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This is with reference to the interview on the impact of rupee appreciation on NRI remittances to India (Business Line, November 4).

Rupee appreciation has affected NRIs in general, and particularly those in Saudi Arabia, which has seen a high inflation rate, besides a steep depreciation of its currency against the rupee.

No doubt, this means hardship for the Gulf worker and his dependents in India due to the reduced value of his earnings and remittances. At the same time, it also implies that he has to remit even more forex to India to maintain the value of the usual remittance in terms of rupees.

Not only semi-skilled and unskilled workers but also professionals and highly-paid Indians abroad send money home. This, perhaps, accounts for the larger volume of unrequited transfers observed in the country’s balance of payments in the recent period, reported to be the highest in the world today.

A. Seshan e-mail

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