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.
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.”
About Remit2India
Remit2India, the pioneer in online money transfers, is the chosen destination for thousands of NRIs across the globe. Part of the esteemed Times Group, Remit2India has over the years created a mark for itself both with customers as well as the industry. Having won a host of awards over the years and also adjudged the World's No.1 Independent Online Money Transfer Portal for NRIs, Remit2India recently won the brand innovation award for the Internet category at the coveted World Brand Congress 2009. With its pioneering technology and unmatched reach, Remit2India now allows NRIs across 23 countries, to conveniently and safely send money to any bank and any location in India. Remit2India has also been the pioneer in customer innovations having started features like direct debits, SMS alerts, transaction insurance, 24x7 support etc. More details are available on the website: www.remit2india.com
About TimesofMoney
TimesofMoney is India’s leading digital payment service provider and serves a varied client base. Spanning Indian and international clients, their offering includes specialized NRI services, India Money Transfers, Global Money Transfers, ePayments and Co-branded cards. Conceptualized and built to serve diverse communities, TimesofMoney’s services offer convenience, connectivity and flexibility across a global platform. The conglomerate continually strives to deliver the best to its clients, ensuring flexible service and meeting global standards. Visit www.timesofmoney.com for more details
