The falling rupee has taken a heavy toll on the tourism industry in Madurai which organises foreign tours covering all the southern districts. There are around 10 operators based in Madurai who mobilise group, family and individual packages of leisure trips as well as business tours called MICE (meeting, incentive, conference and exhibition) travel.
As the rupee started falling the tour operators who booked the packages on then prevailing dollar rate are in tight spot as they are incurring Rs 7,500 to 10,000 per person due to the difference. Moreover, most of the tourists are cancelling the trips due to the fear psychosis of falling rupee and its impact on economy.
Of late, it has become a routine for G Ravindran of Sky Wing Travels in Madurai to go for the business page in the news paper first, from his earlier routine of reading breaking news. “Every morning when I look at the dollar value, I feel more depressed. Most of the package tours are cancelled and I am not able to afford the additional cost on the tourists still willing to take off,” he laments.
Full report here Times of India