So, over the past few months the Indian Rupee has depreciated by more than 10% against the Dollar, Pound or any worthwhile currency. When I came to London in 2011, £1 = INR 73. Now, £1 = INR 91 Aaaarrrghhh! BTW, it is predicted to depreciate even further in the coming months.
What this means for prospective students:
Students from India who are looking to study abroad should factor in the currency risks. Before I started at LSE, I sat with my dad and we worked out scenarios that involved the rupee depreciating till about 85 against the pound, which was pretty conservative considering it was at 73 at that point of time. Yet, even our most conservative estimates have been breached by a lack of reform in India and ironically, positive employment data from the US!
Thus, when budgeting expenses, carefully consider currency risks and be sure to include them in your applications for scholarships as well. Although LSE offers hardship funds till about £500 I think, it is better to be absolutely sure that you have funds to cover all eventualities during the duration of your studies.
Here’s looking at you – P.Chidambaram!