Ricoh India hikes product prices by 5% on rupee depreciation
Company is now constrained to increase the prices of office products by up to 5%s to at least partially cover the impact
Hurt by falling rupee, printing and document management solutions provider Ricoh India today said it has increased the prices of its office products by five per cent with immediate effect.
"In spite of the huge depreciation of Indian Rupee vis-a-vis US Dollar, we have been trying to hold on to our pricing to our customers till now hoping that the situation would improve soon," Ricoh India MD and CEO Tetsuya Takano said in a statement.
However, the company is now constrained to increase the prices of office products by up to five per cent so as to at least partially cover the impact, he added.
"India is a high growth market for Ricoh...We will continue to bring the best of technology at affordable price points to our customers to rapidly expand across our business segments," Takano said.
In the last one year, rupee has depreciated by over 25% against the US dollar from the Rs 45-level to Rs 56.52 (yesterday's closing price) per dollar.
The prices of products like personal computers and laptops have already gone up by almost 10% in the last nine months to minimise the impact of rising input costs, as per hardware industry body MAIT.