Govt considers tapping NRIs to strengthen falling rupee: Report

Category : India News
Updated On : October 11, 2018 05:43 AM
By Indian Times Daily

PM Narendra Modi’s government is considering tapping Indians living overseas to lure foreign exchange flows and prop up a sagging rupee. India is seeking to boost flows to support its currency that has declined more than 14 percent against the dollar this year, Asia’s worst performer.

          Officials from the finance ministry and the central bank are discussing a plan to raise money from non-resident Indians, the people said asking not to be named as the information is not public. An announcement regarding the method may come as early as this month, they said, without providing further details.

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