India Inc leans less on foreign debt as weak rupee makes servicing costlier

With the Indian unit having shed 10% to the dollar since January, companies raised $5 bn in March quarter of 2020, against $8.8 billion in the year-ago period

With the rupee having shed 10 per cent against the dollar since January this year, India Inc is staring at an extra repayment burden on its overseas loans. Fund raising from abroad fell to $5 billion in the first quarter of calendar 2020 from $8.8 billion raised by Indian companies in the same period of 2019, with companies taking steps to cut risk due to the Coronavirus pandemic.

On Monday, the Indian currency was trading at Rs 76.27 to the dollar. The RBI is expecting the rupee to hover at around Rs 75 as the pandemic forces foreign funds to