As the dollar index rose to its highest level, crossing Rs 70 mark, in the past few days, this will certainly cast a shadow over imports and exports.
While the exporters see it as a good sign, the importers are worried as the raw material, especially scrap coming from other countries, will now be available at higher prices.
SC Ralhan, former FIEO president, said the dollar had reached its highest level. “The exporters will be benefitted with this as they will be paid more for their product. It is believed that in the next few days, it will cross Rs 71,” said Ralhan.
Federation of Punjab Small Industries Association (FOPSIA) president Badish Jindal said: “Most of the scrap is coming from UAE and Europe. With an increase in the dollar value, the Indian scrap buyers will have to shell out more money. Steel will be expensive and ultimately, the end product will be costlier. For exporters, it is beneficial, but troublesome for importers,” said Jindal.
Voicing similar views, Sahil Aggarwal from Ganpati Impex Private Limited said this would cast an impact on the prices of crude oil as well.