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Little impact on exports likely

Special Correspondent

CHENNAI: The appreciation of the rupee in the wake of revaluation of yuan may accelerate on Friday, but this will not affect India's exports, according to Subramaniam Sharma, Director, Greenback Forex Services.

He said exporters had long factored in the rupee appreciation. "Though there were some murmurs here and there, largely exporters have adjusted to the rupee appreciation.''

The sheer volume of increase in textile exports following the abolition of quotas would offset any adverse impact caused by the rupee appreciation. In any case, the quota phase out would help exporters by avoiding the cost of buying quotas. Market pundits predicted that the call rate would ease and yields would dip.

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