India’s merchandise exports posted double-digit growth in the month of August, while imports were “contained”, Trade Secretary S. R. Rao said on Monday, offering some respite for the troubled rupee.
The government will review the export duty on iron ore to boost exports, Rao said. It will also review import duties on non-essential items to curb imports, he added. The trade data for August will be formally released later this week, he said.
The rupee has been hammered down in the ongoing sell-off in emerging currencies as foreign investors readjust their exposure to markets like India, anticipating higher interest rates in the United States.
The rupee hit an all-time low of 68.85 against the dollar last month on concerns over New Delhi’s ability to fund its bloated trade deficit.