Commenting on the sharp decline in the value of Euro bringing it to 11-year low against the US dollar, M Rafeeque Ahmed, President, FIEO said that such sharp and deep depreciation would affect India's exports to Euro Zone significantly.

"India's exports to Euro Zone has already exhibited a decline of 0.18 percent in April-Nov, 2014 when it touched USD 33.27 billion as against USD 33.33 billion recorded in the same period in 2013," said Ahmed in a press statement on Wednesday.

Euro Zone account for about 18.5 percent of India's exports and traditional sectors such as Apparel (USD 6.4 billion), other Textiles (USD 5.6 billion), Leather & Leather Products (USD 3.2 billion), Gems & Jewellery (USD 4.0 billion) and Machinery (USD 5.5 billion) are heavily concentrated in Euro Zone.

The downward movement of Euro assumes greater significance from these sectors of exports added, Ahmed.

The euro touched an 11-year low against the dollar overnight after anti-austerity party Syriza swept to victory in Greece's general election, sparking fears of an exit from the euro zone.

President, FIEO added that while most of the economies were contracting and deflation was being witnessed, the Greek verdict has added economic uncertainties in Europe.

The euro has depreciated eight percent against the rupee in the past month, reports media.