The Hindu : Karnataka / Bangalore News : Euro currency may push declining dollar off the rails

Online edition of India's National Newspaper
Wednesday, Nov 14, 2007
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Karnataka

Karnataka - Bangalore

Euro currency may push declining dollar off the rails

Sharath S. Srivatsa

Golden Chariot passengers may have to pay in euros or even rupees

— File Photo

Countdown: The Golden Chariot getting ready at the Integral Coach Factory in Chennai.

BANGALORE: Whoever thought the weakening dollar could have a ripple effect on train travellers? Not the common old locomotive but the posh Golden Chariot, Karnataka’s luxury train that is set to roll out on December 23. Considering the economics involved in running this plush train, the authorities are now mulling over the option of fixing the euro as the standard currency for the tariff to be charged.

While a decision is likely to be taken in this regard within a fortnight, many in the management of Golden Chariot feel the need to shift from the dollar to the euro. Some of them are also pitching for the Indian rupee as the mode of payment. While there has been a consistent dip in the value of the dollar, the euro has been more stable.

“With the rupee getting stronger against the dollar, we may lose out in the future. It makes commercial sense to consider these issues before deciding on the currency,” said Upendra Singh Jamwal, Vice-President (Operations) of Mapple. Mapple has been awarded the contract for managing the Golden Chariot.

Big draw

The Golden Chariot offers a six-night, seven-day sojourn to high-end tourists in the most elaborately done interiors modelled on the architectures of Belur-Halebeed and Mysore, and showcases the finest monuments and natural wonders of Karnataka.

“Considering the fall of the dollar in the last few months and the commercial viability to run the luxury train with dollar as the standard currency, there is a thinking among the decision makers to switch over to euro,” said Mr. Jamwal, adding:“The tariff can be finalised only after calculating the logistics involved in the operations, and we are still in the process of talking to our vendors.”

As the date for the first commercial run of the Golden Chariot draws closer, the luxury train is being promoted at the World Travel Mart, in London. The mart is among the two most prestigious travel events, along with International Travel Borse at Berlin, that provides a platform for marketing hotels, destinations and luxury trains.

Tourism potential

“Most of the tourism business to India comes from Europe and a considerable chunk comes from the U.S. We are promoting the train at this mega tourism event,” Mr. Jamwal said.

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