KOCHI: The NRI community is rushing to send money home after the rupee slumped to a record low against the dollar. The rupee collapsed to a new lifetime low of 71.79 against the dollar on Wednesday, prompting NRIs to take advantage.

The fact that the latest drop coincides with the pay week in the Gulf has provided an extra boost to those flocking to money exchange centres and banks to send cash to their families back home.

Although wages in local gulf currency remain the same, an NRI is able to send some more rupees now compared with last year.

Money exchanges in the region were expecting a strong flow of remittances. While the surge in remittances coincided with thousands of blue-collar workers sending money home at the end of the month, experts also expected other expatriates to remit large amounts.