Browsing: Exchange

Indian Rupee plunges to new low against Dollar

India’s rupee hit fresh lows against the dollar on Wednesday as emerging market currencies continue to be sold off. The under-pressure currency in Asia’s third-largest economy slid to 70.56 against USD, a record low. The rupee has been steadily falling throughout 2018 after starting the year at 63.67. Earlier this month it crossed 70 for the first time as India was buffeted by the turbulence of the Turkish financial crisis. The rupee was not alone, with the currencies of other emerging economies heavily dependent on dollar-dominated foreign capital like Brazil, South Africa, Argentina and Brazil also slipping in August.The rupee slump is widening India’s current account deficit, when the value of imports exceeds that of exports. India is a massive net importer of oil, securing more than two-thirds of its needs from abroad. High oil prices have been squeezing the rupee, making it less appealing to investors, analysts say. India’s…

Expatriates in UAE to pay more for remitting money back home

Remitting money back home has become costlier for expatriates living in the UAE from this week, national dailies have reported. According to Gulf News, major money exchange houses have increased their charges for remittance from April 15. For bank transfers exceeding Dh1,000, expatriates will now have to pay Dh22, a hike of Dh2 per transaction, according to staff at various money exchange houses in Abu Dhabi. Similarly, for bank transfers up to Dh1,000, the service charge has been increased to Dh16 from an earlier fee of Dh15. Khaleej Times reported that money exchange houses in the UAE have increased remittance fees to “cope with the rising cost” of doing business. The decision to increase fee was taken by some of the major exchange houses on an individual level and not as a group under Foreign Exchange and Remittance Group (FERG), industry sources told the daily. Money exchange houses had last…

How much money does an Indian send home ?

Average annual remittance into India per family from abroad is Rs. 2.30 lakh, according to a survey by money transfer service provider Western Union. The study covered face-to-face interviews of about 2,600 respondents across the age group ranging from 22 to 64 years, who have received at least Rs. 50,000 in last one year from a relative in another country and have received money at least 3 times in last 12 months. The survey revealed facts and insights about the remittance flow and usage in India. According to the World Bank, India remains the leader in receiving remittances and is estimated to receive approximately $71 billion in 2014 as against about $69 billion in 2013. In a majority of the households, members have migrated outside India for better employment opportunity (56%) and to overcome financial challenges at home (41%) while 87% of senders have full time employment with 47% having white…