Rupee’s Slide Sparks Remittance Rush: Why Indians in UAE Are Sending Money Home Now

Indian expats in the UAE are racing to remit funds after the Indian rupee plunged to a historic low of ₹23.5 against the dirham—the weakest since early April. This sharp drop means every dirham now fetches more rupees, creating a golden window for families to maximize their remittances.

 

Key Highlights:

 

The rupee’s fall to ₹23.58 per AED on June 21 triggered a surge in remittance activity, bucking the usual June slowdown caused by summer travel and higher seasonal expenses.

 

Currency exchange houses across the Gulf report record AED-INR transactions since June 19, as expats act quickly to lock in favorable rates.

 

Many are remitting immediately, rather than waiting for further drops, anticipating that the current rate may not last.

 

For families in India, the difference is significant—a 1,000 AED transfer now yields nearly ₹23,500, compared to less than ₹23,000 earlier this year.

 

Analysts suggest the rupee could weaken further, but uncertainty over global economic trends means expats are seizing the opportunity now.

 

Outlook:

If the rupee remains weak or dips further into July, remittance volumes are expected to stay high, offering a rare financial boost for Indian families. However, the volatility also underscores the need for careful planning as currency swings continue to shape expat remittance strategies.

 

Source: Economic Times