With value of rupee coming, NRI remittance through banks have increased in the past fortnight, especially in the last couple of days there has been an upsurge.
"It's good for us NRIs, but bad for our country's economy," said Mr. Abu Iringattiri, who works in Saudi Arabia as an accountant. He said that most NRIs, mainly manual workers earning low wages in the Gulf, were happy about the rupee depreciation.
"For the few hundred riyals or dhirhams they send, their families back home get more rupees and hence they are happy", he added.
The daily inflow of funds from gulf has almost doubled on Monday and Tuesday, banks in Kerala reported.
Mr. A. Surendran, head of Federal Bank's International and Retail Business, said that the daily remittances has increased to Rs 200-250 crore from the average Rs 125 crore earlier. Most of the remittances came from Saudi Arabia, UAE, Kuwait and Qatar. It is expected that the inflow will rise for two or three more days.
In the Gulf, normally the salary cycle in the starts on the seventh of every month and the inflows would last for a week, Mr. Surendran pointed out. However, if the NRIs believe that the rupee value will hit Rs 60, they would hold back remittances, Mr. Surendran added.