HOW TO BEAT CURRENCY EXCHANGE RATE WOES

If you are travelling abroad, you will have to change your Indian rupees into either dollars or euro or to the local currency. Here's how to choose the right currency for a seamless holiday experience abroad

- By Priyanka Debnath

If you are travelling abroad, one of the key things to plan for is currency exchange rates, as that can significantly impact your budget. For instance, if a family of four plans to travel to a country where dollars are accepted, with an estimated expense of ₹3 lakh per person, their total travel cost would amount to ₹12 lakh. Converting this into dollars, as of December 12, 2024 (exchange rate: $1 = ₹84.67), the total is approximately $14,177.20. Last month, on November 8, 2024 (exchange rate: $1 = ₹84.35), the same amount would have been $14,224.97. This minor fluctuation, caused by the rupee strengthening slightly, highlights the importance of timing currency exchanges for international travel to manage costs effectively.

Currency exchange rates are often unpredictable. According to Romil Pant, executive vice president and business head - leisure, Thomas Cook India: “Foreign exchange rate fluctuations are near impossible to predict, and holiday destinations are selected based on customer interest and scheduled around school holidays or leave, rather than currency fluctuations.”

Fortunately, recent trends show that the Indian rupee has been strengthening against global currencies.

Says Pant: “Over the past month, we have witnessed a strengthening of the Indian rupee versus global currencies. This is particularly noticeable for the euro (€) , making expenses on hotels, local transportation, attractions, and shopping easier on the Indian wallet.”

This recent shift has brought a silver lining for Indian travellers heading outside the country, making their trips more affordable and budget-friendly.

Getting Around The Problem

Where you are travelling to can make a lot of difference.