This is an email I sent to every single contributor to Project Hope on August 19, 2013.
Six months ago when I sat down to budget this MA plan I had to take a worst-case scenario. I took 100 rupees to a pound. Today this nightmare has come true. It is not that I don’t have this money. The question is whether I am being arrogant by still going ahead with it when affording it means looking like a fool.
This is not the first time I am apprising you the currency fluctuation. Some of you replied after my earlier email that I should have handled currency volatility by certain methods. Although, it is really not in my hands. The visa rules needed money to be in the account for a specific period of time. This means that I had no option but to see the rupee slide and see Project Hope expense swell like its been stung by a bee.
By the time I came to a stage where I could buy pounds it had already crossed 92. Obviously I made a mistake by hoping that the RBI guidelines and the government’s actions might come to the rescue.
The question is whether Project Hope is tenable? Am I being pure foolish if I don’t abandon this now?
Sometimes one needs to go by the gut feel and discard the economic tangent. I am beginning to feel that the increase in monetary implication cannot be ignored anymore.
I am trying to find answers to the above asked questions. Its my job to keep you posted, hence this email. I will communicate my final decision by the end of the week.