Knitwear exporters in Tirupur have appealed to the banking regulator to limit the rupee gain against the dollar.
Appealing for a level playing field to sustain in the global market, the exporting community pointed out that the rupee, in the last couple of days, gained to touch ₹58.57 a dollar, and that they expect this trend to continue in the coming days as well.
Stating that this did not augur well for the knitwear exporters in Tirupur, Tirupur Exporters’ Association President A Sakthivel said ‘knitwear exports regained growth only last year after facing a flat or downside growth in the previous four years. We have to make p maximum effort to sustain and increase exports in the global market’.
Competition Çompeting countries such as China continued to maintain its competitive edge by calibrating its currency, while Bangladesh enjoyed the advantage of zero customs tariff in the European market as it is considered a least developed country, he said.
“We fear that the appreciation of the rupee against the dollar could derail the growth trajectory the sector registered last year, notwithstanding the challenge of continuing to sustain the growth on the export front. Rupee gain should, therefore, be arrested in the interest of India’s exports,” Sakthivel said.