Workers remittances pick up in March

Workers remittances in March ended their month-on-month declining course with a modest gain.

Workers remittances in March amounted to $ 318.4 million bringing the first quarter haul to $ 782.5 million. From a year earlier, the cumulative figure is down by 58%.

In January, workers remittances amounted to $ 259 million and February it was $ 205 million.

The gain in March can be partly linked to the free float of the currency which saw the rupee plunge by over 30% in early March.

During the year up to 22 April, the rupee depreciated against the dollar by 40.1%. Given the cross-currency exchange rate movements, the rupee depreciated against the Japanese yen by 33.1%, the euro by 37.5%, the pound sterling by 37.9% and the Indian rupee by 38.6%.