Bigger India
Indian Expatriates Rush to Remit Money as Rupee Hits Record Low
The rupee continued to trade at record lows yesterday at local currency exchange houses, prompting both wealthy non-resident Indians (NRIs) and people from lower income segments to transfer money to India.
Large crowds of expats were seen at many money exchange companies in Kuwait yesterday as the Indian rupee continued its free-fall against major currencies across the world. One Kuwaiti dinar traded at 230.60 Indian rupees yesterday as the rupee touched an all-time low of 70 against the dollar, following a broader weakness in other emerging market currencies prompted by a currency crisis in Turkey.