Rupee on Monday closed near 17-month high and its performance has blown a lot of currencies out of the water, including the king: the US dollar. With the Indian currency gaining strength, tourists will have to shell out less for travel and this looks like an ideal time to plan a foreign holiday. Take a look at six countries you should visit to take advantage of strong rupee.
If, for the past few years, you’ve grown tired of listening to how the Indian rupee has been continuously falling, it’s time to celebrate.
Over the past year or so, the rupee’s performance has blown a lot of currencies out of the water, including the king: the US dollar. Recently, the rupee rose to a 17-month high versus the greenback when it moved up closer to the 65 level. The rupee’s strength stems from the optimism on economic growth arising from the Modi government’s policies.
What’s in this for you? One thing you can consider right now is to undertake a foreign holiday. A stronger rupee means it can buy more of the foreign currency that you’re going to. Effectively, that means you will have to shell out less money for your travel. Conversely, the same budget will allow you to spend more on stay, sightseeing or buying gifts.
Take a look at six such countries where a stronger rupee means you get an instant discount for your trip, compared to a year ago.
Six countries you should visit to take advantage of strong rupee
1 year depreciation: 52 percent
In November last year, in a fell swoop, Egypt depreciated its currency by a massive 48 percent in order to be eligible to obtain an IMF bailout.
That means you can go visit the country’s famed pyramids and other ancient monuments for that much cheaper.
1 year depreciation: 22 percent
The currency has been troubled over the past one year, having witnessed a failed military coup, a series of terrorist attacks and bombings and a crackdown by an increasingly authoritarian president.
But it remains by and large safe for tourists, while maintaining all its ancient glory and melting-pot culture that makes it a must-visit for everyone.
1 year depreciation: 9.9 percent
Malaysian ringgit has been under pressure due to the slump in oil and gas prices in the recent years. Currently, the exchange rate is Rs 14 for a ringgit as against Rs 17 a year back.
If tourists are looking for an affordable shopping destination then they can pack their bags for a trip to the Kuala Lumpur market in Malaysia.
1 year depreciation: 6 percent
The slowdown in the Chinese economy coupled with noises of a trade war with the US means the yuan, which is pegged to the dollar, has been under increasing pressure.
You could make use of the fall in the currency to realise your dream of hiking on the Great Wall of China or visiting the Forbidden City.
1 year depreciation: 8 percent
Geopolitical reasons in Europe are making the Phillipines peso weak. It fell to its lowest in more than a decade on February 20, 2017.
With the exchange rate at Rs 1.3 for a peso, tourists can explore more than 7,100 beautiful islands.
6: Sri Lanka
1 year depreciation: 5 percent
Love thy neighbour and also visit thy neighbouring countries, especially when a rupee gets you 2.3 Sri Lankan rupee.
Dollar demand from importer and no sales in the market has weakened the Sri Lankan rupee.