Rupee closes weak
THE rupee on Monday ended at 40.53/54 levels per dollar, marginally weaker than die previous close of 40.52 per dollar. The local currency breached the 40.50 mark per dollar and rose to an intra-day high of 40.44 against the greenback. But, as the local currency swept past the 40.50-mark, nationalised banks stepped in to buy dollars, on behalf of the central bank. Public sector banks were seen mopping up dollars between the 40.46-40.51 levels, as the RBI was more concerned about the rupee rather than the impact of rising liquidity caused due to its intervention. Forward premia ended the day lower, as the yield on the one-month contract dosed at 0.78% (1.45%). Similarly, the yield on the six-month premia ended at2.33% (2.58%) while that on the one-year premia dosed at 2.51% (2.73%).
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Rupee appreciation hurting exports, says Nath
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Rising rupee scare apparel sector: AEPC
Fears of a negative growth haunt the country's apparel sector as the surging rupee has affected the sector's exports adversely. The industry has witnessed a dramatic decline in its growth from 30% in 2005-06 to around 7-8% in FY 07, according to Apparel Export Promotion Council's (AEPC) chairman, Vijay Agarwal.
Rupee rise makes exports uncompetitive: Ficci
NEW DELHI: Increase in the value of rupee, combined with rising interest rates, has resulted in the erosion of profitability and competitiveness of Indian exports by up to 12 %, a Ficci report said on Tuesday. The report, submitted to the National Manufacturing Competitiveness Council, noted that prices of textiles, electronics, handicraft, machinery and auto components, which constitute around 50% of the country's total exports, have become uncompetitive by 10-12% compared to other countries. Higher interest rates have eroded the profit margins of the exporters by up to 11% in some cases.
Export Target set at $160 billion
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Union commerce secretary, G K Pillai said India as a huge market, is attracting global attention. All the countries in the world, are looking at India to prosper, as in its progress lay their prosperity too, he
Rising Re Ties Textile Cos in Knots
THREE weeks ago, in a New York office, S Kumars' international business president Vijay Bakshi was trying hard to convince his South American customer to place orders with him. The order was for 3 lakh metres of cloth worth Rs 9 crore—a sizeable catch for a company that sells 20 lakh metres annually. The deal, however, came undone overprice.
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