Hyderabad: The depreciation of the Indian rupee against foreign currencies like the US dollar due to the West Asia crisis is stepping up financial pressure on families of Indian students studying overseas, particularly in the United States and Canada. A weaker rupee will make tuition fees and living costs more expensive.
Families who had already paid the full course fees earlier are feeling relieved, as they managed to avoid the impact of the weaker rupee. However, those who are paying fees semester-wise or in instalments are facing growing difficulties. With the rupee value depreciating rapidly and losing value against the US dollar and Canadian dollar, the same amount of foreign currency now requires significantly more money in Indian rupees.
Parents told Deccan Chronicle that the difference is not small and has directly affected their savings and budgets. Many families had carefully planned their finances, but the recent fall has disrupted those plans.
One student, currently studying in Texas, said her family is under financial stress due to the change in valuation. “My father is now considering taking an additional loan of Rs.4 lakh because that is the amount we are falling short of after the rupee weakened.”
“We hadn’t expected such a sharp change in the currency value, and thought even in a worst-case scenario, the rupee could fall up to Rs.85 a dollar, but the value is now at over Rs.94 a dollar, and it is not looking like it will regain its previous value anytime soon”, she added.
Ramulu Naik, father of a student pursuing his higher education in Ontario, Canada, said, “Last year last time, the Canadian dollar was at Rs.59. Now it is almost Rs.68. By April 15, I’m supposed to pay CAD 12,500. Last year, I paid a little over Rs.7.5 lakh, but now, I am having to pay more than Rs.8.6 lakh.”
Experts say that currency fluctuations can have a major impact on students studying abroad, especially for middle-class families who depend on higher education loans or savings.
M. Dinesh, a consultant based in Hyderabad, said, “In many cases, apart from tuition fees, accommodation, food, travel and other expenses are also given by parents from India. Some students, who face financial troubles, might have to begin consolidating their finances.”
With no immediate stability in sight for the rupee, families are concerned about how they will manage upcoming payments, with some even sending additional money immediately before the rupee depreciates even further.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
