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Appreciation of rupee hits India hard
NEW DELHI — The appreciation of the Indian rupee in the past 12 months has adversely affected India Inc. as they have been burdened by higher interest rates, said a leading Indian industry report on Friday.
Sectors affected the most are real estates, engineering, IT and financial services, as they have witnessed more than double increase in their interest rates, said the Associated Chambers of Commerce and Industry (ASSOCHAM).
Efforts by the Reserve Bank of India (RBI) to tame inflation have had serious effect on companies’ profit margins. The corporates are unsure whether the RBI would take further stringent action by tightening the rupee.
‘The corporate results are an indication towards the demand being impacted in the coming quarter and investment plans being hit leading to capacity constraints if the cost of money keeps its upward trend,‘ Venugopal Dhoot, president, ASSOCHAM said in a statement here.
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