International Travel May Cost A Bomb As Indian Rupee Hits Record Low

by Shreya Ghosh
International Travel May Cost A Bomb As Indian Rupee Hits Record Low

The Indian rupee opened weaker against the American dollar and hit a record low of 77.82. It hit its lowest level on Friday amid the surge in oil prices and inflation in the market. The value of the Indian rupee fell by 6 paise against the US dollar on Thursday. It was on 17 May, when it touched its last record low of 77.7975. Meanwhile, the value increased to close to 10 paise and hit 77.68 against the US dollar on Wednesday.

It Is A Huge Concern!

The dropping of the Indian rupee value is raising a lot of concerns. The surge in global crude oil costs and now the currency hitting its record low may lead to an imbalance. According to many traders, there is a certainty that the value of this currency can drop further by the end of the fiscal year 2022-23. It may fall to 79 against the American dollar by then. In fact, the elevation in the cost of crude oil can increase the dropping the value sooner.

Also read: Foreign Travel Gets 25% Percent Costlier As Indian Rupee Value Dips

Indian Rupee

International Travel May Burn A Huge Hole As Indian Rupee Hits Record Low

Indians travelling abroad always have to spend a fortune to travel to most of the foreign countries. With the lowest record of 77.82 on Friday, the expenditure on international travel is going to be extensive. Already the flight fares are increasing due to the rising oil prices and also the demand in the travel industry. And now these changes in the market will burn a huge hole in your pocket if you are planning for an international tour while you have to spend dollars.

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Considering the most essential thing that we need anywhere and everywhere is a bottle of water. The price of one water bottle in the US is $1.50 on average. You will have to pay ₹116.76 (approximately ₹117) for this. You can now have an easy idea of how it is going to cost you if the value of Indian rupees hits lower. There are so many things that come together to complete a trip. And the price of travelling each person will increase overall and lead to extremely expensive expenses.