The Indian rupee has depreciated significantly against the Saudi riyal much to the joy of limited-income Indians here. On Monday, one Saudi riyal was worth Rs13.64 to Rs13.70 in various local foreign exchange centers. From last week, it has been common to see Indians standing in long queues waiting to send their money home through “Thahweeel Al-Rajhi” Bank, Al Zamil money exchange, Tele Money, Speed Cash, and Western Union Money Transfer. A spokesman for Samba money transfer agency in Dammam said Indian exports have been hit due to the ongoing global financial turmoil and upcoming election, so the value of the rupee against the dollar has been badly affected, with one dollar now being worth more than Rs52. According to financial analysts in the Kingdom, the rupee is losing value in anticipation of problems of balance of payments arising from decreasing exports and falling investments from companies and corporate houses. The decline, which comes at the beginning of the month, helped Indian expats, who were encouraged to remit more funds to their NRI bank accounts. And those who have been holding their funds in hope of obtaining a better exchange rate will now be transferring their remittances to India. According to leading money transfer companies across the Kingdom, the flow of remittance and the volume of money sent to India have increased after the rupee's huge slide. Most people who previously withheld remittances are now approaching money transfer centers with their savings as they now can get more Indian rupees.
