Rupee appreciated at 8.04 per cent in the first half of 2007

New Delhi, Aug 22 (UNI) The Indian Rupee appreciated at 8.04 per cent against the US Dollars compared to 2.46 and 2.21 per cent of the currencies of China and Russia during January to June 2007, Rajya Sabha was informed today.

Only currency of Brazil appreciated at the rate of 9.67 per cent during the period, Minister of State for Commerce Jairam Ramesh informed the House in a written reply.

He said according to a ASSOCHAM studies, the appreciation of Indian rupee against the dollar is expected to slow down export growth adversely affecting the production and capacity utilisation of Indian industry. The country had seen a deceleration in export growth from 23.4 per cent in the first quarter of last year to 18.1 per cent during the same period this year.

About the measures to lessen the adverse impact of Rupee appreciation, the Minister said the government had announced relief packages to exporters comprising enhanced Duty Entitlement Passbook rates, reduction in Export Credit Guarantee Corporation premium, release of Rs 600 crore for clearing all arrears of terminal case excise duty and Central Sales Tax reimbursement, enhancement of duty drawback rates and reduction of interest rates on the pre and post- shipment credit.

UNI