The rupee plummeting to a record low by touching INR 52.73 against the U.S. dollar has brought cheer to the export-oriented seafood industry.??
Anwar Hashim, vice chairman of the Marine Products Export Development Authority (MPEDA), said no one had expected a rate like this.
??“The immediate beneficiary of this weak rupee will be those seafood exporters holding stock or those negotiating with the buyers,” Hashim said.??
“According to business rules, seafood exporters can book forward up to six months. Those who have done that may not get this benefit,” he added.??
During the fiscal 2008-09, the rupee was valued at INR 49 to a dollar and this happened after a six-year gap.