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Last updated: 18 Aug, 2018  

Rupee.9.Thmb.jpg Rupee closes below the 70-mark, exporters may benefit: Experts

Rupee.9.jpg
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» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 18 Aug, 2018

With the Rupee falling 26 paise to close below the 70-mark for the on Friday, experts view that Indian exporters may benefit to some extent from the fall.

The currency fell to a historic intra-day trading low of 70.40 before closing at fresh life-time low of 70.15 per dollar, down by 26 paise or 0.37 per cent over the previous close.

On Friday, the market remained closed.

Capital outflows from both equity and debt market against the backdrop of US Federal Reserve's anticipated interest rate policy is triggering wide panic.

The RBI intervened in the currency market to save the beleaguered currency, leading to fall in forex reserve by $1.82 billion during the week ended August 10, according to observers.

However, experts are of the view that India’s high current account and fiscal deficits currently offer little room to tap into its reserves to defend the currency.

Allaying worries over the rupee's slide, Niti Aayog vice-chairman Rajiv Kumar recently said that the Rupee was coming back to its natural value after witnessing a 17 per cent appreciation in the last three years.

Meanwhile, exporters’ body FIEO viewed that the Rupee depreciation would definitely provide some edge to Indian exports as Rupee is the worst performing currency in Asia in the current fiscal, yet its impact will vary from sector to sector.

However, the textile industry may be at a disadvantage with sharp depreciation in Turkish Lira as Turkey is one of the competitors, it said.

The lira continued to rebound from record losses a day after Qatar pledged USD 15 billion in investments to help the Turkey's economy.

 
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