Dubai: Higher Indian rupee remittances from the UAE might have to wait until August or September, by which time it could be in 20.15-20.28 to the dirham (74.74.50 against dollar). On Thursday (June 10), a dirham was fetching 19.87 rupees.
If so, this would be a sharp improvement on the present remittance flows to India, which had slowed considerably in the year-to-date after a prolonged slump last year. The layoff of over 150,000 Indian workers amidst the pandemic was reflected in the 17 per cent drop in remittances in 2020, according to the latest World Bank report.
At 20.15-20.28 levels to the dirham would be a “good opportunity for remittances,” said Rajiv Raipancholia, CEO of Orient Exchange and Secretary of FERG (Foreign Exchange Remittance Group).