Bad news for Indian expats as rupee gains



JEDDAH: ARAB NEWS

Published — Saturday 19 January 2013

Last update 19 January 2013 3:28 pm

| نسخة PDF Print News | A A

Indian expatriates remitting money to their families back home have to dish out more riyals now as the Indian rupee strengthened yesterday to its highest level in two-and-a-half months. It gained for a second straight week as the government’s decision to partially deregulate diesel and a broad risk-on sentiment globally boosted the currency.
The government’s move continued to push up the local unit as it would help bring down the country’s yawning fiscal deficit in the medium to long term.
Traders said a broad risk-on mood following strong data in the world’s two biggest economies also cheered the rupee.
“The mood swing has happened for the better and we see the sellers (rupee) in a state of panic. However, some buyers are not letting the opportunity go and buying for the very near term,” said Satyajit Kanjilal, chief executive at Forexserve, a forex and fixed income consultancy firm.
“The USD/INR overall has turned lower after the breakdown below the key support at 54.50. Therefore, this could be the beginning of a most unexpected rally taking the dollar all way down to 51.50 and then may be even lower.”
Traders said dollar bids from oil firms prevented the rupee from gaining further.
The rupee closed at 53.71/72 per dollar. The unit had closed at 54.3850/3950 on Thursday.

What's happening around Saudi Arabia

JEDDAH: Social media is abuzz with the news of an 80-year-old man who has been relieved of his duties after working for four decades at the Prophet’s Mosque. Citizens have launched a campaign for the man, identified as Moqtada by publishing his photo...
DAMMAM: The World Heritage Committee of the UN Educational, Scientific and Cultural Organization (UNESCO) has added the rock art in Hail to the World Heritage List. The addition was made during the committee’s 39th session in Bonn, Germany, and becam...
Huge projects change the faces of cities and great ambitions help create such projects. Madinah had its date with a quantum leap to usher in a new era of urban development. Such huge projects help achieve formidable civilization advancements and sign...
RIYADH: The Japanese ambassador to the Kingdom, Noriheiro Okoda, has held a meeting with Hashem Abdullah Yamani, president of the King Abdullah City for Atomic and Renewable Energy (K.A.CARE), and discussed bilateral cooperation in the fields of atom...
AL-BAHA: Forty three percent of Al-Baha cannot be developed easily because of the region’s mountainous terrain.This is the view of Khaled Al-Sayegh, undersecretary for construction at the municipality, who was speaking at an event held at the College...
JEDDAH: An official at the Council of Saudi Chambers said the council’s members are discussing a regulation to submit to the Ministry of Labor and other government agencies to deny a number of privileges to companies that force its labor to work unde...
ABHA: With many families wanting new furniture during Ramadan, furniture and interior decorating shops are raising prices to more than double what they were before the month.Homeowner Zaina Mohammed says she used to change her home furniture every Ra...
RIYADH: Saudi Commission for Tourism and National Heritage (SCTNH) President Prince Sultan bin Salman described the first visit by Custodian of the Two Holy Mosques King Salman to Madinah as “historic.”In his comments following the visit which saw th...
MADINAH: Economists expected the volume of investments in Madinah’s economies during the coming few years to reach SR500 billion.The forecasted growth in the population, to reach 2.6 million people after 25 years, and the number of visitors to 12.2 m...
JEDDAH: It seems that many Saudi families are gradually coming to terms with the new reality of living in apartments, as building villas is not possible due to shortage of appropriate land.With the increasing display of housing units by the Ministry...
RIYADH: Migrant rights advocacy group Migrante-Middle East (M-ME) has lambasted their country’s leadership over the claim that the number of overseas Filipino workers are declining due to sustained economic growth in the Philippines.The group has cal...
RIYADH: A charitable foundation called “Smile” will be launched on Sunday night at the Al-Hokair Land in the Saudi capital to make people happy. “The foundation will be launched to make Saudi Arabia a center of smiles,” well-known television host and...
MAKKAH: The Kingdom has seen a sharp rise in the number of Umrah pilgrims to around 6 million from 1.5 million in the last 16 years. Moreover, the number of pilgrims overstaying their visas has come down to about 1 percent. The Ministry of Haj has be...
RIYADH: The King Khalid Foundation (KKF) said here recently that it has financed small enterprises (SMEs) run by 130 widows in some of the Kingdom’s provinces.KKF hosted an iftar party last week for local media at its headquarters in Riyadh at which...
JEDDAH: Prince Abdullah bin Abdul Aziz bin Musaed, governor of the Northern Borders province, has died.He will be buried after Taraweeh prayers in Jeddah on Saturday, the Royal Court said in a statement carried by the Saudi Press Agency. No other det...

Stay Connected

Facebook