Indian expats in Muscat get good exchange rate with tumbling INR

Muscat: With the Indian rupee tumbling to a two-year low, there is nothing holding back expats from taking advantage of a good exchange rate unlike last time when timing of the high exchange rate was month-end.

Muscat Daily has reported that it’s only a week since the day of payment and hence, money exchanges across Muscat saw good footfall. On Monday, Indian rupee plunged against the US dollar, taking the exchange rate to R173.8 for RO1. The exchange rate has increased consistently over the past few weeks. While it touched  R174.1 on August 24, on August 31 it was R172.67.

Tonny Alexander George, chief executive officer of the Oman-UAE Exchange said, “There has been an increase in the number of Indian remittances today as we had expected. Since this is just the beginning of the month, people who have been saving for a favourable rate may take advantage of the drop in the value of rupee,” adding that the rate could increase further in the coming days. The exchange is giving more than a rate of R173.

An official from Al Jadeed Exchange said, “Many expatriates get their salaries in the first week of the month and with a lucrative rate such as this, I don’t think they will wait any longer to remit. We have been seeing a rush since evening.” Al Jadeed is offering more than R173.

Rajeev V G, general manager, Global Money Exchange said, “Since this is the time when most people get their pay cheques, we are hoping that more people will be coming in. But some may wait for a few more days for the rates to increase further. We are offering R173.50 today.”

Shanwaz Alam, who works for a private firm, said he will be remitting a good amount. “Who knows, the rate may drop tomorrow. We are lucky this time, because normally the rate is high only when we have exhausted all money. It’s rare that we get to remit for a good rate in the beginning of the month.”

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