falls, dollar woes rise for Indian kids in US | Lucknow News

Lucknow: The depreciation of the rupee against the US dollar has posed significant financial challenges for Indian students studying in the United States. However, professionals who send money home shared that this is benefitting them as now whatever money they send to their loved ones has more value in Indian currency.Nitya Pandey, a student of MS in accounting at New York University, along with her Indian peers at other universities, finds herself meticulously calculating her expenses. Her goal is to ensure that her parents’ budget remains unaffected by the currency fluctuations. The weakening of the INR has made studying abroad considerably more expensive for Indian students. Tuition fees, living expenses and loan repayments have all become costlier in rupee terms.This situation has forced students to make difficult decisions. The tightening job market and visa uncertainties further exacerbate the financial and career pressures they face. Shivani Tiwari, a data science student at the University of Pittsburgh, shares her experience: “Before coming here, my parents, like many Indian parents, had set a fixed budget for my expenses. Since I have taken an education loan, they always advised me to be cautious with my finances. We never anticipated such a drop in the value of the Indian rupee.”She explains that her parents send her $1,100 a month to cover her basic expenses. When they planned this budget last year, the exchange rate was around Rs 83.5 per dollar, equating to Rs 91,000. Now, with the exchange rate nearing Rs 100 per dollar, the same amount costs almost Rs 100,000. So, she has no choice but to cut down on her budget.In her final year of a bachelor’s degree in media studies at Arizona State University, Riya Gupta had planned to pursue a master’s degree. However, her parents have asked her to reconsider due to the financial strain. Even minor changes in the USD-INR exchange rate can result in significant additional costs, amounting to tens of thousands of rupees. This increase affects not only tuition fees but also other expenses such as accommodation and commuting, compounding the financial burden on students.Meanwhile, mechanical engineer Ashish Gupta, who is settled with his wife Priyanka Gupta in Boston, Massachusetts said, “I am earning in dollars and sending a part of my salary to my parents in rupees. Due to weakening of INR the value of the money I send has increased.”