LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Rupee slide hurting exporters; more decline likely: FIEO

The rupee Friday crashed below the 74-level against the US dollar for the first time ever after the Reserve Bank of India kept its key policy rate unchanged.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Rupee slide hurting exporters; more decline likely: FIEO
Domestic currency was quoted 55 paise lower at 74.13 against the dollar soon after the RBI announced its monetary policy, Image source: Reuters
Written By: PTI
Updated: Sat, Oct 06, 2018
09:55 am
Mumbai, PTI
RELATED NEWS
From Gold price, Rupee to Markets Today: All you need to know From Gold price, Rupee to Markets Today: All you need to know
Rupee skids 13 paise to 73.51 against US dollar in early trade Rupee skids 13 paise to 73.51 against US dollar in early trade
Rupee vs Dollar: INR may hit all-time low of 75 per USD levels over US, Europe troubles Rupee vs Dollar: INR may hit all-time low of 75 per USD levels over US, Europe troubles
Coronavirus may pull down Indian rupee to all-time low against US Dollar, say experts Coronavirus may pull down Indian rupee to all-time low against US Dollar, say experts
Rupee settles 3 paise down at 71.35 against US dollar Rupee settles 3 paise down at 71.35 against US dollar

Exporters' body Federation of Indian Export Organisations (FIEO) Friday said the rupee depreciation is increasing the cost of imported capital goods, inputs and various services used by exporters paid in foreign currency, particularly the freight charges.

He further said though the domestic currency has depreciated by over 13 per cent this year, the trends in non-deliverable forward (NDF) market indicate that further fall is not ruled out particularly as short-term debt share in India's external debt is increasing.

The rupee Friday crashed below the 74-level against the US dollar for the first time ever after the Reserve Bank of India kept its key policy rate unchanged.

The domestic currency was quoted 55 paise lower at 74.13 against the dollar soon after the RBI announced its monetary policy.

"Buyers are asking for sizeable reduction in prices, on account of rupee depreciation, as depreciation of buyers' currencies have also increased the landed price in their own country," FIEO president Ganesh Kumar Gupta said in a release.

He further said the most vociferous are the buyers from the Middle East, Africa and certain parts of Asia demanding deep cut in prices, while such demands from buyers in the US and Europe is sparingly received.

"This puts exporters in quandary, if he has hedged himself thus not benefiting from weak rupee yet forced to cut prices," said Gupta.

The rupee depreciation is further tightening the liquidity as the foreign currency component of export credit already availed gets revalued at a higher value in terms of Indian rupees, according to him.

"This has resulted in the exporter being asked by the banks to reduce their exposure by part payment or where the export credit limit is not fully disbursed, the available limit reduces, depriving exporter of funds which is extremely bad for exporters," added Gupta.

Watch Zee Business video here:

He further said noted that extreme volatility in currencies should be stemmed to help the economy including exports.
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
India RupeeFederation of Indian Export Organisations (FIEO)Economy
RELATED NEWS
From Gold price, Rupee to Markets Today: All you need to know From Gold price, Rupee to Markets Today: All you need to know
Rupee skids 13 paise to 73.51 against US dollar in early trade Rupee skids 13 paise to 73.51 against US dollar in early trade
Rupee vs Dollar: INR may hit all-time low of 75 per USD levels over US, Europe troubles Rupee vs Dollar: INR may hit all-time low of 75 per USD levels over US, Europe troubles
Coronavirus may pull down Indian rupee to all-time low against US Dollar, say experts Coronavirus may pull down Indian rupee to all-time low against US Dollar, say experts
Rupee settles 3 paise down at 71.35 against US dollar Rupee settles 3 paise down at 71.35 against US dollar

LATEST NEWS

IRCTC ticket booking: Get 'cheaper' tickets, these benefits on air.irctc.co.in and IRCTC App

Realme Narzo 30 series India launch Today; Check timings, how to watch it live, and other details

Attention NEET 2021 candidates! Check expected exam date

Tiger Woods seriously injured in violent car wreck on steep Los Angeles road; golfer incredibly calm, says official

RBI Recruitment: Here's how to apply online on rbi.org.in for 841 vacancies across India | Check date, time and other details

Sanofi India share price: Sharekhan retains Buy rating with an unchanged price target of Rs 9249

Friends, fellow athletes react to Tiger Woods car crash

GameStop CFO to step down after Reddit driven stock rally

Big message! PM Narendra Modi says government has no business to be in business

RRB NTPC 5th phase exam date ANNOUNCED; do not miss, check now

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved