This must be a time to be frenzy about many travel plans that you may have in your calendar especially if it's for abroad! Yes, the free fall that our currency is facing is a real concern for almost all types of people in the country. Today it crossed the magical mark of 61 (experts believed that rupee would not cross this mark) and expected to do further sliding in coming weeks. So what should we think about and what it means to us? Here are some thing that may be of worth reading.
1. Be ready to shell out more for fuel - since India imports a lot of oil, depreciating rupee would have its own effect on the prices that we pay for fuels like gas, diesel and petrol. Expect more hikes in this area in coming months.
2. Think twice about your foreign trips - Travel agencies are already witnessing weak demand for foreign tour packages as you may need to spend more to buy dollars. Consequently, domestic tourism is expected to pick up in coming months. So any plans for abroad tourism? You are recommended to be patient till rupee recovers to a comfort level. Same theory could be applicable to foreign education as well. Students who have plans for this year academic courses in abroad may feel the pinch.
3. Your wallet may cry as you may spend more on FMCG and consumer durables - Your soaps, shampoos, deodorants and detergents may get dearer in coming weeks as manufacturers of these products may wish to pass on the input costs burden to consumers. Note that crude oil is one of the major ingredients for these products. Electronic gadgets like laptops, TVs, mobile phone and ACs may also become more costlier as importing raw materials for these products would be more expensive for the manufacturers in India.
We may expect some remedy if the government takes some appropriate measures here and this would be a challenging situation for the government as the country faces general elections next year.
1. Be ready to shell out more for fuel - since India imports a lot of oil, depreciating rupee would have its own effect on the prices that we pay for fuels like gas, diesel and petrol. Expect more hikes in this area in coming months.
2. Think twice about your foreign trips - Travel agencies are already witnessing weak demand for foreign tour packages as you may need to spend more to buy dollars. Consequently, domestic tourism is expected to pick up in coming months. So any plans for abroad tourism? You are recommended to be patient till rupee recovers to a comfort level. Same theory could be applicable to foreign education as well. Students who have plans for this year academic courses in abroad may feel the pinch.
3. Your wallet may cry as you may spend more on FMCG and consumer durables - Your soaps, shampoos, deodorants and detergents may get dearer in coming weeks as manufacturers of these products may wish to pass on the input costs burden to consumers. Note that crude oil is one of the major ingredients for these products. Electronic gadgets like laptops, TVs, mobile phone and ACs may also become more costlier as importing raw materials for these products would be more expensive for the manufacturers in India.
We may expect some remedy if the government takes some appropriate measures here and this would be a challenging situation for the government as the country faces general elections next year.
