Tuesday, Nov 22, 2011
Gulf News
Dubai The Indian rupee exchange rate is looking a bit like Alice’s drop into Wonderland — a mixed bag of surprises with no Mad Hatter in sight. Gulf News readers were rightfully wary of this development when we spoke to them about what it meant for Indian expatriates.
Prashant Menon, who works in IT consultancy, said that it might be considered as “great news for the common man” but there are negative aspects to it.
“For sure I will be sending money to India, I will be utilising the opportunity but it is not good for India,” the father of two said.
Shahnaz Patel, a homemaker based in Dubai, agreed. She said: “It is a matter of concern with regard to savings based in India, as that could have dropped in value. But it is good news if you are travelling to India — you get more for your money.”
The mother of one said that the falling exchange rate felt more like a double-edged sword. However, she is not too worried as the drop has not been very dramatic, but is cautious of what the future might bring.
A similar sentiment was echoed by Rupert Raphael Lewis, who has been in the UAE for nearly two decades.
The father of three said: “I was expecting the exchange rate to rise, so I sent money yesterday. I took advantage of the falling rate and sent it immediately.
“It is good for sending money, but that means inflation increases in India. That translates into more expenses in India, such as medical costs, children’s education — everything starts escalating.
“So if you have money to send, it is the right time to do so, but if you have dependents in India, then it’s a problem.”
Then there are those who have greeted the falling exchange rate with open arms, such as 17-year-old Naina Mathur. A student, she’s currently looking at higher education options.
Mathur said: “The Indian rupee exchange rate means a lot to me right now, as I am stepping into college life, which could be either in India or elsewhere.”
By Anupa Kurian?Readers Editor
Gulf News 2011. All rights reserved.
