Indian rupee hits record low versus UAE dirham, expats remit
Business
The Indian rupee just dropped to its lowest ever against the UAE dirham, and Indian expats are jumping at the chance to send more money home.
With Dh 5,000 now worth over ₹1.31 lakh, sending cash for family support or investments feels like a win.
The surge is all about making the most of this favorable exchange rate.
India's current account deficit widens
Global oil prices are up this year, which has pushed India's import bills higher and widened its current account deficit.
The Reserve Bank of India has tried to steady things by selling dollars, but so far it hasn't stopped the slide.
As long as the rupee stays weak, expect remittances from UAE Indians to keep rising.