FIEO pegs export loss due to rupee rise at $7 billion
• MUMBAI: A sharp appreciation of rupee against US dollar is estimated to have led to loss of exports worth about $7 billion over the last one year, according to the Federation of Indian Export Organisations (FIEO). The organisation’s president Ganesh Kumar Gupta said: "Importers are not willing to give even 1% rise as they can get same goods from our neighbouring countries, whose currencies have not appreciated like the Indian rupee." Responding to suggestions that exporters could look to invoice their exports in currencies like euro, he said importers are not willing to go for such measures. He said if immediate measures are not taken, the country will lose markets for products like garments. In fact, some Indian exporters themselves are setting up readymade garment factories in countries like Bangladesh, Sri Lanka and Jordan to deal with the challenge.