Indian expatriates are rushing to send money home after the rupee slumped to a new record low against the dollar.
The Indian currency has fallen by about 10 per cent this year alone, a significant drop compared to recent years, according to experts.
Although in dirhams their wages remain the same, a worker is able to send 10 per cent more rupees now compared to last year.
The fact the latest drop coincides with a payday weekend has provided an extra boost to those flocking to money exchange centres to send cash to their families at home.
The lowest mark of 70.66 to the dollar occured on Wednesday - prompting expatriates to take advantage.
The rupee traded at 19. 3 to a dirham on Thursday. The dirham is pegged to the dollar.
For hotel manager Faisal Jurani, the currency dip was an opportunity to gain more rupees for the dirhams he has saved for his 'retirement' plan in India.
“I have been watching the rupee fall and now is the time for me to finally send the money home that I have been saving up,” said Mr Jurani, who checked the rate at a money exchange in a Dubai mall.
“This is part of my retirement plan so I look for chances like now when I can get more rupees for the dirham.”
Electrician Ahmed Rahba, who usually sends home Dh700 every month, said due to the favourable exchange rate he sent about 1,000 rupees (Dh52) more to his family in India.
“My wife and children depend on me to send money at the end of every month for school and daily expenses. It’s just lucky for me that it has happened now so I get an advantage.”
Money exchanges in the UAE were expecting a strong flow of remittances. While the surge in remittances coincided with thousands of blue-collar workers sending money home at the end of the month, experts also expected other expatriates to remit large amounts.
“Whether the rupee is appreciating or depreciating, the large numbers of labourers have to send money on a particular day every month because of family commitments. When the rupee weakens they get more rupee for their dirham and they are happy about it,” said Sudhir Kumar Shetty, president of the UAE Exchange.
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“But the remittances spike when the middle and upper income groups wait for an opportune time to send money. They are rushing to remit. The increase in volume that we see is from mid and upper class segments who remit for investment in shares, deposits and other funds. Their remittance is not periodical or every month, they wait for an opportune time. This good dip in the rupee is what is encouraging large size remittances.”
The rupee’s fall of about 10 per cent this year is substantial compared to a depreciation by about 4 per cent on average over the past 10 years, he said.
A rise in oil prices is one reason for the rupee to weaken.
“This is an all-time low for the rupee that is under pressure because of increased oil prices, a balance of payment problem because India’s import bills are going up due to higher oil prices and a fiscal deficit because the government expenditure is more than the revenue,” he said.
“With elections around the corner, emerging markets funds are also withdrawing and these factors are pushing the rupee southwards.”
Senior business leaders said the rupee would continue to weaken.
“The business community will continue to look at economic parameters because the rupee has not yet touched its lowest point and it is felt that it will depreciate further,” said Sudesh Aggarwal, chairman of the India Trade and Exhibition Centre.
“For commercial business transactions, it is a wait and watch situation.”
Despite further anticipated fluctuations, for electrician Mr Rahba money was required back home and he handed over a portion of his salary to the exchange officer.
“I have heard people say I will get more benefit if I wait but I don’t have that luxury. The extra money this month is a big advantage to pay loans I have.”
Results:
6.30pm: Maiden | US$45,000 (Dirt) | 1,400 metres
Winner: Tabarak, Royston Ffrench (jockey), Rashed Bouresly (trainer)
7.05pm: Handicap | $175,000 (Turf) | 3,200m
Winner: Dubhe, William Buick, Charlie Appleby
7.40pm: UAE 2000 Guineas Group 3 | $250,000 (D) | 1,600m
Winner: Estihdaaf, Christophe Soumillon, Saeed bin Suroor
8.15pm: Handicap | $135,000 (T) | 1,800m
Winner: Nordic Lights, William Buick, Charlie Appleby
8.50pm: Al Maktoum Challenge Round 2 Group 2 | $450,000 (D) | 1,900m
Winner: North America, Richard Mullen, Satish Seemar
9.25pm: Handicap | $175,000 (T) | 1,200m
Winner: Mazzini, Adrie de Vries, Fawzi Nass
10pm: Handicap | $135,000 (T) | 1,400m.
Winner: Mubtasim, William Buick, Charlie Appleby
RESULT
Chelsea 2
Willian 13'
Ross Barkley 64'
Liverpool 0
THE NEW BATCH'S FOCUS SECTORS
AiFlux – renewables, oil and gas
DevisionX – manufacturing
Event Gates – security and manufacturing
Farmdar – agriculture
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Greener Crop – agriculture
Ipera.ai – space digitisation
Lune Technologies – fibre-optics
Monak – delivery
NutzenTech – environment
Nybl – machine learning
Occicor – shelf management
Olymon Solutions – smart automation
Pivony – user-generated data
PowerDev – energy big data
Sav – finance
Searover – renewables
Swftbox – delivery
Trade Capital Partners – FinTech
Valorafutbol – sports and entertainment
Workfam – employee engagement
Results
Elite men
1. Amare Hailemichael Samson (ERI) 2:07:10
2. Leornard Barsoton (KEN) 2:09:37
3. Ilham Ozbilan (TUR) 2:10:16
4. Gideon Chepkonga (KEN) 2:11:17
5. Isaac Timoi (KEN) 2:11:34
Elite women
1. Brigid Kosgei (KEN) 2:19:15
2. Hawi Feysa Gejia (ETH) 2:24:03
3. Sintayehu Dessi (ETH) 2:25:36
4. Aurelia Kiptui (KEN) 2:28:59
5. Emily Kipchumba (KEN) 2:29:52
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
RESULTS
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
Winner: Hypothetical, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
Winner: Equilateral, Andrea Atzeni, Charles Hills
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
Winner: New Trails, Fernando Jara, Ahmad bin Harmash
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
Winner: Mnasek, Pat Dobbs, Doug Watson
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
Winner: D’bai, William Buick, Charlie Appleby
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
Winner: Summer Romance, James Doyle, Charlie Appleby
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watson
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Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
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SPEC SHEET: APPLE IPHONE 14
Display: 6.1" Super Retina XDR OLED, 2532 x 1170, 460ppi, HDR, True Tone, P3, 1200 nits
Processor: A15 Bionic, 6-core CPU, 5-core GPU, 16-core Neural Engine
Memory: 6GB
Capacity: 128/256/512GB
Platform: iOS 16
Main camera: Dual 12MP main (f/1.5) + 12MP ultra-wide (f/2.4); 2x optical, 5x digital; Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting
Main camera video: 4K @ 24/25/3060fps, full-HD @ 25/30/60fps, HD @ 30fps; HD slo-mo @ 120/240fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR
Front camera: 12MP TrueDepth (f/1.9), Photonic Engine, Deep Fusion, Smart HDR 4; Animoji, Memoji; Portrait Lighting
Front camera video: 4K @ 24/25/3060fps, full-HD @ 25/30/60fps, HD slo-mo @ 120fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR
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Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Apple Pay)
Biometrics: Face ID
I/O: Lightning
Cards: Dual eSIM / eSIM + SIM (US models use eSIMs only)
Colours: Blue, midnight, purple, starlight, Product Red
In the box: iPhone 14, USB-C-to-Lightning cable, one Apple sticker
Price: Dh3,399 / Dh3,799 / Dh4,649
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
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GP3 qualifying, 10:15am
Formula 2, practice 11:30am
Formula 1, first practice, 1pm
GP3 qualifying session, 3.10pm
Formula 1 second practice, 5pm
Formula 2 qualifying, 7pm
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Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm
Fuel economy, combined: 12.9L / 100km
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Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
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A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
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Company profile
Company name: Nestrom
Started: 2017
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors