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The remittance from UAE to India and Pakistan has increased after both currencies fell to the lowest record. Currency exchange officials at the UAE expect further delivery increases in the coming months if the currency is increasingly depreciated.
Rupee Pakistan reached 62 of the Emirates on Thursday due to political uncertainty and chaos in the country. Likewise, Indian Rupees fell to 21.83 against the Emirates on Thursday. Nearly eight percent since January 2022.
A spokesman for Al Fardan exchange said that the overall personal money from the UAE increased by 11.4 percent.
We really pay attention to the increase in sending money to India and Pakistan because residents take advantage of weak exchange rates. Remitance to India and Pakistan has increased significantly in terms of transactions, quantities and volumes. We have seen a volume growth of 12.5 percent for Indian rupees and 24 percent for Pakistani rupees compared to the last quarter, “said the spokesman, adding that they expect more money to send money in the coming months if the currency departs Felle
Rashed Al Ansari, CEO of Al Ansari Exchange, said that the sending of money by Indian and Pakistani expatriates who live in the UAE continues to increase, because of the profitable exchange rate due to depreciation in their respective currencies to the dirhams.
Over the past three months, the flow of Rupee’s money senders has increased when Indian and Pakistani expatriates utilize full volatility of the rupees. We estimate an increase of around five percent in money transfer transactions for both currencies. We usually see an increase in money sending and foreign exchange transactions when there is a decline in the value of any currency to the dollar, “he added.
The remittance to India and Pakistan has increased between three to five percent, “said the spokesman, adding that the trend became very unexpected with a group of larger people who were still waiting for further tariff reduction.
