Exporters facing uncertainty due to rupee depreciation: FIEO

| | New Delhi

Exporters are facing uncertainty due to a continuous depreciation of the domestic currency as they are not able to negotiate properly prices of goods in the global markets, FIEO on Thursday said.

Federation of Indian Export Organisations (FIEO) President Kumar Gupta said that with fluctuation in rupee value, global buyers start asking for review of contracts.

"Exporters are facing uncertainty due to this. They are unable to hedge as they do not know where the rupee value would go tomorrow," Gupta said.

He added that only 20 per cent exporters make profits due to the depreciation as they do not indulge in hedging practices and 80 per cent do not get any benefit.

He expressed hope that the rupee would stabilise at 67-68 in the coming days.

Continuing its free-fall, the rupee today weakened by another 23 paise against the dollar to trade at a life-time low of 70.82 on strong month-end demand for the US currency amid sustained foreign fund outflows.