 "'Weak currency makes Asia-Pacific cities cheaper for expats'")
The recent weakness in currencies in the Asia-Pacific against US dollar has made many cities in the region, including those in India, cheaper for expatriates to live in, says a survey by global HR services firm Mercer.
According to Mercer, currency changes and housing costs have influenced Asia-Pacific rankings, as a large number of cities have gone down in the list due to weaker local currencies (verses the dollar), including the most expensive city in 2012 rankings - Tokyo, which slipped to the third position this year.
In India, Mumbai has emerged as the most expensive city for expatriates and was ranked 118 in the Index. Last year Mumbai was ranked 114th on the list.
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Moreover, a comparative cost of food and entertainment items turned out to be quite dramatic for the global cities.
A fast food hamburger meal is $3.62 in Kolkata, India, versus $13.49 in Caracas, Venezuela, and a cinema ticket is $5.91 in Johannesburg compared to $20.10 in London, the report said.
"Recent world events, including economic and political upheavals, which resulted in currency fluctuations, cost inflation for goods and services, and volatility in accommodation prices have impacted these cities making them expensive," Mercer Global Mobility Practice Leader Senior Partner Barb Marder said.
The rupee has depreciated by more than 10% in the last one month and crossed the psychological level of 60 per dollar in June-end and touched over 61-level in early July.
According to Mercer, Luanda has emerged as the most costly city for expatriates, pushing Moscow to the second spot. At the third place is Tokyo, followed by N'Djamena in Chad (fourth) and Singapore (fifth), respectively.
Other cities in the top 10 include Hong Kong (sixth), Geneva (seventh), Zurich (eighth), Bern and Sydney (both ranked ninth).
Mercer's Cost of Living Survey, helps multinational companies and governments determine compensation allowances for their expatriate employees.
New York is used as the base city, and all cities are compared against it. Currency movements are measured against the US dollar.