The above graph depicts the depreciation in the respective currencies from 2008 till date.
Depreciation in a currency is not always bad, as it can bring windfall gains to certain export sectors in an economy. Depreciation boosts the export competiveness in a nation thereby increasing the exports and discouraging imports.
In the graph above we have shown the depreciation in the currencies of our neighboring nations and how India stands to gain in this turmoil as the currency dropped to record low of 68.74 last week. The Pakistani Rupee has fallen 70% while the Indian Rupee has plunged 66% from 2008. On a common ground, textiles are exported to the developed nations and as such the recent depreciation will help increase our competitiveness. The labor intensive industries such as handicrafts, leather, carpet, handloom and textiles may notice a surge in their order book in coming months. Textile sector is one of the major contributors to overall exports and rise in volumes will indeed assist overall health of export industry.
Since the developed nations are showing substantial signs of recovery it is widely anticipated that our export sector might see a boom in the near future.
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