TRAVEL LEADS FOREIGN SPENDS TO 10 MONTH HIGH IN JULY

Outward remittances by Indians rose to their highest level in 10 months to nearly $2.8 billion in July 2024. The increase is the result of a spike in overseas travel spending, the share of which also jumped to 60% from 51% a year ago.

Indians spent $1.6 billion in overseas travel in July as against $1.3 billion in June and an average of $1.2 billion in the first quarter. Besides students travelling abroad for summer admissions, July also saw a spike in leisure travel including for destination weddings in the first half of the month.

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