Monday, 20 Mar 2023
Indian rupee tanks, but not much increase in remittances

Indian rupee tanks, but not a lot boost in remittances

Speaking to Muscat Daily, R Madhusoodanan, basic manager, Global Money Exchange stated, “There has been a marginal increase in the sending rate. However on Tuesday, not too many people were seen sending money. They are probably expecting the rupee to fall further.”

Madhusoodanan attributes the drop to the election final results in India that have offered a damaging feedback relating to the ruling celebration. “The sudden resignation of RBI governor, Urjit Patel has also affected the Indian market.”

Election final results had been announced for 5 states in India on Tuesday, in which the ruling celebration suffered a setback in 3 states.

Madhusoodanan additional stated that he expects the exchange price to hover among R185 and R190 in the coming days.

Phillip Koshy, basic manager of Modern Exchange stated, “Many people were seen sending money through our branches on Tuesday morning.”

He stated that the worth of rupee will fall additional. “The rate will definitely go beyond R187.” Tony Alexander, director of Oman UAE Exchange feels it is as well early to predict. “We gave R186.25 against a rial on Tuesday and it is too early to predict if the rupee will fall further.”

He stated that the marketplace will probably react on Wednesday based on the outcomes of the polls.

P K Subudhi, basic manager of Mustafa Sultan Exchange, stated, “We were offering R186.25 against a rial on Tuesday, but the exchange rate was not much of an attraction for Indian expats.”

He stated that on Tuesday morning, rupee had depreciated and touched R188 for a extremely short time. “It is uncertain to predict right now if the exchange rate will increase further,” he stated adding that the price will hover about R183 to R185.

Information Source: Muscat Daily

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