The Indian rupee has been plumbing newer depths against the strengthening U.S. dollar for the past one month or so, burning a hole in importers’ pocket but ambitious students and footloose travellers going abroad have taken the incessant slide on their chin.
Asia’s worst-performing currency, which hovered around 68 to a dollar only a month ago, had crumbled to a lifetime low of near-72 on September 5 amid surging crude oil prices as well as the U.S.-China trade war and U.S. sanctions against Iran with the Turkish lira remaining on the downward slope, sending global currencies into a tailspin.
The oil price hike, geopolitical uncertainty and the rupee fall jacked up petrol and diesel prices across the country what with several international airlines hiking fares on account of spiralling jet fuel costs, thus upsetting the budget applecart of sophomores and holidayers who, however, have not altered their outbound....
