After Donald trump's victory and historic onRupee demonetization in India, many of my friends working in living me asked the question whether now is the best time to send money to India from the USA? Well, it certainly looks so. The USD/INR exchange rate is at an all-time high of 68.34 and very likely to go to 70, so it definitely sounds like the best time to send money from India to the USA. The US dollar or USD, in particular, is rising for the last 3 years against INR, particularly after the Indian election in 2014, and appreciated against INR, which has lost more than 8% since then.
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Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »
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