![]() Additionally, over 200 million people worldwide use currencies pegged to the euro. Outside Europe, a number of special territories of EU members also use the euro as their currency. The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. This group of states is officially known as the euro area or, commonly, the eurozone, and includes about 344 million citizens as of 2023. Senior Citizens can now get up to 7. The euro is the official currency of 20 of the 27 member states of the European Union.Office Whispers: How toxic seniors and bosses can push hardworking employees into severe depression and anxiety.Physics Wallah aims to focus on AI and ML to boost student performance, accessibility.Taiwan keen on forging long-term partnerships in India and focuses on supply chain cooperation.Israel-Palestine Conflict: Hamas threatens broadcast execution of captives if Israel attacks civilians without warning.Dr Reddy’s Labs stock– short-term tech pick: further rise anticipated check best price to buy, stop loss level.Mumbai-Ahmedabad Bullet Train Project update: NHSRCL completes 100% land acquisition in Gujarat – Details inside. ![]() Australia Education: What is the impact of new rules on concurrent enrollment for international students?.All residents, including minors, are permitted to freely transfer up to USD 2,50,000 per financial year (April – March) for any legal current or capital account transaction, or a combination of both, under the Liberalized Remittance Scheme.Īlso Read: 3 strong reasons to suggest that the bear market is far from over The Reserve Bank of India’s (RBI) Liberalized Remittance Scheme governs remittances made overseas. If you are considering sending your children to a foreign school, then you may consider buying US equities or parking money in a foreign bank account. Long-term INR weakness against the dollar may take some time to reverse. Here’s how to protect your finances against a rising dollar If the dollar has strengthened, there will be a greater outflow of Rupee when you exchange INR to buy dollars through banks, credit cards, etc.Īlso Read: INR crosses 81! Rupee depreciation against the dollar works in favour of these investors The cost of taking your family on an international vacation will increase. To protect themselves against declining INR, international students should ideally keep money in foreign bank accounts. Sending dollars for international education will get expensive unless you have INR saved in a foreign account. RBI on September 29 raised the repo rate yet again by 50 basis points taking the total rate hike in 2022 to 190 basis points. Both commercial and retail borrowers would now pay higher EMIs and borrowing expenses than in the past. Repo rate increases cause interest rates to rise, which raises the cost of borrowing. When inflation increases, the RBI uses tools like the repo rate to try to control it. This has an indirect effect as well because your loan EMI increases at a time when the INR is depreciating. The cost of items is rising as a result of an increase in even the imports of consumer goods’ component parts. Imported goods become more expensive and therefore weakening INR is one factor contributing to rising inflation at the moment. Since India is a significant oil importer, the impact of a weakening INR extends to other items as well. The cost of some commodities rising and resulting in inflation is an indirect effect. Exporters stand to win when the INR declines, but as India is predominantly an import-dependent nation, the consequences of a weak INR are more severe. There are also effects on the economy, both good and bad. Your personal finances get impacted both directly and indirectly by a falling or weaker rupee. India-Canada Tensions: Status update on visa issuance and student experiences
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