The Indian rupee is gaining in strength and strangely this is not an immediate positive for a non resident Indian.
Simply put, for a salaried NRI, there’s an equivalent of a 5% reduction in pay when the money is transferred to INR accounts.
Of course, this is more so for a Middle East based NRI as we have no permanent interest in the country where we work, or not allowed to.
Then why I would say I would be winning.
I have been accumulating some amount for my daughter’s use and was not sending money to INR accounts. And now when I send the amount in another currency I could see more of that amount getting credited to my daughter’s account.
I made some calculations. I have more than offset the 5% and notionally I have a gain on the balances in INR accounts which were funded when Kuwaiti Dinar was fetching more Indian rupees.
Silly things, but you only win sometimes, these days……