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The Nasscom has said that currency volatility is not good for organisations and the country. Though the rupee has lost against the US dollar in the recent times following devaluation of Chinese currency, it won’t have much impact on the IT industry.
“It would not affect the country in a big way. There would be rumblings though. We appeal to the government to keep track of global developments and take necessary measures when required to avoid currency volatility,” Nasscom Chairman BVR Mohan Reddy has said.
Talking to reporters on the sidelines of inauguration of a digital library started by Cyient Foundation, he felt that the country needed a very stable forex management system to avoid currency volatility.
“I am very confident that the situation can be overcome by October.
“There was tremendous pressure on the RBI to decrease the interest rate. Prudent interest rates have helped us,” the Nasscom Chairman said. Earlier, ESL Narasimhan, Governor of Andhra Pradesh and Telangana, opened a Digital Library here as part of the national digital literacy mission. About 300 students would get access to the library. Cyient opened a similar facility at Nellore in Andhra Pradesh last week.
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