Good news for UAE expats: Best time to remit as Indian, Pakistani rupee to come under more pressure this week

Good news for UAE expats: Best time to remit as Indian, Pakistani rupee to come under more pressure this week

Dubai: The currencies in India and Pakistan are expected to weaken further this week, forex analysts evaluated, making it a more cost-effective time for the regions' expats in the UAE to remit more dirhams back home. The value of the rupee in India and Pakistan are expected to weaken on the back of economic pressures from the ongoing hostilities between Russia and Ukraine. Higher prices of global crude oil and gold is likely to weaken the currencies in both countries as well. Presently, India imports 85 per cent of its crude oil needs. Higher oil prices are expected to add Rs8 to Rs10 in petrol and diesel's domestic selling prices. Besides, the cascading effect of expensive fuel cost will trigger a general inflationary trend. On last Friday, a rise in the US oil inventories along with the assurance of energy supply from Russia, doused international crude oil prices. Consequently, the price last Friday came down to $95 per barrel after the Russia-Ukraine war pushed oil prices to $105 per barrel. "Rupee had been volatile and closed at 75.29 against dollar for the week. Higher crude and gold prices can keep it weak," said Sajal Gupta, head of forex and rates