Weak rupee, falling stock market force Indians to defer overseas holidays: Survey

NEW DELHI: The sliding rupee amid a correction in stock markets is leading several Indians to cut back on foreign travel and defer plans of overseas holidays, according to a survey by yatra.com, which is in sharp contrast to an earlier survey by the travel portal that showed an upbeat mood among respondents.

In the first survey conducted on July 7, when the rupee was quoting at 63.14 and the BSE Sensex closed at 28171, nearly 64 per cent of the 10,000 respondents said the decline in rupee had not affected their plans and almost 49 per cent declared that they won’t wait for the rupee to rise before going on holiday.

That, however, changed in August. The second survey conducted on August 27 when the rupee fell sharply to 66.05 and the Sensex dipped to below 26000 had respondents sounding more circumspect, the upbeat mood tending towards the negative. More than 66 per cent of the respondents surveyed said they were reconsidering plans for a foreign holiday.

Travellers are also slashing their foreign travel budgets and reducing vacation durations. In July, only 37 per cent wanted budget accommodation and over 32 per cent were looking for luxury stays.