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Rupee hike concerns exporters

Rupee hike concerns exporters

With rupee touching 36 month high at 43.85 on Thursday, exporters are worried as they stand to lose on their net foreign exchange remittances, reports a news agency.

The rupee closed 10 paisa stronger at 44.08/09, a three-and-a-half months high, against the US currency on increased dollar selling by banks. Intra-day, it touched 43.85, level last seen on August 29, 2008 when the rupee had hit a high of 43.71.

"It will affect margins of exporters particularly small and medium," Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said.

Exporters who have not hedged their currency risk would be affected more, Sahai said. Export markets for India, especially western economies, are passing through tough conditions, including debt related crisis.

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