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Andhra shrimp exporters lose Rs 50cr on rupee rise

INDIA - Seafood exporters and aqua farmers in Andhra Pradesh have lost more than Rs 50 crore during the last two months because of the rupee rise.

Exporters generally purchase shrimp from farmers by paying the existing dollar value and take 40 to 50 days to export the same stock. In March and April, exporters had stocked huge quantities of shrimp as the dollar was hovering around Rs 46.

“The dollar is now down to Rs 40-41, which has resulted in exporters losing nearly Rs 3-4 on each kg of shrimp exports. During April and May exporters lost over Rs 50 crore,” Y Surya Rao, president, Seafood Exporters Association of India (SEAI), Andhra Pradesh region, told Business Standard.

Source: Business Standard