The Rupee alarmed the nation by sliding 27 paise and halting at 70 against the U.S Dollar. This tailspin comes in the wake of the Turkish Lira crash and market experts fear the free fall may not have stopped. So technical economic jargon aside, what does a sickly currency mean for the average people?
*Import of oil will become more expensive which means consumers too will feel the pinch.
*That international vacation you’ve been saving up for just got a lot more expensive.
*Students studying abroad will have to fork out significantly higher semester tuition fees.
*80% hospital equipment are imported. So hospital bill will go through the roof.
But it’s not all bleak and gloomy. The only silver lining is a weak rupee helps remittances. NRIs sending money home will receive greater returns.