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Slowdown in Gulf, a soaring dollar take a toll on nonresident deposits
Deposits from nonresident Indians, an important source of US dollar funding for the Indian economy, is collapsing. It fell 60% in the AprilJuly period to just about $2.8 billion as the layoffs in the Gulf region mounts amid sluggish oil prices. The strength of dollar globally also compelled overseas Indians…
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Click here to read the full story: Economic Times