The weakening rupee has dealt a deadly blow to the hopes of those planning a vacation in the US and the UK and students going for a study programme abroad.
As the rupee continues to flirt with the dollar at 56 and with the pound at 87, the cost of education and living in a US or UK university has gone up by around Rs 8-10 lakh. The cost of foreign trips has gone up by around 20%."We have been planning our vacations in the US for a year now. The sudden fall in the rupee has put more financial burden on us," said BN Kapoor, a resident of Kalkaji.
Dr AK Saxena who plans to visit his daughter in London next month says the trip will leave a big hole in his pocket as there has been a rise of around 30% in costs since his last trip in 2009.
The increase in costs over the past six months has been so sharp that students are giving their foreign education plans a second thought. “I was planning to do an MA in journalism from a reputed foreign institute, but looking at the falling Indian currency, I don't think my family will be able to bear the cost of education,” Tshechu Bhutia, a student, said.
Those who are already studying abroad are also facing problems in arranging enough money to sustain themselves. Their families are also finding it hard to support the expenses of foreign education. Sarvesh Bhalla, an MBA student at the University of Cincinnati in the US, says, “The cost of living has gone up drastically as the rupee has grown weak. The course fee and cost of living for one academic year has gone up by at least Rs 6-7 lakh.”