Kolkata: For the common man, rupee-dollar exchange rate – or the price of an US dollar in terms of Indian rupees – might be an esoteric subject riddled with a lot of jargons. However, it is a subject that can concern him/her in more ways than one directly. Let’s see what are the situations when the rising price of a dollar – as is happening now – can adversely impact the fortunes.
This will mainly cause a lot of distress to those who are planning to send their children overseas, especially to colleges and universities in the US, since they have to pay more in rupees to meet the same expenditure in dollars. Those who want to travel abroad will also be severely affected since their budget will go up in tandem with the fall of the rupee.
Even GRE, TOEFL, GMAT fees will go up
In fact, even if you don’t leave the shores of India, you might have to pick up a bigger bill for the education of your child. Here is an example that is applicable to lakhs of households in India. If a student is appearing for GRE, TOEFL and GMAT, he/she has to shell out more cash as fees for these exams that are denominated in dollars.
This is the tip of the iceberg. All expenses such as cost of tuition, living expenses in the US and all expenditure in dollars have to met by spending a lot more in rupees. Indians who are funding, or are planning to fund, their child’s education from their savings will be forced to spend a lot more. The situation will be particularly troublesome for those who have taken education loans. With the rise in the price of dollars, they could have to borrow more since the amount they were sanctioned earlier could become insufficient to foot the bills now.
If someone is planning to go abroad wither on business or on vacation, honeymoon etc, will have to pay a lot more since the cost of dollars have gone up fast over the past few weeks. Travel agencies would have to revise their fees for those travelling abroad.
The Indian Rupee has sunk to record lows against the US Dollar which is constantly rising. While it makes good news for those earning in dollars and spending in Indian currency, it also makes life hard for those multitude of Indians who want to go abroad for studies or vacation. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
