India Rupee is now at 96$ against USD, last year around this time the price was 85$ which means just in a year's time the value against dollar has gone down by 12%. I am only thinking, it would have been wise to just invest in dollars than anything else. The recent war crises are showing its full impact in all areas of life, and looks like in Asia, India is the most impacted.
Today morning my caretaker from India called, he manages my Airbnb property. He told me the Gas cylinder was empty and replacement has to be booked. Previously we would get replacement in a day or two, in the past couple of months in this war situation, the waiting time has gone up to 15 days, and since the past few days, the waiting time has been increased to a month. It does not end to that. Previously, if we wanted in urgency, they charged a little additionally and gave it to us. That was 1500/-. This time I checked with the person, who was helping me previously, he told me that the charge will be 4000/- The official price is 1000/- so one can imagine where we are leading to.
For a common person, it's not about the foreign exchange rate but the impact that this rate has in our kitchen and day-to-day life. After my Japan holidays, I will be in Mumbai for sometime and I am planning to buy a Induction this time. It's better to have a back-up. A normal induction will cost me around 5000 Rs and it's worth to have a back-up in such times.
I read that so many foreign investors are pulling out from India right now. I am only thinking if we are heading in to a situation which Sri Lanka faced some years ago. Right now,, no investment is going to give returns that will cover this inflation. For students who are preparing for International education, it's going to hurt them a lot, because the fees are now going to cost them more against the rise in dollar value. Abroad holidays are going to be expensive, day to day travelling will cost more, medical care is going to be expensive, day to day utilities, groceries, food, everything is having a price impact.
Right now, I am living out of India so it's not hurting me so much but this surely gives a sense of insecurity. As of now we do not know where this is leading to but it's best to be little conservative in spending these days and save up for a rainy day.
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