TEA lauds RBI for providing hedging fund to exporters

Tirupur, Jan 30: Tirupur Exporters Association (TEA) on Tuesday hailed the Reserve Bank of India(RBI)'s statement that hedging fund would be provided for the benefit of exporters to off-set the additional cost in the financial derivatives.

A TEA press release here said during the presentation of the third quarter of monetary policy for 2007-08, RBI Governor Y V Reddy would advise other banks to have a line of credit in dollar and other foreign currencies for providing term-loan and other Investments to exporters.

UNI