India'S Textile Industry Is Cautious About Rupee'S Devaluation.
India's domestic textile industry is cautious about rupee's depreciation. The rupee in India reached its lowest level in 17 months on Tuesday, to 44.15 rupees to a dollar.
Textile exporters say they will benefit from the depreciation of the rupee, but exporters who have signed contracts at a higher price at rupee have suffered losses.
In the 2007-08 fiscal year, textile exports in India dropped by 18% compared to the target of $25 billion. Textile companies used the rupee dollar hedging between 41-43 rupees and signed export orders between December and December when uncertainties were looming.
This is good news for the textile industry, but in the long run, there is no confidence of sustained growth. Exporters who hedge most currencies will suffer losses, because they can not make full use of the advantages of the rupee depreciation.
Industry experts say that the depreciation of the rupee is isolated and the industry may benefit. But if other factors such as crude oil, rising man-made fabrics, cotton prices, high interest rates and rising electricity costs are taken into consideration, the overall advantage of the rupee depreciation will fail, said Mr. Nair, Secretary General of the India Textile Industry Association.
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