The rupee closed up at Rs. 94.55 against the US dollar on Friday, as exporters asked the government to step in and support falling prices.
So far, the rupee has appreciated by about three percent since Sept.
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eroding profit margins and competitiveness of local exports.rn
rnThe appreciation of the rupee comes on top of rising utility prices, rigid labour laws and poor infrastructure, the Exporters Association of Sri Lanka (EASL) said in a release.rn
rnThe EASL says international competition is stiff at present, with countries like China offering subsidies and undervaluing their currency to boost exports.rn
rnEASL is asking the Central Bank to intervene and keep the dollar/rupee parity at the same competitive level held last year.rn
rnCentral Bank quote s hands off stance, says EASL Chairman Graetian Gunawardene, can now be seen, as local manufacturers are losing out on their current orders. rn
rnldblquote Exporters have obtained orders based on existing exchange rates and trends and sudden change in policies at a point when exports are just beginning to pick up will stall this trend. dblquote rn
rnldblquote Although industrial exports in US dollar terms for the first seven months of 2003 has grown by over 20 percent, it is still below the industrial exports from Jan-July 2001 and we have further way to go even to reach the year 2000 level of exports, dblquote the statement says.rn