Falling rupee dampens spirits of fine dining by 20% in India: ASSOCHAM

Falling rupee dampens spirits of fine dining by 20% in India
Industry apex body the associated chamber of commerce and industry of India (ASSOCHAM) said five star hotels and fine dining restaurants have registered a significant decline to extent of 20 per cent in the last three months due to falling rupees.

Releasing the ASSOCHAM paper on "Weak rupee dampens sprits of fine dining restaurants" D. S. Rawat, Secretary General, ASSOCHAM, said, "Due to fall in rupee, the five star hotels and fine dining restaurants are revising their menu card rates as the weak rupee pushes up prices of imported food ingredients and spirits."

With a negative market sentiments of an economic slowdown and weak rupee, the fine dine market segment may lose its sheen.

According to ASSOCHAM survey report, fine dine market registered a decline of over 20 per cent than last year in the major metropolitan cities like Delhi-NCR, Mumbai, Chennai, Hyderabad, Ahemdabad etc.

The report further points out that due to rupee depreciating against major foreign currencies, prices of imported products have shot up by as much as 30-35 per cent, adds the ASSOCHAM Assessment. It reveals that some restaurant imports 85 per cent of its ingredients from Japan, French-Italian, Thailand restaurant for its signature dishes.

Dion Global Solutions Ltd.

Story first published: Thursday, August 8, 2013, 12:40 [IST]
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