India sees more dollars coming in with a weaker Rupee!

The weaker Rupee has become the cause for a surge in inward dollar remittance sent by NRIs from the US. Yesterday the US $ reached an exchange rate of Rs. 46.59* against the rupee and this has enabled a lot of NRIs to send money back home in India.

(*Source: remit2india.com indicative rate as on 9.30am IST on Thursday, 20th May, 2010)

Remittance inflow from the US has increased by a whopping 37% in the first 20 days of this month when compared to the previous month. This reinstates the fact that the weaker rupee has indeed caught the fancy of NRIs in the US.

“The recent surge of the dollar against the rupee has been extreme. We have seen a spike in our numbers, both on transactions and volume especially in the past few days. Also a noticeable factor that has come forward over the past few days is that the average remittance amount by individuals has been upwards of US$ 10,000, which is substantially more than our monthly average” said Avijit Nanda, President, TimesofMoney. He also added, “We feel that this trend will only improve over the next few days and we expect more inflows to come into India.”

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