Exclusive: Rupee’s Record Plunge Fuels Fear Among Study-Abroad Aspirants in India
The rupee fell to an all-time low of 80.05 against the dollar on Tuesday, fueling fears among study-abroad aspirants in India who are poised to spend substantially more money to realize their dreams than they originally planned to. The rupee’s record plunge against the US dollar was primarily due to the continued strength of the American dollar, the elevated global crude oil prices, and the continuous outflow of foreign funds from the local market as foreign investors go from Indian stocks and other assets into dollar-denominated assets.…