Oman- Where's the money to remit ask Indian expats as exchange rate touches a high

8/24/2015 6:48:36 PM

(MENAFN- Muscat Daily) Muscat-

It's close to month-end and there's nothing to remit' says an Indian expat. This sums up the mood among a majority of Indians who have to their disappointment not been able to capitalise on the extremely good exchange rate of the rupee (R173-plus) against the Omani rial. Contrary to a recent media report exchange houses say there is no 'rush' at all for remittances to India.

Although the rate has surely upped the excitement the current scenario shows that remittances haven't gone up much mainly because most expats have already sent part of their incomes back home and are on a tight budget till the next pay packet arrives. 'We are giving a rate of R173.05 for RO1 but there are not many people remitting because it's past mid-month. The rate has been seeing a gradual increase from early August. We have some who save for such opportunities but that's a very small percentage' said an official from the Al Jadeed Exchange House.

'Call it bad timing' said an expat who is keeping his fingers crossed for the rate to sustain if not rise further till he receives his salary. Exchange houses too hope that will happen.

Rajeev VG general manager of Global Money Exchange said 'We hope just like most (Indian) expatriates that the rate remains constant till month-end. We don't have that much of a crowd right now. It would have been a different scenario had it been the start of the month.' Global Money Exchange was offering R173 against a rial on Monday.

Tonny George Alexander chief executive at Oman UAE Exchange added 'There is an increase (in remittances) but not as much as we expected. The reason is only because this is the middle of the month and people have spent most of their money. I guess that there will be a rush once people get their salaries. Right now the rate is R173.'

Asia Express Money Exchange which was offering a rate of R173.10 says it has seen a 'slight spike' in remittances. Adeeb Ahamed its managing director said 'A weaker rupee is okay for short-term gains for people who have a fixed amount to send every month and they should take advantage of this situation. One should also refrain from borrowing money to remit back home which is quite prevalent during this scenario since it might lead to financial burden in the future. The rupee could further weaken in the coming days which will give NRIs an opportunity to earn additional returns on currency movement.'

Shakeb Khan a Ruwi businessman said 'As a family man and with rising costs I have no money for a remittance now. But I hope that the rate will cross R180 in the coming days.'

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