RBI intervention lifts rupee!!!!
Good news for Indians sending money home from the UAE.
RBI intervention lifts rupee and honestly this comes as a big relief moment. Just when the rupee was struggling near record low levels the Reserve Bank of India stepped in to support the currency against the dollar and dirham.
So what does this mean for you and me. If you are sending money from UAE to India this move helps stop further fall of the rupee. It may not mean a big jump in rates but it brings stability which is very important right now.
The RBI sold dollars in the market to control the sudden fall and calm things down. Because of this the rupee moved away from its lowest levels and the exchange rate became a bit more balanced.
In simple words your hard earned money is now safer from sudden shocks. Remittance rates may stay steady and panic selling has reduced. A small move but an important one for Indian expats and families back home.
