Federal reserve: Cast shadow over India

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NEW DELHI — Travelospin, a medium-sized travel agency, occupies a prominent spot in a large commercial complex in the central Indian city of Jaipur's affluent shopping district of Vaishali Nagar. Surrounded by the large showrooms of international brands such as Nike and Levi's, Travelospin is one of the thousands of small travel agencies that popped up in the past decade after India liberalized its economy.

Then, Indian middle-class families found themselves with cash to spare and a desire to travel. Firms like Travelospin rushed in to cater to them. With the recent declines in Indian rupee, though — the currency fell by nearly 20% in the past three months against the dollar — it looks like the honeymoon is over.

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