According to RBI data, Indians spent $453 million less on foreign exchange in September 2024 than they did in August, mostly as a result of a $200 million decrease in foreign travel. Also the outgoing remittances under the “Liberalized Remittance Scheme” totaled about $2.8 billion in September, a 14% decrease from $3.2 billion in August.

Additionally, the amount is 21% less than the approximately $3.5 billion sent abroad in September 2023. Based on booking trends, FOREX dealers predicted a rebound in December 2024 and attributed the decline in travel spending to seasonal considerations. Interestingly, the amount of money spent on foreign studies also has decreased. Spending on travel still accounts for 62% of foreign exchange transactions, the same percentage as in August. Due to a decline in travel, nearly half of foreign expenditures in September fall and that may be temporary.