Sometimes You Also Win……

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……

Sometimes You Also Win……

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