The volatility of foreign exchange rate is a characteristic feature of flexible exchange rate regime initiated in early 1970s. After independence, in a paradigm shift in exchange rate regimes, the Indian rupee changed path from par value system to basket-pegged system. It was closed in 1991 and, for one year, India followed a dual exchange rate system through Liberalized Exchange Rate Management System (LERMS) which replaced the pegged exchange rate regime in March 1992 leading ultimately to unified exchange rate system in March 1993. It was an important step towards current account convertibility which was finally achieved in August 1994. But a widely recognized fact is that the power and greed politics of Wall Street over the years led to the development of unfettered stock and forex markets which are never self-correcting. J.M. Keynes long back believed and advocated that markets left to their own measure could be destructive leading to cycles of recessions, depressions and booms. The continuously falling Indian rupee against US dollar has been adversely affecting the Indian economy, particularly the students studying in USA, UK, Canada, and Australia etc. In USA, Indian student’s population is largest, next only to China.