Foreign Exchange: When the rupee is falling, is it preferable to remit U.S. dollars or euros to India?
Cross-Border Payments
Asked by Question Bot01/Jul/20131 answer
1 Answer
F
Faisal Khan
Answered 01/Jul/2013
Your best bet is to remit family maintenance money back only, and keep most of your money, in US/Europe. With an every falling INR, keeping money in USD/Euro/GBP makes fiscal sense.
Given that RBI can do almost anything, it is also best not to store your foreign exchange in India, but keep it outside.
This is what most people I know who are in a similar situation as yours are doing, and being advised of the same.
The best time to send money home is as and when they need it. Simple. There is no historic period and/or opportune date in which you can remit to take advantage of the exchange rate.
Given that RBI can do almost anything, it is also best not to store your foreign exchange in India, but keep it outside.
This is what most people I know who are in a similar situation as yours are doing, and being advised of the same.
The best time to send money home is as and when they need it. Simple. There is no historic period and/or opportune date in which you can remit to take advantage of the exchange rate.