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Chennai, Nov 17 : global economic crisis, high expenditure on electricity and increase in interest rates on working capital and term loans have been squeezing out the margins of the leather industry. They said that the government and banks should extend fiscal and financial support to the industry during these difficult times.
The appreciation of the rupee against dollar last year hit the leather industry badly. But this year’s depreciation of the rupee “helped the industry only to a very limited extent mainly because dollar exports account for only 30% of exports whith the balance in euro and pound sterling”. Of this 30%, a sizable number of the exporters had already booked the dollar forward as the advice given at that time was for the rupee to appreciate and to stay at Rs 37-levels....
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