Connect with us

Business

Depreciated Rupee and forex shortages: More pressure on importers

Published

on

Rising inflation, depreciation of the Rupee, shortage of foreign exchange and overall harsh operating environment continue to assail the operations of the FMCG sector.

While food prices have fallen for a fifth consecutive month, the depreciation of the Rupee against the US dollar is causing an increasingly unbearable pressure on importers and, consequently, retail prices.

A large importer said that the total cost of importing has jumped around 40% since 2019. “The depreciation of the Rupee has led to an increase in prices by 30%.”

L’Express said shipping companies are refusing to be paid in Rupees.

Importers also blasted banks for holding back forex, especially the USD. “We are getting dollars in installments.”

Bookmark(0)

No account yet? Register

Spread the News
The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.
Click to comment

Leave a Reply

Your email address will not be published.

The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.

Can you support?

Dear Reader,

NewsMoris is a media service that is dependent on support from its readers in the form of subscriptions.

As a startup that was born in and faring through challenging times like these, we need your support now more than ever.

Subscribing for as little as USD10/month is the best way you can support our efforts.

Thank you.