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Strengthening rupee troubles garment exporters

18
Apr '07
Rupee has appreciated to a nine year high of 41.85/86 against Dollar, providing a ray of hope for slowing down inflation.

Weakening of Dollar is expected to reduce prices of crude oil and electronic imports. This will effect of global rise in gold prices will also not be felt as strongly by Indians

However, clothing enterprises will be hit hard, especially the exporters.

Since, garment manufacturers deal at a margin lower than 10 percent, they will have to hike prices by almost the same to earn even minimal profits.

Several players say that if they raise quotes by 10 percent there will be hardly any takers.

Sources inform that due to appreciation of Rupee many traders were already exporting at a loss.

The textile industry predicts a fall of 20 percent in export targets for the 2007-2008 fiscal, down to $10 billion from an expected $12 billion.


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