Search Result for : Rupee

The Dollar Business Bureau India’s imports from China recorded a sharp surge of 33% during the period April-June this year as compared to the same period in 2016, according to the government data, which shows that there is no impact of the Doklam issue on the trade between the two neighbours. Even last week, there are reports in Chinese media that the ongoing border standoff between India and China has had no impact on the bilateral trade, and Chinese companies in India also have not seen much impact.  The increase in Chinese imports is due to the appreciation of rupee in the last few months. The rupee has appreciated around 3.7% against Chinese Yuan and 5.5% against US dollar since February. This rise has ...

The Dollar Business Bureau The strengthening of rupee against the dollar in past few months might have squeezed the margins of profit of exporters during the first quarter of this fiscal, global credit rating agency CRISIL said. “The sharp appreciation in the rupee against the dollar in recent months is likely to have dented the first-quarter (current fiscal) profitability of exporters that source locally and have limited pricing power,” CRISIL said.  Since January, the rupee has increased by more than 5% against the dollar. It closes at around 64.54 on Tuesday. A weak currency benefits the exporters, however, it makes imports, foreign education and travel more costly. An analysis by CRISIL of the top ten export-oriented industries shows textiles, leather, seafood, meat and basmati rice are highly vulnerable ...

The Dollar Business Bureau Riding on a robust demand for its frozen shrimp and frozen fish in international markets, India exported 11,34,948 MT of seafood worth an all time high of $5.78 billion (Rs 37, 870.90 crore) in 2016-17 as against 9,45,892 tons and $4.69 billion dollars a year earlier, with USA and South East Asia continuing to be the major importers while the demand from the European Union (EU) grew substantially during the period. Frozen shrimp maintained its position as the top item of export, accounting for 38.28 per cent in quantity and 64.50 per cent of the total earnings in dollar terms. Shrimp exports increased by 16.21 per cent in terms of quantity and 20.33 per cent in dollar terms. ...

The Dollar Business Bureau Coffee exports from India recorded a growth of 11.5% year-on-year in April this fiscal on account of robust demand in the world markets. The country exported $92.42 million worth of coffee during the month. The country’s shipment of coffee stood at $82.88 million in the same month last year, as per the data by Ministry of Commerce. In terms of rupee, the exports witnessed a growth of 8.22% at Rs.596.17 crore in the given month. India primarily exports Arabica and Robusta varieties of the commodity, in addition to instant coffee. The country’s key export destinations are Belgium, Italy, Greece, Germany, Spain and Switzerland. Coffee is one of the world’s most extensively traded agriculture commodities. India’s share is around 4.5% in the overall ...

The Dollar Business The industry body FIEO forecast challenges for the exporters if the rupee continued appreciating in the future. Global trade is expected to grow at 2.4% in 2017, and there is likelihood of extreme instability in currencies. Though the rupee has gained against the dollar, and since competing currencies of other countries could depreciate further, rupee’s appreciation could hurt India’s competitiveness in its labour intensive business units especially sectors such as agro-products industries, handloom, leather, textiles and marine products. The government should support these sectors based on their forex returns so that those companies handling large imports, which will be benefitted with the appreciation are provided less support than those having little or no support. Speaking at a press meet ...

The Dollar Business Bureau Data from the Ministry of Commerce website showed that exports from SEZs grew by about 12% to Rs 5.24 lakh crore and attracted investments worth Rs 4.23 lakh crore in 2016-17. While the country’s overall exports recorded a growth of 16.23% in rupee terms. States like Tamilnadu, Telangana, Maharashtra and Karnataka have the highest number of SEZs operational in the country. The Government has approved as many as 421 zones till May 1, of these 218 of them are operational. SEZs all over India have generated employment for 17.31 lakh people. As a special provision to increase exports from SEZs, under GST, the government has decided to treat the supplies reaching the SEZs from the domestic market at par with ...

PTI Index of Industrial Production (IIP) will remain weak and may only grow up to 0.5% during January, on account of various constraints, including subdued domestic demand and an uncertain external demand, according to Dun & Bradstreet's latest economic forecast. "Industrial sector faces constraints from subdued domestic demand and weak, uncertain external demand on one hand and financing constraints, rising input prices and stalled projects on the other hand," D&B said in a report. "We expect Index of Industrial Production (IIP) to remain weak and grow by only 0.0% - 0.5% during January 2017," it added. Besides, the report said firming up of global commodity prices as well as depreciation of the rupee poses significant upward risk to inflation. D&B estimates ...

Himanshu Vatsa and Sai Nikesh | The Dollar Business Declining value of Indian rupee against the US dollar may prove to be a double whammy for exporters, as the currency war triggered by depreciation of Chinese Yuan is expected to intensify competition among emerging countries in the region. The depreciation of Yuan by almost 3% earlier this month by the Chinese central bank has crumbled the stock markets across Asia and the world. The Indian stock market fell by more than 5% on Monday, wiping out millions of funds put in by investors across sectors. Though the stock recovered marginally on Tuesday, Indian rupee was at Rs.66.70 per US dollar. Analysts say that exporters from India and other countries will scramble ...