As the rupee depreciated sharply to breach 60 against the dollar in June, Indians were quick to limit their discretionary dollar expenditure. According to the data with the Reserve Bank of India, there was over 70 per cent decline year-on-year in the dollars spent for foreign travel by resident Indians in the month of June, and around 40 per cent drop in remittances abroad for maintenance of close relatives.
In June the forex spend for travel by resident Indians fell to $1.1 million in June 2013, from $3.8 million in June 2012 , which was also the lowest in 14 months. The average for the first five months for calendar 2013 stood at $3.9 million. Remittances under the head — maintenance of close relatives — saw a year-on-year decline of 38 per cent to hit a 28-month low of $9.3 million in June 2013.
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