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Delay in exchange rate revision irks importers
Our Bureau
Mumbai
,
Dec. 29
IMPORTERS are upset that the Government notification announcing revised exchange rate for the following month has not been issued despite the current month nearing an end.
Normally, the Government notifies the exchange rate for the following month by 26th or 27th of the month. Traders are perplexed that this month, even by 29th, no announcement has been made.
A section of the importers has begun to believe that the Government is deliberately delaying the revision. As the rupee has strengthened, a change in exchange rate is likely to translate to lower revenue on imports. For exporters, a weak rupee means a windfall gain.
Many believe a revision of 50 paise is called for from the last announced rate of Rs 45.95 to a dollar.
After August, the rupee has weakened vis-à-vis the dollar. On August 26, the new rate for the following month was fixed at Rs 43.90, which on September 27 became Rs 44.15. On October 26, the rate was notified as Rs 45.30 and on November 25, Rs 45.95. In the last couple of weeks, there has been improvement in the rupee value.
"Delay in revising the exchange rate is unwarranted. The Government should not behave like a trader", commented an upset importer.
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