Seafood exporters hit hard with rupee rising against dollar

Exporters, who send out $4.7-bn of seafood annually, are reportedly facing losses on each shipment

The hardening of the rupee against the dollar has badly hit the seafood exporters in the country as the exports are now fetching lesser realisations than before.

At the present exchange rate, Indian exporters, who send out $4.7-billion worth of seafood annually, are reportedly incurring losses on each consignment they ship. Since the beginning of 2017, the domestic currency has appreciated more than five per cent against the dollar.

“The net realisation has come down. It will proportionately impact the raw material prices. We are incurring losses,” said Tara Patnaik, chairman of Falcon Marine Exports Ltd, India’s largest exporter of seafood.

However, the