Joy of remittance!

Manama : While a weak currency is spiking severe concerns back home in India, here in Bahrain, it is acting as a boon to Indian expatriates who are sensing an opportune time to repatriate their savings. 

In the recent months, Indian rupees have fallen against the dollar, reaching its lowest level in 30 months on Wednesday, when the Indian currency was seen at 68.66 to the dollar. 

According to the provisional data from the Bombay Stock Exchange, Foreign portfolio investors recently sold equities worth 9.64 billion rupees. Yesterday one Bahrain Dinar was 181.74 Indian Rupees. However, the weakened Indian rupees have helped Indians in Bahrain who send money back home. 

Indian expatriates shared their views with DT News about the high exchange rate. Some said they were upbeat about the improved exchange rate, but would not dare make any risky investments because of the current economic conditions. 

“Before, when the rupee value went down, many of us used to take loans and send money to India. We don’t make such investments anymore because of the economic conditions,” said Mathew Silby. Meanwhile, Baiju Nambiath, said “It is good for us if it stays like this because, I am able to send more to my family in India.”

Irfan Nadeem said, “I know many people who used to take huge loans to send money whenever the rupee falls, but that trend has totally died now. People are not confident enough to do it anymore.” 

Faizal Melakandim said, “It is obviously a huge blessing for us. Yesterday, I sent a chunk of my savings to my brother in India for his wedding. I had never sent such a huge amount before. I was pleased to know the exchange rate. The more you send, the more you benefit from it.”