Bigger India
With Indian Rupee Plumbing Depths, 25 Million Expatriates To Script New Remittance Record
The lion's share of remittances to India come from the United Arab Emirates, the United States, Saudi Arabia, Kuwait, the United Kingdom, Qatar, Oman and Canada -- in that order.
The rupee plunged further on Wednesday, setting a new record low of 73.42 against US dollar. The continued hammering the Indian rupee received was owing to a combination of factors — robust US dollar, rising crude prices, India’s widening trade deficit, the expectation that the US central bank may raise rates further and the increasing risk aversion in emerging market investors.