Indian industry worried about high value of rupee
30/03/2010
Indian leather industry figures have told local media that exchange rates are damaging their margins. The high value of the rupee on international exchange markets means India’s share of important export markets, especially in Europe and North America, could be affected.
India’s leather sector exports were worth $3.6 billion last year. More than 75% of this value came from shipments to Germany, Italy, the UK, the US, Hong Kong, Spain, France, the Netherlands, the United Arab Emirates and Australia.
The Times of India has said that when the rupee appreciated to similar levels to today’s in 2007, the Indian leather industry suffered a loss of about 40% in export revenues.
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