Remittances to India rise on Diwali, Eid
Remittances to India have gone up in the festive season of Diwali and Eid despite the Indian rupee gaining in strength.
The rupee was quoting at 12.34 per Qatari riyal on Sunday gaining two to three points overnight, but the Trust Exchange managed by State Bank of India, in Dubai said business this festive season was more than what it was last year.
"I would say the remittances were 10 per cent more compared to last year," Trust Exchange's general manager, Brahma Rao told the Peninsula daily.
There were more volumes than numbers, he added. "People do not seem to mind the higher remittance costs, but they want to make sure cash is delivered to their families," he said.