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Decline in rupee against US dollar not to provide any support but a level playing field for exporters: FIEO

The life-time 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.

Federation of 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.

India's 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 billion.

During 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 inflation dynamics.

Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices kept the rupee under pressure.

Global oil 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.


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