Now would be a good time to send money to India

Indian expats in Qatar, if you were planning to send some money back home, now would be a great time to do so.

The Indian rupee hit a record low against the dollar-pegged Qatari riyal (QR) on Friday, sliding to below Rs18 per riyal for the second time in two years, The Peninsula reports.

Foreign exchange operators, bankers and currency analysts in India feel the rupee may further weaken against the dollar. There are others, though, who believe that may not happen and the rupee may stabilise as it had already tumbled enough.

Some say the currency may stabilise at Rs65 to Rs65.50 per dollar by December-end, while others think it may tumble to Rs66.50 level by year-end. At Rs66.50 per dollar, one Qatari riyal would fetch Rs18.26.

Yesterday, the official online rate of the riyal and rupee was Rs18.17 per riyal. However, exchange houses and banks were on average offering Rs18.04.

Some exchange houses and bankers here say expatriates with money, including those who have taken bank loans, are largely holding on to cash as they expect the rupee to shed further value against the greenback.

The last time the rupee had fallen to levels below 18 against the riyal was in August-end 2013. An exchange house was quoting Rs18.58 on August 28, 2013. That record rate is yet to be breached. [Read more on The Peninsula]

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