Luring Non-Resident Indians (NRIs) with attractive investment opportunities may be a tested way of shoring up the domestic currency during the crisis, but this time it seems like the policymakers will have to wait a little more for any rescue as Indians abroad wait for the value of rupee to drop further.

According to experts, NRIs have been holding back despite the rupee plunging around 20 per cent in the current calendar year as they believe the currency will go further lower amidst dark economic outlook and political instability.

According to a report, while the inward remittances for family maintenance have increased during the recent period, the inflows in high-value investments like real estate, PE funds and stock markets have actually plunged despite the free-falling rupee.

A recent data suggested that NRI inflows into bank deposits plunged over 16 per cent to USD 5.5 billion during the first quarter ended June 2013 even as banks raised the rates offered on such accounts.

Also, according to Confederation of Real Estate Developers’ Assoc-iations of India (CREDAI), NRIs’ investment in the real estate fell around 30 per cent in the fiscal year 2012-13, signaling that Indians abroad have been waiting for the rupee to stabilize, since a marginal change in the exchange rate can make huge difference in the deal value.