Financial Daily from THE HINDU group of publications
Friday, Mar 26, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 26, 2004 |
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Money & Banking
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Forex FIEO concern over firming rupee Our Bureau
New Delhi , March 25 THE Federation of Indian Export Organisations (FIEO) has expressed concern over the continuing appreciation of the rupee against the US dollar. In a statement, the FIEO President, Mr M. Rafeeque Ahmed, described the recent appreciation as "frightening" for exporters as "it has brought down their profit margins to less than 5 per cent." He claimed that the appreciation of the rupee against the dollar threatened to eliminate their competitive edge over other Asian and South Asian countries, particularly China and Vietnam, which have pegged their currencies to the dollar. He also cautioned that export growth figures for April-June 2004 might fall sharply to a single digit if no remedial measures are initiated immediately. The FIEO President has suggested that RBI direct banks to meet the exporters' requirements of foreign currency on priority against their present preference to corporates. Further, the federation has also called for reduction of export credit interest rates to international standards.
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