Remittances to India surge 25% following yuan devaluation
DUBAI: NRI remittances to India jumped by up to 25 per cent in the past few days as the devaluation of the Chinese yuan weakened the rupee and led to attractive exchange rates, top executives of exchange houses in the UAE have said.
The exchange rate for the rupee hovered between 17-17.35 these past two weeks and on Friday touched 18 against the UAE dirham. It hit 18.10 on Monday – the lowest since 2013.
White-collar workers in the UAE took advantage of the freefall of currencies and remitted more money compared to the past few months, according to a report in the Khaleej Times.
Last year, India received $70.4 billion remittances from its worldwide diaspora.
The NRIs based in the UAE sent home $12.6 billion remittances in 2014, according to the World Bank.
There are about 2.5 million non-resident Indians in the UAE.
it will increase cash flow in india
Look at the headline. NRI send money after Yuan devaluation, not rupee devaluation. Rupee weakened but then that will spoil the image of false propaganda of Modi magic. So NRI send money after Yuan devluation. Rupee weakened, that is not the news. When manmohan singh was PM, same media will give headline that Rupee is in ICU. That time they did not care about NRI remittance or Yuan?
It takes a great deal of courage to stand up to your enemies, but even more to stand up to your friends
Venkatesh Basti (Unknown)
NRI are investing in Indian stock market
Nam Singh (Unknown)
NRI Indians are a great source of Foreign remittances and their contribution should be recognized in accumulation of our Foreign reserves and Nation Building. It also provides a counter balance to fleet footed FII’s who escape at a drop of the hat!!