(MENAFN- Khaleej Times) Dubai Gold and Commodities Exchange, or DGCX is offering a scheme to non-resident Indians to take advantage of the current low exchange rate of Indian rupee against the dirham at a nominal cost.
NRIs, who do not have sufficient funds now to benefit from the low rate of Indian rupee, which currently stands at Rs17.8 per dirham, can book the current exchange rate through DGCX for an amount not exceeding Rs200,000 for future remittance, according to Sajith Kumar P.K., director and CEO of JRG International Brokerage and IBMC Group.
"By paying a margin amount of Dh300 to Dh500, NRIs, who cannot afford to send money now due to non-availability of funds, can book up to Rs200,000 at the current exchange rate. This margin is lower compared to the interest they would be paying for credit card drawings. In the event rupee's value goes up in future, they are ensured of the current attractive low rate.
The DGCX has the facility to maintain the booked rate for several months till can arrange the required money they would be sending, explained Kumar. This is the first time such facility is made available outside India. Both NRIs and corporates can avail of this service.
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