₹ decline vs $ to help exporters in short run

Exporters cautioned that fluctuations could pose challenges at import front

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Indian rupee slipping below the record 88.73 level against the US dollar will help enhance price competitiveness of Indian products in the international markets, but exporters cautioned that fluctuations could pose challenges at import front.

Import-dependent sectors such as gems and jewellery, petroleum and electronics may see lower benefits due to a rise in input costs, they said.

‘The rupee depreciated 45 paise to hit an all-time low of 88.73 against the US dollar on ‘Tuesday, amid sustained outflow of foreign funds on the back of a steep hike in US H-1B visa fee that is expected to give a big blow to Indian IT services exports.