So far I had only been remitting Money to my India rupee account. I spent part of it, paid US taxes on the interest I earned there.
Last year (2023) I repatriated some of that money back. As rupee has depreciated over these years, I wonder if there is a loss I can claim on my US taxes.
To simplify the question, say that I remitted 100K USD at 40 INR per USD to get 4M INR. I brought back those 4M INR last year to get 50K USD. Can I claim a loss of 50K USD on my tax returns? If yes, where does it go?