Surging rupee hits Indian remittances in Qatar
Monday, 24 September 2007
DUBAI, Sep 23 (PTI): The surge of Indian rupee against the Qatari riyal is hitting remittances by Indians in the Gulf country hard as they have to shell out more riyals to buy the Indian currency.
The rupee's rise against the dollar is making the riyal weaker. The dollar has recently fallen to a record under Rs 40 and since the riyal is pegged to the greenback, the Qatari currency is losing against the rupee.
Friday, 1 QR was fetching Rs.10.88 in the local foreign exchange market as compared to Rs 11 until recently and Rs. 13.54 some five years ago, the Peninsula daily reports.
The rupee's rise against the dollar is making the riyal weaker. The dollar has recently fallen to a record under Rs 40 and since the riyal is pegged to the greenback, the Qatari currency is losing against the rupee.
Friday, 1 QR was fetching Rs.10.88 in the local foreign exchange market as compared to Rs 11 until recently and Rs. 13.54 some five years ago, the Peninsula daily reports.