The Hindu Business Line : Strong rupee: FIEO seeks RBI action

THE Federation of Indian Export Organisation (FIEO) on Friday urged the Reserve Bank of India to intervene "at this point" and bring about "parity and stability" in rupee exchange rate vis-a-vis the dollar.

In a statement, the FIEO Chief, Mr M. Rafeeque Ahmed, held that a stable rupee-dollar rate was necessary to sustain export growth. He highlighted that rupee had ended stronger today for a fourth straight day buoyed by strong inward remittances. "This week alone, the rupee has gained 19 paise to the dollar", he said.

This, he said, had been a cause of concern to the exporters who were working against stiff international competition and higher transaction costs vis-à-vis other economies in the world.

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