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If the rupee depreciates about 10% and the import content in the product being exported is 20%, the net gain to exports would be 8%, said industry experts. "One can also get the benefit while negotiating contracts. If an exporter hasn t hedged, then they would get windfall gains during the period of depreciation, but most of the time, inflation nullifies the benefit given by deprecation," said Ajay Sahai, director general, Federation of Indian Export Organisations.
However, they said sectors with a low dependence on imports would gain while others will lose their benefits to higher oil and commodity prices. "Rupee depreciation needs to be seen in comparison with our competing currencies. Any depreciation of the rupee will benefit labour-intensive exports except gems and jewellery because they have a huge import component," said Ajay Sahai, director general, Federation of Indian Export Organisations (FIEO).