THE ASCENT OF INDIAN RUPEE

                           

It was in the year 2006 that we had first transited through Bhandaranaike International Airport, Colombo. We were astounded by the notice displayed at the Duty Free shops that stated vehemently ‘Indian Rupee not accepted’. We had to pay in US Dollars for our purchases. We had to shell out one US Dollar for a coffee. Though we  tried to talk them into accepting our currency they had declined our request with disdain.

While we were at Dubai and Abu Dhabi, the payments had to be in UAE Dirhams. Indian Rupee was not accepted in the shops or hotels there.  However at the shops or hotels run by Indians the price or cost expressed in Rupees had to be paid in UAE Dirhams. For example if we were demanded ten Rupees it meant we had to pay 10 UAE Dirhams.

We passed through Colombo Airport a second time in the year 2009 on our travel to Hong Kong and Beijing. 2006 was replicated everywhere.

It was with a pang we learned that Indian Rupee did not command respect anywhere else in the world.

There was a ray of sunshine in 2010. We were at Cairo. The hawkers at the pyramids  were shouting  that they were accepting Indian Rupees for purchases. We were happy times were changing. 

It was a refreshing frame in September 2011. Duty free shops accepted Indian Rupees at Colombo. Coffee was available at IRs.50.00. We were pleasantly surprised when shops and hotels beyond the Airport accepted Indian Rupees for services rendered, security deposits and for purchases.  We could pay in Indian Rupees at diverse locations on our visit to Pattaya and Bangkok  

We were proud  Indian Rupee had gained strength. It was an image make over. It showed India and Indians could no longer be taken lightly.

The current dip in the value of Indian Rupee against US Dollar is transient. We have experienced first hand the respect India and the Indian Rupee command abroad. Indians are travelling abroad in droves. . They are everywhere. Their purchasing power is unlimited.   The hosts welcome them. Indian Rupee can never be denied its place in the financial markets of the world.