decline in rupee against US dollar, FIEO has commented, will not give any extra
edge to domestic exporters but, on the contrary, it will provide a level
playing field in global market.
Indian Export Organisations (FIEO) Director General Ajay Sahai said "It
will provide a level playing field to our exporters. It will not provide a much
needed support as India is not singled out,” adding that the currencies of
other emerging economies, including China, too are depreciating.
exports grew 20.18 percent to $28.86 billion in May -- the highest in six
months, even though the trade deficit widened to a four month high of $14.62
2017-18, the exports grew by about 10 percent to $303 billion.
The rupee has
touched a lifetime low of 69.10 against the US dollar recently as rising crude
oil prices deepened concerns about the country's current account deficit and
dollar demand from banks and importers, mainly oil refiners, following higher
crude oil prices kept the rupee under pressure.
prices have climbed after the US asked its allies to end all imports of Iranian
oil by November. Concerns over supply disruptions in Libya and Canada also
pushed prices higher.