Exchange rate of 23 rupees to Qatar Riyal; Expatriates benefit from devaluation.

Doha : The Qatari Riyal-Rupee exchange rate is on fire as the value of the Indian rupee falls against the dollar. According to today’s market, the exchange rate for one Qatar Riyal is 23 rupees 19 paisa, but the exchange rate is between 23 rupees 10 paisa and 23 rupees 15 paisa in money exchange institutions. The price when sending home is 10-15 dirhams less than in the market. Depreciation of rupee is a big relief for expatriates.
By the end of the month, the appreciation of the exchange rate will significantly benefit expatriates sending remittances back home. The exchange rate has been in the midst of significant fluctuations over the past 6 months. On August 8, one riyal was 22 rupees 99 paise and now it has crossed 23 rupees. In mid-August, when the value of the rupee rose marginally, it returned to Rs 22, but returned to Rs 23 the very next day.
The rial-rupee exchange rate recovered to 22 rupees 98 paisa in the last weeks from September 17. After long weeks, 23 arrived again on September 30. Although there are slight fluctuations thereafter, it has not gone down from Rs.23. There has been a significant growth in the exchange rate over the last 10 years. The exchange rate was 17 rupees in 2014 and today it is 23 rupees.
The depreciation of the rupee against the dollar is behind the increase in the exchange rate against the riyal. Growth in GDP, inflation, interest rates, general elections, trade agreements and many other factors influence the exchange rate.
● Year 10, an increase of 36.68 percent took 10 years to reach from 17 to 23. As the value of the rupee fell, according to foreign exchange companies, the rise in the rial-rupee exchange rate was 36.68 percent in 10 years. On December 30, 2014, the rate ended at Rs 17.49 paise. At the end of August 2015, it increased to Rs.18. The increase in exchange rate was 4.80 percent. In 2016, it did not go below eighteen. In 2017, however, the exchange rate decreased by 5.99 percent to Rs.16. It touched Rs 18 again in April 2018, crossed to Rs 19 in August, rose to Rs 20 in October and returned to Rs 19 in December.
In 2019, the increase in the exchange rate was 2.25 percent. It fell to 18 in between but ended the year at 19 rupees. The average fare was Rs 19 34 paise. From 2020, a significant jump in the exchange rate will occur. The rate hike was 2.56 percent. The jump started at Rs 19 in January and crossed Rs 20 in March. During the month of April the exchange rate fluctuated between 20-21 on most days. 20 remained stable from May to December. The average fare was Rs 20 36 paise.
It fell to Rs 19 by August 2021 but continued to advance to Rs 20 till December. The average rate in 2021 is Rs 20 29 paise. Between March 21 and 21, 2021, the exchange rate hit a big high of Rs 22 from September 22 amid significant fluctuations. In 2022, the exchange rate was up to 11.23 percent. The average rate in 2022 was Rs 21 57 paise.
Fixed at Rs 22 throughout 2023. The average was 22 rupees 66 paise. The increase in exchange rate was 0.84 percent. The jump to Rs 23 is on August 5 of the current year. The rate hike is 1.93 percent so far this year. The exchange rate in the market is 23 rupees 19 paise for 1 Qatar Riyal.