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Remittances by overseas Indians set to hit record high amid rupee slump

Thursday, October 25, 2018, 6:09 PM

Lured by the sharp slump in rupee against the dollar, Indians living overseas may boost remittances to-a-record, helping bolster the nation's efforts to support Asia's worst-performing major currency. The country is expected to receive remittances of about $76 billion in 2018, 10% more than in the previous year, according to estimates by EbixCash, the financial exchange unit of US-based insurance software provider Ebix Inc.