No immediate advantage to exporters from rupee fall

News:

• In line with crash in equities the rupee tumbled sharply by 82 paise — its biggest single day fall this year — to settle at 66.65 against the US dollar as global meltdown fears remained unabated.
• Federation of Indian Export Organisation (FIEO) President S C Ralhan said that such high volatility will “not add competitiveness to exports” as these exchange rate being volatile cannot be factored into prices.
• Engineering Export Promotion Council (EEPC) said that crash of rupee to almost two year low does not automatically result in a comparative advantage to exporters because it is not only the Indian currency but several currencies in the emerging markets which have lost under the impact of meltdown of global stocks.

Source: ET