Forex spends fall 14% in a month, local e-pay up – Newz9

MUMBAI: Forex spending by Indians dropped 14% to $2.4 billion in Oct from $2.8 billion in the earlier month. The decline in worldwide spending occurred at the same time as home spending by digital channels peaked through the festive month.
According to RBI information, Indians spent $2.4 billion abroad in Oct, the bottom since June 2024. The highest month-to-month foreign exchange spending was $3.9 billion in June 2023, earlier than tax-assortment-at-supply (TCS) norms got here into impact. Of the overall spending in Oct, $1.5 billion was towards journey, adopted by $284 million for sustaining shut family members and $221 million for charges.

The drop in foreign exchange spending coincided with a rise in home spending, with digital funds and card funds reaching new highs in Oct 2024. Spending by home bank cards crossed Rs 2 lakh crore through the month, whereas UPI transactions totaled Rs 23.4 lakh crore. However, Nov witnessed a sharp drop in spending throughout all channels. According to RBI information, the quantity of bank card transactions at outlets fell 7%, whereas the worth of transactions dropped 14% to Rs 68,233 crore. Online transactions, which had peaked in Oct, declined by 11% in quantity phrases and 17% in worth to Rs 1,01,061 crore. Similarly, the worth of debit card transactions additionally fell.
In Nov 2024, UPI transactions declined in comparison with the earlier month. The whole transaction quantity fell by 6.6% to 1,548 crore transactions, down from 1,658 crore in Oct. The general transaction worth decreased by 8.3% to Rs 21.55 lakh crore, in comparison with Rs 23.50 lakh crore in Oct.