & renew visas in time amid flight disruptions and high travel demand The surge comes despite geopolitical uncertainty, including conflict between Israel and Iran. Traditionally, such events would push investors towards the US dollar as a safe haven. But this time, gold has taken that role while the dollar remains soft, supporting the rupee's relative strength.
Gulf News
06-05-2025
- Business
- Gulf News
UAE gold price 'still' lower than in India despite April events
Dubai: The price difference between UAE and India's gold rates dropping below 6% was only a temporary phenomenon, according to a leading jeweler. 'Yes, there was a phase in April when UAE-India gold price gap was 4% - but that happened because of some issues in the Indian market temporarily,' said Shamlal Ahmed, Managing Director of Malabar Gold & Diamonds. 'It had nothing to do with the Indian rupee firming up in any way and reducing the price difference. 'After about those two weeks in April, the price between UAE and India gold has gone back to 6%.' April's events had set off a lot of chatter among Indian visitors to the UAE on whether there is any price advantages to buying here rather than back in their home country. A 'rare' occurence For instance on April 22, the Indian Board Rate for a gram of 22K gold was Rs9,290. At that day's exchange rate for AED-INR of 23.05 rupees for one dirham, the Indian gold price would be equivalent to Dh403. That same day, the Dubai Gold Rate was Dh388.75 for a brief period. It meant that the price difference was just 4% compared to the usual 6%. It was in July 2024 that India slashed duty on gold from 15% to 6%, primarily done with an eye to drastically reduce gold smuggling into the country. But for UAE and GCC gold jewelers, it meant the sizable 15% price difference of the past. But that did not in any way lead to a drop off in gold buying from Indian visitors/tourists to the UAE. 'There would be guided tours from India who would come directly to the Dubai Gold Souq,' said Ahmed. 'Even though the price difference was cut from 15% to 6%, what changed was that Indian tourists ended up buying more here.' But gold trade sources say that anything less than 5% price difference could alter buying habits among Indian visitors. Which is why what happened last month when the price difference slipped to 4% came as a bit of a jolt. What happened in April? The main cause for the sudden change in India-UAE gold price differential was because of the cut in the premiums on gold deliveries charged to jewelery retailers in India. 'Where jewelers were used to paying premiums, they suddenly were seeing big cuts,' said Ahmed. 'It was mainly because many jewellery retailers who were not hedging their gold buys were hit by margin calls. It meant there was a lot of gold availability in the Indian market at the same time. 'That explains the price difference between UAE and India narrowing rather than anything fundamental. This was a short-term change, nothing more.' Indian tourists to the UAE remain one of the biggest buyer categories for gold in this market. Which is why price changes in India are watched with intense interest here. "In some months, Indian tourist buying makes up 30%-40% of our sales," said a jeweller. "The biggest reason continues to be the price difference - there was no issue when India slashed duty from 15% to 6%.
