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Our Bureau

New Delhi, April 2

THE Federation of Indian Export Organisations (FIEO) said on Friday that the appreciating rupee against the US dollar continues to hurt exporters and has become a source of anxiety for them.

In a statement, the Vice-President of FIEO, Mr Subash Mittal, held that some of the exporters' are executing their buyers' orders at a loss in order to meet the contractual obligations.

It highlighted that many exporters, in the current circumstances, are hesitating to sign new contracts, as they fear that they would have to suffer losses.

He held that the oft-repeated suggestion to exporters to simply switch invoicing from the US dollar to Euro is not going to work anymore.

"Many exporters did switch over to the Euro, but now they too are reviewing their decision as the rupee is fluctuating very frequently both ways against the euro too," Mr Mittal said.

More Stories on : Exports & Imports | Forex

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