Indian middle class hit worst by slumping rupee
New Delhi - XINHUA
India's middle class was the worst hit by continuous slump of the Indian ruppee against the U.S. dollar, whose exchange rate dipped to a record near 60 to one on Thursday, according to a survey published Thursday. The country's middle class has been forced to cut back on eating out, buying branded products or new cars and studying abroad as their monthly expenditure has risen by 20 percent, according to a study by Association of Chambers of Commerce and Industry of India (Assocham). The price rise of petroleum products, edible oil and foreign trips were also greatly affecting the life of the middle class, according to the survey.
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