The currency is also weakening on the back of concerns over oil prices, rising Treasury yields, corporate outflows and offshore demand for the greenback, Reuters reported. The rupee was trading at about 82.30 at 2.20pm UAE time on Monday, having hit a low of 82.6825 earlier in the day. The Indian rupee tumbled to a new low against the dollar on Monday after last Friday's US jobs report cemented bets that the Federal Reserve would continue its interest rate increase programme for the rest of the year to rein in high inflation. Praveen Menon prefers to remit bulk amounts from the UAE to finish an existing commitment in India such as a personal loan or a mortgage. I would recommend using the money for an investment or convert it into foreign currency, such as euros or dollars, in forex trade.” “However, it is best if Indians based overseas do not remit money to invest in a fixed deposit because its value gets eroded. “When the rate is attractive, I always remit bulk amounts from the UAE to finish an existing commitment in India such as a personal loan or a mortgage,” he says. He remits about 20 per cent to 25 per cent of his UAE salary every month to India, but plans to increase this amount. Praveen Menon, a Dubai-based overseas manager for an Indian property developer, is one of them. Indian residents in the UAE are expected to capitalise on favourable exchange rates to send money home after the rupee hit a record low against the US dollar this week.
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