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Indian exporters hold off dollar sales eyeing better returns, hurting rupee

Indian exporters are holding back on dollar sales on hopes of a further slide in the rupee, eyeing a windfall as the local currency plumbs record lows this year

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Photo: Bloomberg

3 min read Last Updated : Oct 21 2022 | 12:07 PM IST

Indian exporters are holding back on dollar sales on hopes of a further slide in the rupee, eyeing a windfall as the local currency plumbs record lows this year.

The rupee breached the 83 per dollar mark in a dramatic fashion on Wednesday, once the Reserve Bank of India stopped protecting it at 82.40 levels.

It hit a record low the next day and is expected to decline further to about 84.50 by the end of this year.

Brokerages and bankers alike said they are advising their exporter clients to either hedge less or not at all, as predicting rupee's eventual normal range

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