What a disgrace Chinese netizens have become. Their trolling has reached its crescendo. An Indian studying overseas will first start earning in local currency to pay the fee and meet expenses. They visit India every year and other overseas destinations more than a absconding Chinese would do.
Last time I checked Chinese were munching two dollar noodles in a Chinese BYO take away in Australia and Indians were dinning in a Indian restaurant with no dish less than 20 AUD with 4 AUD butter-nan each.
The inflation pass on to each other when you live in a country so don't mix your bias against Indians living in India and against Indians living overseas, I know they are giving you Chinese hard time in USA.
1. If you don't read the Times of India (see citation below), shut the hell up.
2. Don't try to deny the falling rupee is not hurting everyone in India. It's pathetic when you Indians pretend nothing's wrong with your economy.
Even more insulting is your attempt to compare with China. I repeat, China's currency has fluctuated by only 1% this year. During the last six years, China's currency has appreciated by 30% against the U.S. dollar. For the last time: India is a million miles away from China economically.
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Rupee fall hits hard abroad study dreams of students - The Times of India
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Rupee fall hits hard abroad study dreams of students
TNN | May 24, 2012, 04.44AM IST
INDORE: The sharp decline in Indian Rupee against the US dollar has spiked the dreams of many a students studying abroad or those planning higher education abroad. The fall in rupee against the US dollar in the last one month that has pushed it up to about Rs 56 against the US dollar
has led to a major difference in fees and living expenses.
Those badly affected by this depreciation in rupee value are the students who pay their fee in installments.
"Not all students who study abroad belong to elite families and a number of them are from middle or upper middle class families who seek education loans to fulfill their dreams. Increasing allowance by $50 is becoming difficult," said Seema Parihar, mother of Shantanu, who is pursuing an MS in University of Minnesota in the US.
Though tuition fee of Shantanu is entirely covered under education loan, living expenses have increased adding the burden on the parents and guardians.
Some parents who managed to pay the fee at one go were relieved. Sriniwas Rao, father of Bindu, a student of the London School of Economics, said, "Taking education loan has its benefits but as I couldn't afford the collateral security the banks asked, I somehow managed to pay the fee from my own resources. At that time, I found it quite difficult, but in hindsight, I think it was the best move I had made in a long while. I saved a lot of money by doing so", he added.
Overseas education consultants say the dip in rupee value has shattered dreams of many as parents are finding it hard to arrange additional amount on foreign education and living cost. The number of students visiting for consultation has gone down in the last week.
"With the rupee depreciating by more than 20% since January, the difference between last term's fee and this term's has run into five digits. Parents are a suffering lot. Those planning higher education abroad have put on hold or shelved their dreams as the costs are becoming prohibitive," said Sachin Bhatnagar, an education consultant."
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Rupee fall: Students, tourists, businessmen suffer
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Rupee fall: Students, tourists, businessmen suffer
Updated: Tue, 22 May 2012 14:07:49 GMT | By Lalatendu Mishra, Mail Today
The free fall of the rupee has caused additional financial burden on foreign travellers, students studying abroad, importers and gold jewellery buyers.
Mumbai: With the Reserve Bank of India (RBI) remaining a mute spectator on Monday, the rupee fell past the psychological mark of 55 against the dollar to close at 55.03 depreciating by as much as 61 paise in one day. During intraday trade, the rupee had touched 55.05 against Friday's closing of 54.42. Analysts believe the rupee is dropping towards 56 to a dollar or even more.
The free fall of the rupee has caused additional financial burden on foreign travellers, students studying abroad, importers and gold jewellery buyers. At this exchange rate, the cost of foreign travel is spiralling out of the reach of the middle class. Many government officials and middle-rung executives who save throughout the year and with some borrowings to go on rare foreign trips have been forced to cancel their programmes as the costs have escalated by 20 per cent.
About 2.5 million to 3 million Indians travel to foreign shores every year. There are about 2.5 lakh Indian students studying abroad at any given point in time who will have to shell out more for their fees and living expenses.
A retired official in Mumbai who is sending his son for higher studies to the US is worried by the sudden fall of rupee. When the study was planned, the calculation was done at Rs 45 to a dollar. Now, it has depreciated to over 55 adding a burden of Rs 10 per dollar, he lamented.
According to members of the travel trade, budget tourists who go to destinations in South East Asia have been severely affected. 'Budget travellers with a family package of Rs 80,000 are worst affected as a 20 per cent increase in their tour package (Rs 16,000) has added a big burden. Tours to Europe and US with high-end customers have not been affected that much as the hike has not made much difference for the rich segment. But the rupee depreciation has caused lot of burden on the travel trade, which will bear a loss of 10 per cent,' said Lalit Sheth, chairman and managing director, Raj Travel World.
Travel agents said they are witnessing cancellations due to the sudden depreciation of the rupee, and flight disruptions by Air India, which has resulted in hiking of fares by other airlines.
Rather, many families are opting to travel to a domestic destinations like Goa, Jammu & Kashmir or Kerala as they do not have to pay in foreign currency.
Pratik Mazumder, head, marketing and strategic alliance, Yatra.com, said, 'The rise in rupee is definitely slowing down international travel especially people who are looking to travel during summer holidays. Even though tickets are booked much in advance, under the foreign exchange rules, a certain amount has to be paid under the existing rates. Now, the fear is whether there would be a further fall in rupee, which would result in travel rates going up further.'
The rise in the value of dollar has also helped gold prices to move up by Rs 182 to reach Rs 29,155 per 10 gramme despite lack of demand in the lean season. Importers, especially oil firms, have also taken a major hit as their cost has escalated by more than 10 per cent.
'Today, the rupee depreciated sharply due to heavy buying of dollars by some big enterprise and there were rumours about some large defence-related payment. This added to the demand for the dollar. There was no intervention by RBI to support the rupee,' said Hemal Doshi, chief currency strategist, Geojit Comtrade Ltd.
The way the rupee is sliding, it will soon reach 55.90 and 56.10. The kind of situation we are in, temporary interventions by the RBI will not help. The rupee may appreciate for a day or two with RBI intervention, but it will head downwards as the fundamentals are weak. RBI knows this and did not intervene today as there was no merit in exhausting its foreign exchange reserves,' Doshi added.
In the past weeks, RBI had intervened directly to ease the pressure on rupee, but the Indian currency is heading for a free fall adding more pain to the economy.
Source:
www.indiatoday.in"
