Indian rupee firms up again – NRIs delay money transfers where possible

Dubai: It’s proving to be a tough start to the month for Indian expats in the UAE, Saudi Arabia and other Gulf states, as they find they are getting less on their monthly fund flows home.

The dirham is getting 22.82 for one dirham, which is now the lowest difference since October 10, 2024. According to currency exchange houses, there’s been a clear drop in INR remittance levels from the UAE and Gulf markets in the last 48 hours as NRIs look to see whether this firming up of the rupee is just temporary. Where possible, Indian expats are holding back on their next fund transfer home.

FX industry sources say that INR does look good to stay at the 23 or just under 23 to the dirham level. “The Indian rupee has shown a clear trend to push higher early today (May 2) to 22.82 against the dirham (83.86 against dollar),” said Neelesh Gopalan, Senior Currency Analyst. “Early to mid- next week would be a good time to get a definite trend-line on where INR is heading.”