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Rupee's Slide Lures Indian Expats' Cash
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India is running a large current account deficit with imports exceeding exports. The curent account deficit for the year ending March 31 was $88.2 billion, about 4.8% of GDP. With foreign investment declining remittances from Indians abroad are a major source of incoming capital. Indians overseas sent about $69 billion in remittances home in 2012, increasing from $63 billion in 2011, according to the World Bank. In August 2013 India's central bank relaxed restrictions on interest rates for overseas Indian rupee accounts and on foreign currency denonimated deposits. This has led to a sharp increase in remittances by Indians overseas, with HDFC bank reporting a 30% increase in remittance volumes in June 2013 compared to January 2013.
The depreciation of the Indian currency, the rupee, in 2012-2014
05/11/2012
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Grouped Articles
Rajan Has Limited Rupee Options
Wall Street Journal 08/06/2013
Indian Markets Battered by Signs of End to Easy Money
Wall Street Journal 08/17/2013
Rupee's Slide Lures Indian Expats' Cash
Wall Street Journal 08/20/2013
As India's Rupee Drops, Foreign Firms Reel
Wall Street Journal 08/20/2013
Mom-and-Pop Investors Bolt Emerging Markets
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Rupee Throws Oil on India's Subsidy Problem
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