India Shining For NRIs

The sharp fall in the rupee and steep correction in the Indian equity market present NRIs with a big investment opportunity

- Naveen Kumar

The falling value of the rupee against the US dollar and other major global currencies has been a major cause of concern for importers, international travellers, Indians studying abroad and patients seeking treatment overseas. But for non-resident Indians (NRIs), it has meant a bonanza as they can get greater value for their foreign currency when converting to the rupee. For instance, as on October 23, when each USD was equivalent to Rs 73.78, an NRI wishing to convert $10,000 into rupees would have profited approximately Rs 1.01 lakh more than on January 1, when a dollar was fetching Rs 63.67. The fall in the rupee has now been considerably arrested and a tumble looks less likely in the near future. So it makes sense for NRIs to consider converting some of their foreign exchange savings into INR if the funds are intended for use in India.