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FIEO expresses concern over rupee depreciation as exporters facing uncertainty

Expressing concerns over continues depreciation of the Indian currency, Federation of Indian Export Organisations (FIEO) has said that exporters are facing uncertainty due to this issue. FIEO President Ganesh Kumar Gupta has said that exporters are not able to negotiate properly prices of goods in the global markets.

Gupta said exporters are unable to hedge as they do not know where the rupee value would go tomorrow. With fluctuation in rupee value, he said that global buyers start asking for review of contracts. He added that only 20% exporters make profits due to the depreciation as they do not indulge in hedging practices and 80% do not get any benefit. Besides, exports grew by about 10% to $303 billion in 2017-18.

FIEO President further expressed hope that the rupee would stabilise at 67-68 in the coming days. Meanwhile, Indian rupee continued its fall and touched life-time low of 70.82 on August 30, 2018, on strong month-end demand for the US currency amid sustained foreign fund outflows.

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