Mumbai: There has been a constant fall in the rupee value in recent times. The value has touched 72.18 rupee/dollar mark during the first session on 17th September 2019. According to experts rupee has fallen by 3.65% against the US dollar and it might fall to 80 by the end of this year. This hike will not only have an impact on the Indian economy but also on common man's personal finances as well.
This is how the constant fall in rupee will hit your pockets:
1. High fuel bill: As India meets 70 % of its crude oil requirements through imports, low rupee value means high import bill. The high petrol prices, which already reached Rs 76.57/litre, will ultimately lead to less savings and investments. Hence switching on to public transports will definitely help you cut-off some expenses.
2. Impact on your kitchen and consumer goods: Diesel is the primary transportation fuel in the country. Increase in transportation cost of grocery and other consumer products bought on a regular basis are transferred to higher family expenses.
Besides, depreciating rupee has increased the cost of imported food items, fruits and vegetables and much more. This is the time when you have to reduce your visit to restaurants.
The Consumer Price Index (CPI) increased from 139.6 in Jan 2019 to 144.9 in Aug 2019.
3. Foreign education: As per the Ministry Of External Affairs (MEA), approximately 6.5 lakh students go abroad for their higher education every year. Students planning for studying abroad will have to bear the additional burden as the falling rupee value imposes additional burden on them.
However, scholarships and discount coupons offered by the universities can give you some relief.
4. Foreign vacations: Frequent abroad trips can burn a hole in your pocket. Forex rates during the exchange of currency and hidden charges while paying through debit cards or credit cards may disturb your financial plan during vacation. As per UN World Tourism Organisation, 5 crore Indians travelled abroad for various purposes in 2019.
5. Impact on healthcare sector: India imports lots of medical equipments and medicines from abroad. According to experts, around 80% of the equipment used here are imported. This will lead to higher treatment costs. Similarly, patients going abroad for treatment will have to bear an additional burden.
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