Non-resident Indians in the Gulf may not have been able to capitalise on the weak rupee, which hovered above the 60-to-the-dollar mark over the last few days, to remit funds back home, banking sources say.
Bankers told Business Line that the upsurge noticed in remittances from the Gulf countries through the banking channels last week had tapered off, despite the continuing value depreciation.
One reason for this was that the salary cycle of Gulf employees had passed. Normally, in many Gulf countries, salaries are paid around seventh of each month.
As a result, the inflow of remittances would last until a fortnight later and would gradually peter out.
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