Diaspora Journey takes you to the world of millions of people on the move. It contains news, articles, studies, and stories from various sources about the everyday life of diasporas. It also includes topics and discussions related to migration, development, remittances and microfinance.
Wednesday, 19 October 2011
Indians send record sums home
Indians living in the Gulf have sent record sums of money home in remittances, taking advantage of the rupee's plummet against the dollar.
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Measured against the Reserve Bank of India's reference rate, the rupee fell by nearly 13 per cent from 44 to the dollar on August 1to 49.7 to the dollar on September 23.
The UAE's Indian population alone yielded about US$60 million (Dh220.3m) in August and September, according to data from Indian asset management companies based in UAE. Market observers said the continuing rupee decline had created a good money-making opportunity for many. There are reports that many non-resident Indians (NRIs) have resorted even to borrowing to boost their remittances.