With the Indian rupee hitting historic lows against the UAE dirham, numerous Indian expatriates in the Emirates seized the opportunity to remit funds back home, as the timing was ideal.
The exchange rate reaching approximately Rs24.5 per Dh1 enabled UAE residents to gain more Indian currency when exchanging dirhams, aiding them in covering school fees and household expenses.
Khaleej Times visited exchange centers, where sales staff noted an increase in remittances as residents capitalized on the favorable rate. Several residents informed Khaleej Times that they transferred larger sums than usual to avoid missing the chance.
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Remitting three months’ worth at once
Arif Khan, a Sharjah resident and sales executive, typically sends Dh1,200 to Dh1,500 monthly to his family in Lucknow.
“But witnessing the rupee’s significant drop, I immediately sent Dh4,500,” he shared. “In rupees, we received enough to cover almost three months’ worth of groceries and daily needs. My wife described it as a gift.”
School expenses managed
Anthony Varghese, residing in Dubai and a Marketing head at an FMGC company, expressed surprise at the rate’s impact, likening it to an “early Christmas gift.”
“I usually remit Dh2,000 monthly,” Varghese stated. “This time, I sent Dh3,000, and due to the rate, we acquired nearly Rs8,000 more than the previous month. The surplus assisted in covering my daughter’s school bus and tuition fees. I never imagined exchange rates could be so beneficial.”
Electricity bill settled with extra funds
For Farooq Ahmed from Sharjah, who works as a mechanic, the favorable rate provided immediate relief.
“I dispatched Dh1,500 this month instead of Dh900,” he noted. “My family received about Rs36,250, approximately Rs4,500 extra. That surplus covered our electricity bill and gas cylinder expenses. For a middle-class family, this is substantial support.”
Another beneficiary of the high rate was Muhammad Faisal, a taxi driver in Sharjah, who remarked that this was the first stress-free remittance in months.
“I managed to send Dh30,000 this time, instead of the usual Dh20,000,” he said. “My family was able to enjoy a winter vacation in Shimla and still had leftover funds.”
Increasing expenditures
While many Indians in the UAE view the weak rupee as an unexpected boon, the expenses back home continue to rise.
Faisal mentioned that the higher rate is advantageous, “but it doesn’t mean our families suddenly have more disposable income. While we’re gaining more money back home, living costs in India are also escalating.”
Ahmed added, “Each month, the money is quickly exhausted because prices in India have also surged.”
