(MENAFN- Khaleej Times)

As the Indian rupee slipped to record lows against the UAE dirham, many Indian residents in the Emirates rushed to send money home, as the timing could not have been better.

With the exchange rate touching around Rs24.5 per Dh1, UAE residents said that they received more Indian currency than usual on exchanging dirhams, helping them pay school fees and household bills.

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Khaleej Times visited exchange houses, where sales executives reported a rise in remittances as residents took advantage of the exchange rate. Some residents also told Khaleej Times that they sent bigger amounts than usual because they did not want to miss the opportunity.

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Three months' remittances in one go

Arif Khan, a Sharjah resident who works as a sales executive, said he normally sends Dh1,200 to Dh1,500 every month to his family in Lucknow.

“But when I saw the rupee falling so much, I immediately sent Dh4,500,” he said.“In rupees, we received enough to cover almost three months of groceries and daily expenses. My wife said it felt like a gift.”

School fees covered

Anthony Varghese, a Dubai resident and a Marketing head at an FMGC firm, said that he was surprised by how much difference the rate made and it was like an“early Christmas gift”.

“I usually send Dh2,000 every month,” said Varghese.“This time I sent Dh3,000, and because of the rate, we got nearly Rs8,000 more than last month. That extra amount helped us pay my daughter's school bus and tuition fee. I didn't think exchange rates could help so much.”

Electricity bill paid with extra remittance

For Sharjah resident Farooq Ahmed, who works as a mechanic, the higher rate brought instant relief.

“I sent Dh1,500 this month instead of Dh900,” he said.“My family received about Rs36,250, which was around Rs4,500 extra. That difference paid our electricity bill and gas cylinder costs. For a middle-class family, this is a big support.”

Another resident who took advantage of high rate was Muhammad Faisal, a taxi driver in Sharjah, who said that this was the first time in months he sent money home without financial stress.

“I managed to send Dh30,000 this time, instead of the regular Dh20,000,” he said.“My family could go on a winter break to Shimla and still had money left.”

Growing expenses

While for many UAE-based Indians the weak rupee has turned into an unexpected benefit, the expenses are also growing back home.

According to Faisal, the higher rate is a blessing,“but it doesn't mean our families suddenly have more money to enjoy. Its true we are gaining more money back home, but monthly expenses in India keep rising too.”

Ahmed said,“Every month, the money is spent quickly because prices in India have also gone up.”

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