Blessing in disguise for shrimp exporters as rupee slumps against US dollar

The rupee hit a fresh record low of 70.32 against the US dollar in early trade on Thursday.

Indian rupee breaching the 70 mark against US dollar has brought cheers to seafood exporters.

Already battered by lower realisations in dollars due to a surge in the production of Vannamei shrimp from key producing nations and lower American demand, the rupee's fall may help the exporters in recovering from the woes.

Exporters have recorded a sharp drop in rates about three dollar this year in prices of key varieties of shrimps compared to last year.

“It is a blessing in disguise. The strengthening of dollar against rupee will help the exporter. It is lightly encouraging in a depressed market,"