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Indians are sending more money abroad for one reason: to invest. RBI's October bulletin has the August LRS numbers. Remittances for investing in overseas equity and debt were $321.5 million, up 111% from $152.2 million a year ago. At RBI's reference rate of ₹95.56 to the dollar, that is about ₹3,073 crore in one month. To compare that with something familiar: SIP inflows into Indian mutual funds were ₹32,297 crore in August. So for every ₹10 that went into SIPs, about ₹1 left the country to be invested abroad. A year ago it was closer to 50 paise. Nothing else Indians send abroad grew like this. Travel, the biggest head, was $1.63 billion, the same as last August. Gifts, deposits, property and money for relatives barely moved. Take out investments, and LRS outflows fell 3%. This happened while sending money abroad has become more expensive. Remittances above ₹10 lakh a year attract 20% TCS, and the rupee is past 95. Neither has slowed it. August was not even the peak. June saw $456.7 million. Last financial year, Indians sent $2.65 billion abroad to invest. April to August this year is already at $1.73 billion. Sources: RBI Bulletin, October 2026. AMFI. Business Standard.

People predicting that INR will structurally appreciate to USD are fools. A currency appreciates because there is demand for that currency. Demand for a currency happens if: that country has some value to offer. Example: Indian's IT used to bring FOREX to India because the "Demand" for Indian labour was high. Demand can come from intelligent labour or value for money goods produced within a country. Not stories. The phase 2002-2009 was possibly the best phase for INR. Reason: IT was booming. And, India was expected to compete with China. Now right the situation is that we are burning our FOREX reserves to save INR. Despite currency getting smacked, FIIs are not even buying our markets cheap. These are plain facts. But hey: who gives a shit? It is all about storytelling. Tell some people that Mumbai locals are better than Maglev trains; many in India will actually believe that. And, start sharing this on their family's Whatsapp groups.