New Delhi: Trade Minister Kamal Nath has written to Prime Minister Manmohan Singh about the strengthening rupee and its effect on Indian exports, a ministry spokeswoman said on Wednesday.
The partially-convertible rupee has gained more than 8% this year and it hit a nine-year high of 40.53 per dollar on Monday. It was hovering at 40.90 on Wednesday.
“He (Nath) has written a letter to the prime minister expressing concerns over a rising rupee and its impact on exporters, and sought his intervention,” the spokeswoman said.
India’s exports grew a slower-than-expected 8.8% to $12.58 billion (Rs51,529 crore) in March from the same month a year ago as the impact of the rising rupee started to hurt exports.
India is aiming for 28% growth in exports to $160 billion for the year to March 2008 and for $200 billion by March 2009.