Silver lining for Expats and NRIs as Indian Rupee falls to all-time low

While this makes times tough for the ones living in India, it comes off as beneficial for Indians living abroad or expats who can make the most of the conversion rates when they remit money to India.

Silver lining for Expats and NRIs as Indian Rupee falls to all-time low
Silver lining for Expats and NRIs as Indian Rupee falls to all-time low. (Picture for representational purpose only) Credits: istockphoto.com/

In early trade on Monday, the Indian Rupee (INR) extended its losses and hit an all-time low of 77.42 versus the US dollar, making it Asia’s worst performing currency. While the rupee opened at 77.17 against the US dollar on the interbank foreign exchange, it fell to 77.42, a 52-paise drop from the previous close.

According to experts, this depreciation is caused by the strength of the American currency in the overseas market and continuous foreign fund outflows from the Indian market. Some also attribute the fall of the rupee to rising crude oil prices globally due to the Russia-Ukraine crisis and the COVID induced lockdown in Shanghai.