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Rupee fall hits study abroad plan of Pune students - Govt.in - Telling the truth- always!
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Rupee fall hits study abroad plan of Pune students

Pune News : Saurabh Shimpi is a happy young man. Just last week, he got his US visa and will finally be able to fly to the US to study for his M.Sc. in supply chain management, having made it to Depaul university in Chicago. However, Saurabh’s happiness is short-lived for he knows that his real struggle lies ahead given the current scenario of the Indian rupee facing its worst slump ever in the past four years.

“I was waiting for my visa, which I have got. But the real trouble starts now for with the rupee down to 80 to a dollar in July, it gives me the shivers to think about how I will meet my living and studying expenses. I am searching for an apartment but rents have risen now and I am looking to share accommodation with other students. Besides there is instability in the property market abroad and they are now asking for higher move-in fees which are non-refundable plus two-month rent that we hadn’t planned for,” said Saurabh. He has taken an education loan and will be supported by his family for the first three months but hopes to find an on-campus job to meet his expenses.

Both of Koregaon park resident Salil Nashte’s daughters are studying abroad. While his elder daughter Sumedha has found a job post her Masters in the US, his younger daughter Vaishnavi left for her Masters in marketing at Queen Mary’s university, London, in January 2022. “I am studying in London and with the rupee going down against the British pound, I am trying to find smaller accommodation now and have also cut down on my daily expenses. I am also looking for a part-time job to ease off and recover some of my expenses,” said Vaishnavi via social media.

Vaishnavi’s father paid for her tuition fees and accommodation for the first six months. “Now with the rupee depreciating in value against other currency, it is getting difficult for students to manage their daily needs. I recently sent Vaishnavi a relief package to help her until she finds a part-time job,” he said.

According to experts, since the beginning of 2022, the Indian rupee has depreciated by more than 7% against the US dollar, falling past its historic low of 80 to a dollar in the last week of July. Most of the students leaving for their September intake are hoping that either their loans or their families will cover their expenses which are surmounting quickly.

Niranjan Kulkarni will be leaving for Brunel university, London, for his Masters in engineering management but he has already applied for a job before reaching the UK. “I am going on my own expenses, with my parents sponsoring one year of my Masters but I have already applied for a job so that I can earn and learn as an intern and also curtail my expenses,” Niranjan said.

(Except for the headline, this story has not been edited by GOVT.in staff and is published from a syndicated feed.)

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