Rupee slump may boost remittances to a record high of $76 billion in 2018

A global emerging-market sell-off that's triggered outflows from Indian bonds and stocks saw the rupee setting a string of fresh lows earlier this month

Lured by the sharp slump in rupee against the dollar, Indians living overseas may boost remittances to a record, helping bolster the nation’s efforts to support Asia’s worst-performing major currency.

The country is expected to receive remittances of about $76 billion in 2018, 10 percent more than in the previous year, according to estimates by EbixCash, the financial exchange unit of US-based insurance software provider Ebix Inc. About three-fourth of the inflows come via Ebix’s outlets, the company said.

Flows from an estimated 20 million nationals working abroad will help bolster India’s efforts to cap the nation’s current-account deficit. Without