Indian Rupee became the best currency in Asia. Will it sustain its rally?

Abound, a comprehensive super-app tailored for Non-Resident Indians (NRIs), has successfully secured $10 million in funding from the Times of India Group. This investment aims to bolster the app's remittance services, providing a more streamlined and cost-effective solution for expats.Nishkaam Mehta, the CEO of Abound, expressed in a press release on Monday that the primary objective of the app is to alleviate the complexities and high costs associated with traditional financial services for expats. He further emphasized that this borderless super-app is designed to cater to the distinct financial needs of Indian expats across various regions, enabling them to transcend geographical limitations and live their lives to the fullest.According to World Bank estimates from the previous year, remittances witnessed a 5% growth in 2022, reaching a staggering $626 billion. These transfers serve as a crucial financial lifeline for individuals sending money back home to their loved ones. Furthermore, with approximately 1.4 billion adults still without bank accounts, the need for innovative money transfer solutions is more pressing than ever.Abound, a venture of the Times of India Group and previously known as Times Club, is specifically crafted for Indian expatriates residing in the U.S. The app allows users to transfer funds to India without the hassle of long wait times or transfer fees. In addition to this, membership on the platform comes with a host of benefits including cash-linked and loyalty rewards, curated content, and access to both online and offline commerce. As more NRIs seek innovative financial management solutions, Abound positions itself as the ultimate all-in-one platform with features such as:Daily Shopping Rewards: Recognizing the significance of everyday spending for Indian expats, Abound offers a plethora of daily shopping rewards and cashback offers, enabling users to maximize their purchases.Exclusive Offers Across Categories: Abound provides its users with exclusive deals and offers across a wide range of categories, from groceries and entertainment to shopping and travel, thereby enhancing their lifestyle experiences.To commemorate the launch of its remittance feature, Abound is introducing a limited-time promotion for early adopters, offering an exchange rate of $1=₹83 for money transfers to India.Join the NRI community in ushering in a new era of financial management with Abound. The app is readily available for download on both Android and iOS devices, ensuring easy access and a seamless user experience.

US Dollar's Current State as a CurrencyThe United States dollar has been the dominant currency in the world for decades, and its importance is reflected in its widespread use in international trade and investment. Despite facing several challenges over the past few years, the dollar remains a popular currency for global transactions.One of the main reasons for the US dollar's popularity is its perceived stability and strength. The US economy is one of the largest and most diversified in the world, with a stable political system and strong institutions. As a result, the US dollar is often considered a safe haven currency, particularly in times of economic uncertainty.However, the US dollar has also faced several challenges in recent years, including a high debt-to-GDP ratio, trade tensions with other countries, and a changing global economic landscape. These factors have led some to question whether the US dollar will continue to hold up against other currencies over the next few years.Forecast for the US Dollar Against Other CurrenciesJPMorgan's PerspectiveJPMorgan, one of the world's leading financial institutions, believes that the US dollar is likely to maintain its strength against other currencies over the next 1-2 years. According to a report by the bank, currency volatility is expected to remain high in the near term, which could lead to fluctuations in exchange rates. However, the report notes that the relative strength of the US economy compared to other major economies is likely to keep the US dollar strong.The report highlights several factors that could contribute to the strength of the US dollar, including the Federal Reserve's commitment to maintaining a stable inflation rate and ongoing fiscal stimulus measures by the US government. JPMorgan also notes that the US dollar's status as the world's reserve currency gives it a significant advantage in global trade and investment.Forbes' PredictionsWhile JPMorgan is optimistic about the US dollar's prospects, Forbes has a more mixed view. The business magazine predicts that the US dollar may weaken against the Indian rupee over the next year, citing factors such as the US-China trade war and a rising Indian economy. However, Forbes notes that the Philippine peso and Mexican peso are likely to remain relatively stable against the US dollar, given the strength of their respective economies.Forbes also points out that the US dollar's status as the world's reserve currency has been in decline in recent years. While the US dollar is still the most widely held currency in the world, its share of global reserves has been decreasing in recent years, partly due to the rise of emerging market economies. This trend could have significant implications for the US dollar's role in global trade and investment in the long term.Investing.com's PerspectiveInvesting.com, a leading financial news and analysis website, takes a different view of the US dollar's prospects. The website argues that the US dollar is unlikely to collapse, despite concerns over the country's debt levels and other economic challenges. The report notes that the US dollar remains the world's most widely held currency and is likely to remain so for the foreseeable future.Investing.com also points out that the US dollar has several advantages over other currencies, including its liquidity and the depth of the US financial markets. The website notes that the US dollar's strength is not solely dependent on the performance of the US economy, but also on factors such as geopolitical developments and the policies of other major central banks.Importance of Staying InformedRegardless of the outcome, it's important for those involved in international trade and investment to stay informed about the latest developments in currency markets and to consider the potential risks and opportunities associated with different currencies.For example, individuals and businesses that frequently transfer money across borders may want to monitor exchange rates and fees to ensure that they are getting the best deal.To see today's best exchange rates and providers for sending money online, use CompareRemit's online comparison tool today!

The Reserve Bank of India (RBI) recently announced that it will be promoting the use of the Indian Rupee (INR) for international trade transactions. This move is expected to have significant impacts on both the Indian and American economies.According to a report by Times Now News, 18 countries have already agreed to trade in INR, including Japan, the UAE, the UK, and Switzerland. The Hindu Business Line reports that the RBI has granted approvals for rupee trade in 60 cases involving 18 countries. This is a significant development for India, as it reduces its dependence on the US dollar for international trade transactions.One of the potential impacts of this move is that it will boost the value of the INR. Since there will be an increased demand for INR in international markets, its value is expected to rise. This will make imports cheaper for India, as it will not have to pay as much for goods and services denominated in foreign currencies. Additionally, it will make Indian exports more competitive, as foreign buyers will be able to purchase goods and services using INR, without having to first convert their currencies to US dollars.Another potential impact of this move is that it could reduce the demand for the US dollar in international markets. As more countries start using other currencies, such as the INR, for international trade, the demand for the US dollar may decrease. This could lead to a decline in the value of the US dollar, which would have implications for the US economy.The US dollar has long been the dominant currency for international trade transactions, and any shift away from it could have significant impacts on the global economy. In particular, the US economy could be affected if the value of the US dollar declines, as this could lead to higher inflation and lower purchasing power for Americans. It could also lead to a decrease in the demand for US Treasury bonds, which could make it more difficult for the US government to finance its debt.However, it is worth noting that the shift towards using the INR for international trade is still in its early stages, and it remains to be seen how significant its impact will be. Additionally, the US dollar is likely to remain a dominant currency for the foreseeable future, given its widespread use and the stability of the US economy.Overall, the RBI's move to promote the use of the INR for international trade transactions is a significant development for India. It has the potential to boost the value of the INR and make Indian exports more competitive, while reducing India's dependence on the US dollar. However, it also has potential implications for the US economy, particularly if the value of the US dollar declines as a result.To compare current USD to INR rates, use our online comparison tool and compare exchange rates, fees, and more when sending money overseas from the US to India.