Highest ever foreign inward remittances in 2021-22
What’s in the news?
- During 2021-22, India received foreign inward remittances of $89,127 million which was the highest ever inward remittances received in a single year.
- The share of major countries in inward remittances to India, based on survey conducted by the RBI for 2020-21 through Authorised Dealers (ADs) banks, is: United States, United Arab Emirates, United Kingdom, Singapore, Saudi Arabia.
- The value of the Indian Rupee is market-determined and the RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate.
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