Useful tips and ways to appreciate Indian Rupee

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Everyone is aware about the big downfall in value of INR. Indian Rupee has depreciated vastly and reached lowest levels as compared to US dollar or GBP (pound) or Euro. SEBI and RBI have announced some good measures to prevent further fall of the Indian Rupee. They have declared that oil companies who generally buy huge amount of US dollars for imports have to now trade with only one bank. Also, there has been some restriction placed on the investment by banks in foreign currency futures and options. This will help in regaining the lost value of Indian Rupee. It is good to see Indian government stepping in to tackle this grave issue of Rupee depreciation.

As citizens of India, each one of us can make contributions to appreciate the value of INR. Some simple measures to appreciate INR that can be taken by Indian citizens are listed below: Restrict usage of petrol and diesel.

This will ensure that there is less demand for fuel imports which will eventually make the imports cheaper and help reduce inflation in India. Also, restricted use and consumption of petrol / diesel will help reduce their price in India and even contribute towards a less polluted environment. Instead of spending more on petrol / diesel for travel, one should try and use public transport wherever possible. For short distance travel, one can use cycles which will also help one to stay fit.

Postpone all foreign trips or vacations till 8-10 months.

This will help save our foreign currency reserves and reduce the demand for it, thereby helping INR value to appreciate in the long run. After few months, one will be able to make the same foreign trips at cheaper rates as INR value would have gained lost ground. Also, Indians will be able to shop more with the same amount if they travel abroad later when INR appreciates.

Avoid buying gold this year.

It would help bring down the demand for gold imports and India will spend relatively less money on gold imports. Also, gold rates are falling in international market and with less demand for gold imports from India (which spends a very large amount on them), the international gold prices will drop even further and foreign currency reserves of India will increase. Thus, Indians will be able to buy gold at very cheap prices next year. So, as seen above, there is a valid reason behind why should Indians stop buying gold temporarily.

Avoid doing currency trading for investment purpose.

Indian stock market allows people to invest in currency futures and options and gain huge amount of money even when INR value depreciates. As responsible citizens of India, one should refrain from doing this kind of investment for the time being till Indian Rupee value appreciates considerably. There are several other good investment options available and one should try to make use of them.

Encouraging bollywood stars to perform shows in US, UK and Europe

Bollywood stars are famous all over the world. Some of the bollywood star power can attract millions of people. Now is the time when this can be put to good use. As fans of bollywood stars, we should urge them to do shows abroad and collect as much foreign currency as possible. A big part of the foreign currency collection can be given to India's foreign reserves.

If we can implement some of the above tips for appreciating INR value, we will feel proud on our own actions. It is important that instead of spending time and energy discussing about problems and cribbing about Indian government, we take small steps to avoid negative impact on Indian Rupee. It is rightly said "Little drops of water make the mighty ocean". If we believe in this saying, we should make every possible attempt from our end to improve Indian economy and help INR value rise in the global currency market.