India’s overall NRI deposit base contracted sequentially for the second straight month in January, possibly due to volatility in the exchange rate of the rupee. A chunk of the fall came from the fourth consecutive fall in deposit under the Non-Resident (External) Rupee Account to $98.49 billion by the end of January 2025.The total NRI deposit was at $161.21 billion at the end of January, compared with $161.80 billion a month ago. To be sure the deposit is higher than the year ago figure of $147.73 billion.
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