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Rising rupee hurting exports: Nath

Rising rupee hurting exports: Nath
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First Published: Mon, Jun 04 2007. 03 43 PM IST
Updated: Mon, Jun 04 2007. 03 43 PM IST
Reuters
New Delhi: The rising rupee is hurting Indian exporters and its impact will start showing up in export figures from July, trade minister Kamal Nath said on 4 June, urging industry bodies to suggest measures to offset the loss.
“Rise of the rupee is still a concern because it is hurting the competitiveness of exporters,” Nath told reporters on the sidelines of a business conference.
The partially convertible rupee traded at 40.475/485 to the dollar at 12:12pm, up from the close of 40.5450/5500 on Friday, 1 June. It gained about 9% this year, and last Monday it hit 40.28, its strongest level since May 1998.
“The realisation from export earnings is getting less and its impact will be felt from July onwards,” Nath said.
India’s April exports were $10.6 billion, lower than $12.58 billion a month earlier, data showed last week.
India is aiming for exports of $160 billion during the year to March 2008, up from 124.63 billion in 2006-07, and Nath said the government was still confident of meeting the target.
Nath said he had asked industry bodies to suggest ways of offseting the losses due to the rupees rise, especially for small exporters. Last week, the minister said some levies could be refunded to some exporters as part of relief package.
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First Published: Mon, Jun 04 2007. 03 43 PM IST
More Topics: Money Matters | Currency |