Indian expatriates in Oman and other Gulf Cooperation Council countries have started taking personal loans in a bid to take advantage of a record fall in the value of Indian rupee against local currencies, a report said.
Money exchangers and bankers in Muscat said that non-resident Indians have started resorting to personal loans as rupee touched an all-time low of 62.03 against the US dollar on Friday, Times of Oman reported.
Exchange houses in Oman are offered Rs 160 for an Omani riyal on Friday.
The rate continued for three days as foreign exchange market is closed on Saturday and Sunday.
"Indian expatriates started taking personal loan for remitting money back home," said Rajeev V G, general manager of Global Money Exchange, which is managed by the State Bank of Travancore.
"We have witnessed a substantial increase in remittance and high volume transactions, which is a clear indication that expatriates are taking loan for arranging funds for remitting money," another exchange official said, adding that there has been a 10-15