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Indian Rupee falls to record low, Send your remittances now

ismailsesa May 9, 2022

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Posted by : Aahil Shaik
Monday, May 9, 2022

Indian Rupee falls to record low against US dollar and Saudi Riyal, Send your remittances now

Indian expatriates living in the Saudi Arabia are getting 20.63 per one Saudi Riyal for the first time ever. This comes after the Indian rupee slipped from 20.52 to 20.63 per one riyal on Monday (9th May) at closing levels in the inter-bank currency space. Follow Saudi Expatriates on Instagram

The Indian currency is receiving its signals from the stock markets and the signs are all in the negative. From the remittance center we can see some heavy action, especially from corporate clients and from some Indian expats, but most of them have already sent in the first week of the month.

– Against dollar the Indian rupee has slipped to an all-time low at 77.41 per one US dollar on 9th May from 76.96 on Friday, among increasing fears of rising crude oil prices, interest rate hikes and inflation among the investors, with added impact of risk disgust in foreign investors on domestic stocks. Trending : Umrah season for international pilgrims to end on 30th Shawwal (31st May)

– So far, there is no sign from Reserve Bank of India, making an intervention in the market. The Indian stock markets is very much in the red at the start of the week, with the benchmark Sensex slipping by 677 points.

– The rupee was expected to test a new low as it had tested a low on Friday, we expect the rupee to fall further on account of geopolitical issues and rising oil prices. It is possible to reach to 78 against dollar in the coming days, said the Deputy General Manager at Lulu International Exchange, as per the report of Gulf News.