SBI chief Bhattacharya seeks weaker INR for exporters

Bhattacharya said that if the rupee remains firm, then India will face lots of cheap imports from China in the longer run.

State Bank of India (SBI) Chairperson Arundhati Bhattacharya has reportedly said that the rupee must fall further to help Indian exporters.

"It (further fall in the rupee) is required, otherwise exports will become absolutely unviable. It is important to maintain parity. It can be achieved only if the rupee is allowed to depreciate further," Bhattacharya has been quoted as saying.

On Monday, the rupee hit a fresh two-year low to close at 66.82 versus 66.46 per dollar on Friday. During the day, it touched intra-day low at 66.85.

Bhattacharya said that if the rupee remains firm, then India will face lots of cheap imports from China in the longer run.
"How will it impact and how will it pan out, we are yet to see. In the long run, there are cheap items like iron coming in. The world is so connected so it will have its own impact," Bhattacharya said.