Latest news with #NeeleshGopalan
Gulf News
02-05-2025
- Business
- Gulf News
Indian rupee firms up again - UAE, Saudi Arabia's NRIs delay money transfers
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.' How's INR faring against Saudi Riyal? On February 10, the INR was fetching 23.41 to the Saudi Riyal, and easily the lowest point so far this year. The highest point for the INR is today's 22.36 for one SR.
Gulf News
01-05-2025
- Business
- Gulf News
Rupee: Should UAE's Indian expats delay sending money home?
Dubai: The Indian rupee has firmed up to its highest point this year, which will mean NRIs in the UAE and other Gulf states will be getting less out of their monthly funds they send home. The rupee is currently at 22.89 for a dirham, easily clearing the earlier high this year of 23.14. The last time the rupee was below 23 was on November 28, 2024. There had been signs of the INR gaining strength in recent days, even against the backdrop of heightened tensions following the Pahalgam attacks last week. According to remittance industry sources, it would make sense for expat Indians in the UAE to remit only what needs to be sent right now at the start of the month and see how the INR fares in the coming days. (The Indian markets are closed today.) 'The current sub-23 levels are the lowest compared to the start of a month so far in 2025,' said Neelesh Gopalan, Senior FX analyst at a Dubai based fintech. 'So, you have 23.31 on January 1, 23.58 on February 1, 23.81 on March 1 and the Dh23.31 on April 1. 'But it's still too early to say whether the sub-23 levels will continue – Indian expats will have to wait and watch.' A lot of the INR's strengthening has to do with the continued dollar weakness, with the $ index at 99.79. So far, there is nothing in the markets to show whether the dollar is up for a gain and head back into 100 plus territory. (The dollar index compares the relative strength or weakness of the dollar against a set of other currencies.) At current levels, India's FX reserve levels are just over $686 million, which means sufficient depth to take any short-term crisis if the current tensions spill over.
Gulf News
21-04-2025
- Business
- Gulf News
UAE Indian expats find rupee at near highest point of 2025 once again
Dubai: At 23.16 for one dirham, the Indian rupee has this morning firmed up near to its highest level in the year to date as the US dollar comes under renewed weakness. The current highest year-to-date showing for the rupee is the 23.14 on April 4. Currency market sources say it's still not clear whether the higher rupee trend will continue. For Indian expats in the UAE and Gulf, this will mean close tracking of the INR movements over the coming days to decide what will best help them on remittances. 'The INR has strengthened considerably from the year's lowest point of 23.94, which was on February 10,' said Neelesh Gopalan, senior FX analyst based in Dubai. 'Purely from the actual remittance rates, an Indian expat got rates of 23.50 plus for 2-3 weeks this year. For the major part, sending money home meant rates of 23.30-23.40. 'From those levels, current rates mean Indian expats have lost some of their advantage with the INR firming up.' Trump tariff pummels the $ Helping the rupee and other major currencies is the continued weakness of the 'dollar index', which is now at 98.36 and well off from the 52-week peak of 110. So, you had one dollar fetching 87.95 rupees on February 10, and the same would get only about 85.3 today. Now, there is more cheer for Indian markets as foreign exchange reserves have risen by another $1 billion plus to $677.8 billion. "The higher FX reserves give India some cushion to take on any tariff created volatility," said an FX trader. "Plus, there will be a lot of expectation around JD Vance's trip to India, and where a US-India deal framework should make further progress."
