Rising rupee hurting India Inc: Ficci

A Ficci survey has revealed that due to the depreciation of dollar, out of 100 companies doing import-export business, 67 per cent favour in...

A Ficci survey has revealed that due to the depreciation of dollar, out of 100 companies doing import-export business, 67 per cent favour invoicing in euro.

While 70 per cent respondent expect rupee to appreciate further in the next one year, the euro is likely to maintain its upward rally against rupee as 77 per cent respondents expect rupee to depreciate against euro.

The survey revealed that the turnover of 72 per cent of respondents has been negatively impacted by the appreciation of the rupee by about 3.4 per cent against the dollar in the past one year. While 60 per cent said that their profits have been negatively affected, while close to 50 per cent believed that the recent developments have affected their competitiveness in the international market.

As much 69 per cent of the companies believed that their business operations have been partially affected by the exchange rate developments whereas 23 per cent are of the view that the impact has been significant.

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