Brexit happens! Travelling to UK set to become cheaper for Indians

By: | Updated: June 24, 2016 5:05 PM

Travelling to United Kingdom for Indian travellers is set to become cheaper with Britain deciding on leaving the European Union(EU) after a referendum.

Brexit - Indian travellersTravelling to United Kingdom for Indian travellers is set to become cheaper with Britain deciding on leaving the European Union(EU) after a referendum. (Reuters)

Travelling to United Kingdom for Indian travellers is set to become cheaper with Britain deciding on leaving the European Union(EU) after a referendum. The British pound which took a hard hit on Friday slumped over 9 per cent against dollar to hit its lowest level since September 1985.

British Pound slumped against Indian rupee by over 8 per cent to Rs 91.36 intra-day as Brexit as a reality emerged.

Anil Khandelwal, CFO, Cox & Kings Ltd said, “the pound has depreciated against the rupee. This would mean that travel to the UK will be cheaper for Indian travellers. We do not believe that the UK leaving the EU will have as dramatic an impact as financial markets are making it out to be. The UK will have a transitional period of two years.”

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Global brokerage House HSBC has predicted UK pound to be $1.20 by year end, which would may translate into preferential exchange rates.

Anindya Banerjee, currency analyst, Kotak Securities said “travelling to United Kingdom will become cheaper with pound falling. He expects pound to be 1.20 against dollar by year end and at 82-83 levels against the Indian rupee.”

However, it is lean period for foreigners travelling abroad as tourist travel season is coming to India.

In a landmark development, the UK has voted to leave the European Union after 43 years as the ‘Brexit’ camp took a convincing lead over the ‘Remain’ camp in a referendum.

UK has been among the favourite overseas destinations for Indians and figures in the list travellers’ itinerary European sojourn.

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