Related Keywords: CII, drop in currency exchange rate, euro tumbled against the dollar, garment prices, heavy competition, hit hard, lower margin for manufacturers, negotiate better deal, pre-shipment credit in foreign currency, revised once in few years, sizeable exporsure to currency, Tirupur textile exporters
Businesses close to home and individual textile exporters in Tirupur, Tamil Nadu, who have sizeable exposure to the currency, have been hit hard after the recent drop in the currency’s exchange rates.
The euro tumbled against the dollar — falling 3.6 cents — after the strong US jobs data released last week. With the euro at 1.06 to the dollar, the market is bracing for the currency reaching parity with the dollar — that would mean a further fall.
