Synthetic textile industry on a cusp of turnaround over rupee slide

Depreciating rupee to make India's import costlier and export beneficial

Beset by a rise in imports, synthetic textile manufacturers are betting on the rupee’s depreciation for a turnaround in their fortunes after the September quarter.

Official data shows a 47 per cent increase in import of ready-made garments out of manmade fibre to $78.5 million from $53.5 mn in the period between April and July, the first four months of this financial year. Import of manmade staple fibre, yarn, fabrics and made-ups rose by 26 per cent to $896 mn in this period from the previous year.

After stabilising at 63.9 against the dollar towards the end of December 2017, the rupee