Rupee hits fresh record low; impacts students who want to study abroad

The rupee depreciated 39 paise to an all-time low of 82.69 against the US dollar as elevated crude oil prices and risk-averse sentiment among investors weighed on the local unit.

The rupee has been repeatedly posting record lows in recent sessions on concerns over oil prices, rising Treasury yields, FII outflows and offshore demand for the U.S. currency.

Not only this, studying abroad has become costlier amid a sharp fall in rupee. The cost for studying in the US has gone up by Rs 1.5 to 2 lakh per year.

The increase in tuition fees in the US, the UK and Australia by 10 to 20 per cent is another reason behind the costlier education abroad. Also, the airfares have increased in recent times, which has added burden on students studying abroad.

Adding to the woes, the visas of lakhs of Indian students have not been approved in countries like the US, the UK, Canada and Australia.

There are long delays in getting student visas while at the same time those students, whose visas have been approved, are facing inflation due to rupee depreciation.