Most money exchange houses in the UAE have long queues as the Indian rupee crossed the Rs15 to a UAE dirham barrier, but some exchanges are offering better rates than others.
Emirates 24|7 did a spot check on some of the exchanges in the country to check the rates on offer for the Indian rupee versus the dirham.
Of the prominent ones, LuLu Exchange seems to be offering the best deals.
At 10.30 am today, the executive at the exchange said the rupee rate was Rs15.12/per dirham and if the amount to be remitted was higher (Dh50,000 as quoted by the website) he could give a better rate of Rs15.13.
UAE Exchange, on the other hand, said it was offering Rs15.04/dirham and the rate could go up to Rs15.1/dirham if the amount was Dh50,000 and above.
Thomas Cook Al Rostamani Exchange, at around 10.30am, was giving Rs15.03/dirham but was willing to offer Rs15.07/dirham if the amount to be remitted was higher.
Al Ansari Exchange gave a uniform rate, which remained the same irrespective of the amount to be remitted. At 10.30 am, the rate offered was Rs15.06/dirham.
With the Indian rupee slumping to its worst ever exchange rate against the US dollar - and, therefore, the UAE dirham and other dollar-pegged Gulf currencies - Indian expats in the region are taking advantage of sending home as much money as possible.
The rupee once again hit fresh lows this morning, trading at Rs15.23 against the UAE dirham (Rs55.92 against $1) at 10.30am UAE time (6.30am GMT) on Wednesday, May 23, 2012 and if expert comments are to go by, the currency could lose more value in the future, with some seeing Rs16/dirham a possibility.