Surge in rupee value putting textile exporters in loss, demand for 10% rebate

YarnsandFibers News Bureau 2014-04-16 17:15:00 – Karachi

The All Pakistan Textile Mills Association (APTMA) upset with the sudden surge in rupee value against dollar moreover it is continuing to raise disconcerting textile exporter’s business headway. They have urged the government to fix the rupee dollar parity to shield exporters from exchange losses and pay them 10% rebate against inventory looses incurred by them due to this.

The demand to pay 10% rebate will on business deals which the textile exporters had done during the period March-September 2013. As they get export payments after a gap of 90-120 days.

When the dollar was appreciating against the rupee, the textile exporters were able to slowly and slowly but surely bring in small gains like 10-20 paisa per dollar.

According to APTMA Chairman Yasin Siddik, the textile exporters have already faced the impact of $300 million in exchange rate losses and huge cotton inventories. Hence, would want to know when the rupee would stabilize against the dollar.

Moreover, with the rupee still surging against the dollar it will be further difficult for the exporters to make any new business deals.

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