With Weakening Rupees to the Dollar, will you Still Go Abroad?

Dollar has seen a massive upsurge, and the continuous devaluation of rupee due to the sudden strengthening of the US economy has in a way reflected the grave inefficiency of the Indian Economy. History has shown that Indian Economy has been open to only get affected by the turmoil abroad but we have not benefitted from the developments that are happening in the global economy.

Rupee fell when the US economy was falling in 2008 and rupee is falling today as well when the US economy is strengthening. But, government will surely take some steps to curtail the market speculations which are forcing the foreign investors to withdraw their money from the Indian market.

Rising dollar is apparently making everything foreign highly expensive and education is no exception in this case. While the students who are already studying abroad will have to bear the burns of the falling rupee, a large number of those who were planning to go abroad will have to re-consider the idea, given a steep rise in the expenses. US has always been on the top list of the students considering foreign education but with the recent strengthening of the dollar the burden on the Indian students has increased tremendously.

The worse hit student segment is those who have taken loans to support their foreign degree. Education loans are generally taken in rupees but repaid back in dollar and this increases the cost of education. Moreover, the rising competition and the chaos in the Indian education system are making things worse for the Indian students.

There is an urgent need for an alternative mode of education like online education. Apart from being highly affordable in terms of the program fee, foreign education is also getting expensive day by day due to the consequent rise in personal expenses. The Times of India has reported a rise to the tune of $30 per month only in personal expenses.