Stronger Rupee

Individuals

Travel, shopping abroad cheaper as you spend less rupees for same dollars
But if you take today's exchange rate to book in the near future, hotels and airlines may change fares and rates as they are applicable for a limited period
Retail speculators are hoarding dollars hoping the rupee may weaken against it; so they feel they can buy dollars cheap and sell at a higher price later
Studying abroad has become cheaper; send your kids for higher education
Maybe it is time to buy that dream house in New York or San Francisco
Gold imports less expensive; so you should insist on that new necklace

Economy

The RBI has to keep a close watch to counter the adverse impact of a stronger rupee
Huge foreign inflows have led to a weak dollar as well as phenomenal rise in prices in several asset categories like real estate and equities; the central bank has had to hike interest rates to curb speculation in assets
A weak dollar can rein in inflation due to cheaper imports of basic items
If the rupee becomes too strong, it can hurt demand and, hence, GDP growth; so the RBI is easing controls on forex spending by Indian corporates and citizens

India Inc

Importers benefit as they spend less rupees to buy goods priced in dollars; it also reduces costs for corporates who import raw materials and intermediates
Exporters lose, especially in sectors like textiles where they face intense competition from Pakistan, Bangladesh and China
High interest rates increase finance costs, and curb demand in critical sectors like real estate, automobile and white goods
If growth peters out, it may spell the end of the quarterly growth story and the amazing price-earning valuations in stockmarkets

Who Gains, Who Loses