RUPEE plunges to all-time low; worrying time for us
The rupee hit a new all-time closing low of Rs56.23 per
dollar on Wednesday due to a surge in month-end
demand for dollars from oil importers. The currency had
fallen more last Thursday — to 56.40 — during intraday
trade, but recovered to close at 55.66/$. How does this
fall affect us? As they say, there are losers and winners
Electronic items Fancy gizmos such as iPads,
LED television sets and all durables and electronics goods
that are imported will cost more if the rupee continues to
keep falling against the dollar
Education The cost of overseas education has shot up
and those taking loans to study abroad will be particularly
hurt. Moreover, expenses will also rise for students enrolling
in universities overseas
Travel Foreign travel and vacations will be costlier as
prices for air and train tickets to hotel rooms will increase.
The cost of boarding is set to soar as well. In such a
scenario, exploring India will be cheaper
Gold & global funds Have a chunk of savings in
gold, or, better still, gold ETFs or exchange traded funds.
Mutual funds denominated in dollars may be a better bet as
they’d be prone to deliver better returns
Foreign remittance NRIs have a lot to cheer as
their dollars earn more rupees now. Three months back, an
NRI could get Rs49.20 for every dollar sent home. Today, he
gets Rs7 or 15% more
The rupee hit a new all-time closing low of Rs56.23 per
dollar on Wednesday due to a surge in month-end
demand for dollars from oil importers. The currency had
fallen more last Thursday — to 56.40 — during intraday
trade, but recovered to close at 55.66/$. How does this
fall affect us? As they say, there are losers and winners
Where you stand to LOSE
Electronic items Fancy gizmos such as iPads,
LED television sets and all durables and electronics goods
that are imported will cost more if the rupee continues to
keep falling against the dollar
Education The cost of overseas education has shot up
and those taking loans to study abroad will be particularly
hurt. Moreover, expenses will also rise for students enrolling
in universities overseas
Travel Foreign travel and vacations will be costlier as
prices for air and train tickets to hotel rooms will increase.
The cost of boarding is set to soar as well. In such a
scenario, exploring India will be cheaper
Where you stand to GAIN
Gold & global funds Have a chunk of savings in
gold, or, better still, gold ETFs or exchange traded funds.
Mutual funds denominated in dollars may be a better bet as
they’d be prone to deliver better returns
Foreign remittance NRIs have a lot to cheer as
their dollars earn more rupees now. Three months back, an
NRI could get Rs49.20 for every dollar sent home. Today, he
gets Rs7 or 15% more
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