Rupee slide to help boost Steel cos’ export revenues

KOLKATA: The plunge in rupee value will provide much needed respite to domestic steel companies which are struggling in the face of shrinking margins and low demand.

The latest drop, the worst performing Asian currency since April 1, 2013 will make India steel more competitive abroad prompting steelmakers to boost export revenues. At the same time, it will make imports relatively costlier and will help curb the recent surge in steel imports.

“The rupee fall is likely to be beneficial for steel companies. It will give us the opportunity to explore exports markets aggressively. I will also discourage imports of steel products coming into the country,” Sushil Maroo deputy managing director, JSPL said.