For Quick Alerts
Subscribe Now  
For Quick Alerts
For Daily Alerts

Weak rupee isn't good for economy: Nasscom

By Religare
Weak rupee isn't good for economy: Nasscom
As rupee broke the 60- mark against the dollar, Nasscom said it would like the Indian unit to be more stable as it is in the interest of overall economy.

Som Mittal, President of Nasscom said, "We think the 54-56 range is good which we had kind of settled in. I hope the rupee comes back to that level and hovers within that short band.

"I don't think a weak rupee is good for the economy. But then there is problem with a strong rupee as well. So there should be a balance."

Mittal said in some large companies as much as 30-35 per cent of the cost like salaries, sales, administrative expenses and equipment, among others, are dollar denominated. Hence, they do hedging.

"So you might find some people gaining in the short-term and some even lose because of the currency fluctuation. Nobody had expected the rupee will slide to this level," Mittal said

Read more about: nasscom
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more