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Strong rupee hits Indian exports hard
NEW DELHI — A strengthening Indian rupee was hurting exports and could prevent India from reaching its $160 billion export target for the fiscal year ending in March 2008, trade minister Kamal Nath said yesterday.
"The rupee appreciation has impacted exports. The government is concerned with the matter as export is linked to employment. The prime minister is also apprised of the matter," Nath told reporters after a business conference.
Last month, India announced a $320 million relief package for exporters hit by the rise in the currency to nine-year highs against the dollar. The rupee was trading around 40.40 per dollar yesterday, about 9.5 per cent stronger than at the end of 2006.
"I am still hopeful. But rising rupee is a deterrent in meeting the target," Nath said, adding that the government was looking at measures to address slowing growth of exports. India's exports grew by 14 per cent in June from a year earlier.
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