Parents urged to hedge forex risks for overseas education

Parents in India are being advised to use special tools to protect their money when sending their children to study abroad.

The Indian rupee is getting weaker, which means that the cost of studying in foreign countries, which is often paid in dollars, is going up.

To avoid surprises, parents can use something called a forward contract.

This lets them lock in the current exchange rate so that even if the rupee gets weaker, the cost of education stays the same.

Another option is a forex card, which is like a prepaid card that also locks in the exchange rate.

This way, parents can plan their budget better and not worry about unexpected increases in costs.

Banks and financial experts are recommending these tools to help parents manage their finances more effectively.