As the fall of Rupee against the dollar continues, the experts say more investment opportunities in India are opening up for the Gulf based non-resident Indians (NRIs). Real estate, capital markets and deposits are among the new instruments in which the expatriate Indian community can invest. The State Bank of India CEO , Debajyoti Ray Chaudhuri said in Dubai, the NRIs in United Arab Emirates, UAE are getting more rupees in exchange for Dirhams and they should make the most of it.
The Indian rupee may have fallen to an all-time low against the dollar in recent weeks, but for a non-resident Indian (NRI), it has been a virtual windfall. The expatriate Indians are cashing in on the opportunity.
The exchange rate for Dirham vis a vis Rupee was Rs 14.23 on Wednesday. Both the currencies are pegged against US Dollar. The Indian rupee fell to Rs 53.03 against the American dollar on Tuesday.
The reason was fresh month-end dollar demand from importers amidst weakness in local equity markets. The experts say it has the potential to spur the investments back home in India . The remittances by the NRI community can be put in real estate, capital markets and infrastructure besides earning a high interest on NRI deposits.
Banks are in the process of hiking the interest rates on NRI deposits which would further give a boost to the capital inflows in the country.