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Rupee surge may hurt exporters more in future

Mar '07
Exporting companies across sectors like IT, textiles and automobiles are set to feel the pinch due to the rupee's surge against dollar.

Textile companies and garment exporters are also apprehensive, though they are yet to feel the hurt.

"We usually book contracts three months in advance and we take into account a certain amount of swing at that time. So the fashion industry is not going to be affected by the currency fluctuation," said Sudhir Dhingra, Managing Director, Orient Crafts.

Similarly, garment exporters get seasonal orders which give them ample time to evaluate market and value of rupee before signing contract.

"It will make small dents but will only affect exporters who depend more on spot orders which leave them with no provision to take into account a certain amount of rupee hardening," said Surinder Anand, Executive Secretary, Garment Exporters Association.

Those dealing in commodity textile exports are likely to be worse off due to placing of frequent spot orders, industry experts feel.

Textile industry analysts feel that the bite may turn vicious if rupee continues to appreciate beyond a certain limit.

"Unlike India, China has controlled its currency and is not allowing it to go up. As an exporter it is always difficult if the value of the domestic currency appreciates. If it is not checked it will impact economic growth," said Vardhman Group Chairman S P Oswal.

"Exporters generally want the rupee to remain above 45. The problem will be if the rupee keeps on appreciating," said Ajay Sahai, Federation of Indian Export Organisations Director General.

"The strengthening of the rupee will adversely impact Indian component exports making them less competitive. We are already competing with various low-cost countries like Thailand and China," said Arvind Dham, Chief Managing Director, Amtek Auto.

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