With soaring exchange rates and fall in gold prices, Diwali comes early for NRIs

This post was originally published on 9 November 2015 and the content may be outdated.

It’s the Indian festival of Dhanteras today, signifying wealth and prosperity. With the Indian rupee slumping to four-week-low this morning and low prices for gold makes it a perfect opportunity for Indian expatriates to remit money home or buy gold.

Rupee reaches 18+ vs QAR & AED

The Indian Rupee was trading at Rs 18.29 vs QAR 1 today (November 9, 2015), having breached the Rs18-mark against the Qatar Riyal for the first time since September 28 this year. Today’s rate against UAE Dirhams was Rs 18.12.

The INR is now within touching distance of the two-year-low of Rs 18.40 (vs QAR) and Rs. 18.24 (vs AED) it made on August 24, 2015, offering Indian expatriates a great opportunity to remit money home during the festive season.

Gold rates fall

Jewellers in Gulf are hoping that this Dhanteras their sales will soar due to fall in gold and bullion prices.

  • The price for 1 gm of 22k gold is QAR 125 in Qatar and AED 124.75 in UAE.
  • The price for 1gm of  24k gold is QAR 134 & AED 131, respectively.

For those who are looking to buy gold from India, the good news is that gold prices in India are relatively lower than the last few years.

Dhanteras day marks the beginning of festivities followed by the wedding season during which jewellers make their most sales. To attract more customers, some jewellers have even announced easy payment options.

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