Rupee at sub-60 level is worrisome for exporters: EEPC

Engineering exporters body EEPC today said rupee strengthening to sub-60 levels will dent competitiveness of Indian products in a tough global market.
"Strengthening of the rupee below the crucial 60-mark to a dollar is certainly not good news for the exporters.
"It will certainly dent competitiveness of Indian products in a tough global market where the Chinese have maintained their competitive edge by calibrating their currency to their advantage," Engineering Export Promotion Council (EEPC) said in a statement.
It asked the Reserve Bank of India (RBI) to ensure that the domestic currency does not appreciate too much.
"This is the right time for the RBI to buy dollars and build forex reserves," it said.

Engineering, which contributes the highest to the country's total outbound shipments, exports recorded a growth of 21.25 per cent in April. It was USD 5.72 billion during the first month of the current fiscal.
The rupee rose by eight paise to its 10-month high of 59.96 against the dollar in early trade at the Interbank Foreign Exchange market.