Indian carriers, already battered by falling fares and high oil prices, are now facing one of the worst December quarters on record as the rupee falls to new lows against the dollar at Rs53.25. As with most airlines on a global basis, aviation fuel and lease rentals are paid in US Dollars along with loan repayments. Indian airlines, especially the privately owned airlines, have a great many expat pilots on the books and these too are paid in US Dollars. Taken together it means the average Indian carrier is paying around 62% of all costs in US Dollars. This is

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