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Dollar's Fall Bruises Indian Exporters
The dollar has fallen 14 percent against the rupee
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| The rapid decline of the dollar worldwide, including against the Indian rupee, is battering the Indian export industry.
“The rupee appreciation is a serious problem for exporters. It is an issue we are concerned about and the Cabinet will be meeting shortly to review it,” India’s commerce minister Kamal Nath said.
The dollar has fallen 14 percent against the rupee and is presently trading at Rs 39, hurting the textile and outsourcing industry where contracts are priced in dollars. Nath is advocating a switch to euro currencies as a hedge against the dollar’s fall. |
