MUMBAI: Lured by the sharp slump in rupee against the dollar, Indians living overseas may boost remittances to a record, helping bolster the nation’s efforts to support Asia’s worst-performing major currency. The country is expected to receive remittances of about $76 billion in 2018, 10% more than in the previous year, according to estimates by EbixCash, the financial exchange unit of US-based insurance software provider Ebix Inc. About three-fourth of the inflows come via Ebix’s outlets, the company said.
Flows from an estimated 20 million nationals working abroad will help bolster India’s efforts to cap the nation’s current-account deficit. Without remittances, the gap would have been about 5% of gross domestic product at mid-year, instead of 2%, according to Capital Economics.
Credit: livemint.com
