Indian Rupee falls to record low, Send your remittances now

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For the first time, Indian expatriates in Saudi Arabia are receiving 20.63 Saudi Riyals per dollar. This comes after the Indian rupee fell from 20.52 to 20.63 per riyal at closing levels in the interbank currency market on Monday (9 May).

The stock markets are sending signals to the Indian currency, and all of them are negative. We can see a lot of activity at the remittance center, notably from corporate clients and some Indian expats, but the most of them have already sent in the first week of the month. List of Iqama professions reserved for Saudis

The Indian rupee fell to an all-time low against the US dollar on May 9th, from 76.96 on Friday, amid growing investor concerns about rising crude oil prices, interest rate rises, and inflation, as well as the impact of risk aversion on domestic markets.

The Reserve Bank of India has not yet indicated if it will intervene in the market. The Indian stock market is down 677 points to start the week. From Sunday Saudization of Secretarial, Translation, Stock Keeper and Data Entry professions

The rupee was predicted to touch a new low, as it did on Friday, and we expect it to fall further as a result of geopolitical worries and rising oil costs. According to Gulf News, the Deputy General Manager at Lulu International Exchange stated that the currency could hit 78 versus the dollar in the next days.Video A reckless wrong way driver hits 11 vehicles in Riyadh

According to a report, foreign funds withdrew 17.7 billion dollars from Indian stocks this year, the greatest amount ever, as markets were roiled by the threat of aggressive tightening by global central banks.

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