India, Dec. 25 -- Sometimes, I think of the rupee as an old friend you could once count on, but who has now fallen on such hard times that you wonder if there is any recovery in sight. When I first started going to Bangkok in the late 1980s, the rupee was worth nearly two Thai baht. This made Bangkok incredible value, and hotels and restaurants seemed ridiculously inexpensive. Since then, alas, the rupee has slipped into terminal decline, and when I visited last week, I realised to my horror that you now need nearly three rupees to buy a single baht.

This has deterred some visitors. Vietnam, which is much cheaper, has become a new favourite for Indians, and good hotels in Malaysia are cheaper and better value than their counterparts in T...