Dubai — Indian expats in the UAE are taking advantage of one of the most attractive remittance windows in weeks, as the rupee dropped to 23.56 against the dirham, its lowest point since late June. Currency exchange houses across the UAE are quoting between 23.55 and 23.56, prompting a weekend surge in money transfers.
This unexpected dip follows weeks of stability, with the rupee trading in the 23.2–23.3 range earlier this month. Many expats, awaiting salary credits at month-end, now see this as an ideal time to send funds home.
Currency analysts attribute the drop to uncertainty surrounding a pending U.S.-India trade deal. India’s Commerce Minister Piyush Goyal confirmed progress, but a final agreement has yet to be announced. A breakthrough could strengthen the rupee, potentially pulling it back toward the 23.2 range.
Until then, rates may hover between 23.52 and 23.63, experts suggest. The situation is further complicated by a strengthening U.S. dollar, which hit 97.68, adding pressure on emerging market currencies.
The Reserve Bank of India (RBI), meanwhile, added $150 million in gold reserves last week, a signal of growing market caution. Its total reserves now stand at $84.5 billion.
With a U.S. Fed rate decision looming and global uncertainty still high, experts say expats should watch both trade negotiations and dollar trends closely. But for now, many are choosing not to wait.
“This level is among the most favourable we’ve seen in July,” said a forex analyst. “If you’re planning to remit, now may be the moment.”
