Chennai: The crashing rupee may be causing doom and gloom for most of the people, but it has brought cheer for some Indians, which include NRIs in the US and Europe, who are small in number but exceedingly wealthy and blue-collar workers in West Asia.
Indians remitted $69.13 billion during the last year, out of which, 31 per cent was from the Gulf region, 29 per cent from North America and 20 per cent from Europe.
The falling rupee has triggered a spike in the value and number of remittances.
The bulk of the remittances from the Gulf are made by blue-collar workers, who send home, on an average, between $300 and $400 a month and the withering value of rupee is surely proving beneficial for them.
According to a gulf worker, who sends AED (UAE dirham) 800 every month to his family in Uttar Pradesh, last few months have been great for him as the value Emirati dirham is shooting up from Rs 15 to Rs 18.
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