Weakening currency no advantage for Asian expats

Muscat, Oct 15 – Many Asian expatriates in Oman claim they have been not able to take advantage of the weakening currencies. Expatriates were expected to get a good amount on every Omani rial that they remitted in the past few months. However, they have not been able to cash in on the situation because of constant salary delays. One rial fetches 191.3 Indian rupees, 218 Bangladesh taka, 340.5 Pakistan rupees and 140.20 Philippines peso. “I have not been getting my payment on time, which means I have to save for my expenses here for the following month, especially the car loan or house rent,” said Amit N, an executive.
“I’m unable to take advantage of the weakening Indian currency. I hope things will get better in the coming months provided the exchange rate remains at the same levels.” The Indian rupee has declined around 16 per cent from its $63 level in January this year to above $74 per dollar level in October, according to analysts.
Pakistani rupee too has hit new lows against the US dollar in recent times. “The company pays salaries only in small amounts, barely enough for survival here. At times, I just try to remit a small amount to help my family back in Pakistan,” said Kamran Qader, a crane operator. Bangladesh taka too lost 3.71 per cent of its value against the US dollar in the past one year. “My company has no committed schedules for paying salaries, so how can I send money home and take advantage of the situation,” said Mahfouz, a housekeeping firm executive.

Vinod Nair