DOHA: The Indian rupee has gained almost five percent against the Qatari riyal in a matter of days putting pressure, especially, on limited-income Indians based here.
The exchange rates yesterday were Rs12.60 to a riyal on average, up from Rs13.20 a few days ago.
There is pressure on the dollar due to the US suffering on account of the recessionary pressure and that explains why the Indian rupee had been strengthening, said S B Lal, General Manager of Trust Exchange.
The rupee has literally been involved in a seesaw against the dollar since the onset of the global recession.
And since the riyal is pegged to the dollar, the rupee has also been fluctuating up and down against the Qatari currency as well, cheering or discomforting, as the case may be, limited-income Indians who make compulsory remittances home almost every month for household expenses.
Meanwhile, the Indian festival, Diwali, which is also celebrated in Nepal, led to a lot of rush at exchange houses as people queued up to remit funds home.
Euro at record high
A weakening dollar has put the Qatari currency under pressure against euro. The European common currency has appreciated to a record high against the riyal. The exchange rates on Wednesday were QR5.46 to a euro.
The rates were QR5.10 until June this year having breached the QR5-level a month earlier (in May). A euro was fetching QR4.96 until then.
In April, the rates were QR4.80. Euro has been gaining against the dollar and the riyal especially since the middle of last year.
In June last year, the exchange rates broke all previous records to soar to QR5.77 to a euro, but the rates fell once the global recession became fully blown by October 2008.
Euro is mostly bought by people traveling to EU countries or businessmen with trade links to eurozone countries.
© The Peninsula 2009
