Thursday, 3 September 2009

INDIA: Remittances from UAE to India to grow in coming months

Press Trust of India / Dubai September 1, 2009, 14:57 IST
Remittances to India by expatriates living in the United Arab Emirates could rise in the days ahead in view of the coming festive season and the fear that the rupee would weaken further against the US dollar, media reports here said.

The rupee has been losing ground steadily, and industry experts said the strengthening of the dollar against the rupee meant that the Indian currency would lose against the dirham, which is pegged to the greenback.

It is said that India's high fiscal deficit, a poor monsoon and prospects of a rise in the cost of oil imports in the coming months would put greater pressure on the rupee.
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